13650 8 Mile RdOak Park, MI 48237

Property Details for 13650 8 Mile Rd

Year built

1957

Lot size

0.15 AC

Property size (Sq ft)

3,867 SF

Zone code

B-1

Property type

Office buildings

APN

52-25-31-483-008

APU

522531483008

Description

This exceptional 3,867 square foot executive office building, located at 13650 West Eight Mile Road in Oak Park, Michigan, presents a compelling investment opportunity. Built in 1957 and completely renovated in 2010, the property boasts a prime location on Eight Mile Road, ensuring high visibility and accessibility. The building is currently occupied by a single tenant under a five-year lease, commencing November 1, 2022, with built-in annual rent escalations. This single-tenant investment offers a strong 8.50% capitalization rate, minimizing landlord responsibilities. The property's strategic location near major freeways provides convenient access for employees and clients. The asking price is $330,000. The tenant has a history of seven years in the building, demonstrating stability and commitment. This is a rare opportunity to acquire a well-maintained, high-traffic, executive office building in a desirable location with a secure, long-term lease. The property's zip code is 48237, and it is situated in Oakland County.

• CAP approach

  CAP return

  Valuation

  6%

  $804,280

  6.5%

  $742,412

  7%

  $689,382

• Comparable approach

  Method

  Valuation

  Relative Method

  $361,719

  Geo Method

  $361,719

• Alternative Use

  Use

  Valuation

  Residential Income

  $920,591

  Hospitality / Lodging

  $843,256

  Institutional / Educational

  $701,579

  Healthcare / Senior Housing

  $725,708

  Retail / Commercial

  $1,091,346

Location Insight

City

Oak Park

County

Oakland

State

Michigan

Latitude

42.4458

Longitude

-83.1821

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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