7754 Highland RdWaterford, MI 48327

Property Details for 7754 Highland Rd

Year built

1971

Lot size

0.11 AC

Property size (Sq ft)

960 SF

Zone code

BI

Property type

Retail space

APN

W -13-18-353-018

APU

W1318353018

Description

This 960-square-foot industrial building in Waterford, Michigan, presents a unique investment opportunity. Situated on a 0.11-acre lot at the highly visible intersection of Williams Lake Road and M-59, this property boasts excellent visibility and accessibility. The building has served as a locksmith shop for the past 22 years, demonstrating its suitability for a variety of uses. The property features a fenced rear yard, providing secure outdoor space. Priced at $200,000, this property also offers a compelling land contract option. This alternative financing allows for a $25,000 down payment, with a 9% interest rate amortized over 20 years (5-year term). It's important to note that approval of the land contract is contingent upon the seller's review of the buyer's financial standing and credit history. This prime location on M-59, a major thoroughfare, ensures high traffic volume, making it ideal for businesses seeking strong visibility and convenient access for customers. The existing building provides a solid foundation for a variety of commercial ventures, offering immediate occupancy and the potential for customization to suit specific business needs. Don't miss this chance to acquire a well-located industrial property with flexible financing options.

• CAP approach

  CAP return

  Valuation

  6%

  $241,580

  6.5%

  $222,997

  7%

  $207,069

• Comparable approach

  Method

  Valuation

  Relative Method

  $226,292

  Geo Method

  $226,292

• Alternative Use

  Use

  Valuation

  Residential

  $188,107

  Hospitality

  $172,305

  Educational

  $143,355

  Medical

  $148,286

  Retail

  $222,997

Location Insight

City

Waterford

County

Oakland

State

Michigan

Latitude

42.661

Longitude

-83.44

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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