Valuation Disclosure 2026.pdf

D & M Plumbing Specialists Inc, Petitioner Vs. Township Of Waterford, Respondent · 25-002183-TT

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MICHIGAN TAX TRIBUNAL 

DOCKET # 25-002183 

D & M Plumbing Specialists 

6695 Highland Road 

Waterford, Michigan 48327 

Parcel No. 13-20-126-002

September 8, 2026 

Michigan Tax Tribunal 

P. O. Box 30232 

Lansing, Michigan 48909 

Gentlemen/Ladies: 

Pursuant to Michigan Tax Tribunal Docket #25-002183 herewith is our valuation 

of the 

True Cash Value 

of 

real 

property 

located 

at 6695 

Highland 

Road, 

Waterford, Michigan 48327, Tax |.D. # 13-20-126-002. 

In 

our opinion 

the True 

Cash Value 

of the 

property 

is $1,200,000, 

as 

of 

December 31, 2025. 

One Million Two Hundred Thousand Dollars 

Respectfully 

Sgb

XII. 

TABLE OF CONTENTS 

Statement of the Problem 

Summary of Salient Facts and Conclusions 

Map of Subject 

Township Data 

Neighborhood Map 

Neighborhood Analysis 

Site Data 

Subject Data 

Income Approach 

Sales Comparison Approach 

Conclusion 

Appendix

1

PROPERTY RIGHTS APPRAISED: 

This valuation disclosure is made with the 

understanding that the present ownership of subject property includes all of the 

STATEMENT OF THE PROBLEM 

rights that may be lawfully owned and is therefore titled "fee simple". 

PURPOSE OF THE VALUATION: 

This valuation 

is made for the purpose of 

estimating the true cash value 

of the subject property 

in 

its current condition. 

True cash value 

is defined as "the usual selling price at the place where the 

property to which the term 

is applied shall be at the time of assessment, being 

the price which could be obtained therefore at a private sale"". 

held to be synonymous with true cash value. Market value is defined as 

"The most probable price, as of a specific date, 

in cash or in terms 

equivalent to cash, or in other precisely revealed terms, for which 

the specified property rights should sell after reasonable exposure 

in 

a competitive market under all conditions requisite to fair sale, 

with the buyer and seller each acting prudently, knowledgeably, 

and for self-interest, and assuming that neither 

is under undue 

duress. 

Fundamental assumptions and conditions presumed in this definition are 

1. 

2. 

3. 

4. 

Buyer and seller are motivated by self-interest. 

Buyer and seller are well informed and are acting prudently. 

The property is exposed for a reasonable time on the open 

market. 

Payment 

is made 

in cash, 

its equivalent, 

or 

in specified 

financing terms. 

Specified financing, 

if any, may be the financing actually in 

place or on terms generally available for the property type in 

its locale on the effective appraisal date. 

The effect, 

if any, on the amount of market value of atypical 

financing, services, 

or fees shall 

be clearly and precisely 

revealed in the valuation disclosure. 

Market value is

2

SUMMARY OF SALIENT FACTS AND CONCLUSIONS 

Subject Property: 

Owner: 

Tax I.D. No.: 

Legal Description: 

2026 Assessed Value: 

2025 Capped Value: 

2025 Taxable Value: 

School Districts: 

Taxes Paid: 

Site Size: 

Zoning: 

Improvements: 

Size: 

Year Built: 

Class Quality: 

Highest & Best Use: 

Estimate of Value: 

6695 Highland Road 

Waterford, Michigan 48327 

Zuehlke, Crake and Liles, a registered Co-Partnership 

13-20-126-002 

T3N, ROE, SEC 20 E 130 FT OF W 210 FT OF N 1056 FT 

OF NE 1/4 OF NW 1/4, EXC N 60 FT IN M-59 HWY 2.97 

AWA405B 

$599,040 

$522,870 

$522,870 

Local: 

Waterford 

Intermediate: 

Oakland 

Community College: Oakland 

$20232.32 paid for Summer 2026 Taxes 

2.97 acres 

C-4 Extensive Business 

Commercial Improved 

9,482 square feet of Office 

5,838 square feet of mini storage 

Office Building 1980 

Mini Storage 2004 

C for Office Building 

D for Mini Storage Building 

Mixed Use 

Sales Comparison Approach: $1,200,000

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Township Data 

Type of Government 

Waterford Township 

is 

a Charter Township regulated by the Charter Township Act 

adopted by the State Legislature in 1947. The 7-member Board of Trustees consists of 

the Supervisor, Clerk, Treasurer, and 4 elected Trustees. Term of office is 4 years. The 

open meeting of the Board of Trustees is held every second and fourth Monday at 6 

p.m. at Township Hall Auditorium, 5200 Civic Center Drive, Waterford, Michigan. 

If a 

legal holiday falls on a second or fourth Monday, the open meeting will be held on the 

Wednesday immediately following the holiday. All meeting agendas are published in the 

newspaper the weekend prior to the meeting and are also available online the Friday 

prior to the meeting. 

Location 

The center 

of Oakland County with neighboring communities such 

as the City 

of 

Pontiac, Village of Clarkston and Keego Harbor and White Lake and West Bloomfield 

Townships. 

Waterford Township 

is approximately 30 miles northwest of Detroit and 

only a 45-minute drive from either Flint or Detroit. 

Area 

The total area of Waterford Township is 35.3 square miles. 

Land Use (SEMCOG) - 2020 

o 

42% Residential 

° 

6% Commercial 

. 

2% Industrial 

. 

4% Institutional

5

Lakes 

1% Barren and Extractive 

There are 34 lakes in Waterford Township. 

There are over 400 lakes in Oakland County. 

Transportation 

1-75 

U.S. 10 (Telegraph) 

U.S. 24 (Dixie Highway) 

M-59 (Highland Road and West Huron) 

Oakland County International Airport 

Detroit Metro Airport 

Flint Bishop Airport 

Grand Trunk Western Railroad 

Greyhound Regional 

Oakland International Airport 2024 

Over 600 airplanes based at Oakland International Airport. 

There were approximately 154,944 takeoffs and landings.

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7

NEIGHBORHOOD ANALYSIS 

Location and Boundaries 

The subject is located on the south side of Highland Road west of the Williams Lake Road 

intersection. 

Its boundaries are delineated by Airport Road to the east, Pontiac Lake 

Road to the south, Williams Lake Road to the West and Hatchery Road to the North. 

The boundaries were chosen because of the commercial, residential and the airport area 

surrounding the subject property that would potential have the greatest use of the facility 

for their retail needs. There is shopping centers across the street and down the road to 

the east and west of the subject which 

is also available for customers 

in Waterford 

Township. Most people would not want to travel too far for things they need or wish to do, 

but in this area there are some options. 

Physical Characteristics 

The neighborhood 

is made up of commercial properties, residential properties and the 

Oakland County International Airport. 

Directly across the street from the subject property 

there 

is more businesses plus the Oakland County International Airport. 

The building 

contains office tenants, 

it is next to a restaurant bar with residential properties behind. 

With 

it 

being 

part commercial 

and 

residential 

in 

the 

area 

there 

are employment 

opportunities with Waterford Cinemas, the airport and the other smaller businesses in the 

area. 

Recreational facilities are found throughout the township, 

like the schools and 

churches. All the main roads are paved as are most of the side streets. Access to several 

neighboring communities is good. 

Social Characteristics 

The apartment complexes attract both single people, couples and families given there are 

one and two bedroom apartments available. 

The rents start at $900 per month and go 

up to $1200 for a two bedroom apartment. Sale prices in the residential area have been 

going from $180,000 up to approximately $325,000. The leases on the surrounding office 

buildings range from approximately $9.00 per square foot up to $12 per square foot 

depending on the location and retail buildings $12 to $18 per square foot. 

Economic Characteristics

8

7.25% for a 30 year fixed mortgage. 

The commercial loans are for 75% Land to Value 

ratio for 15 years is from 6.76% interest rate. 

Conclusion 

Waterford is primarily residential with some commercial properties. The main corridor for 

the commercial properties is M-59 or otherwise known as Highland Road. The subject is 

off the main corridor and is easily accessible. The market is in an increasing climate so 

it is expected that property values will continue to increase. 

The neighborhood is full of 

shopping, restaurants and entertainment such as VG's Market, Dollar Tree, Waterford 

Cinemas, Lakeland Ice Arena, Airport, Shark’s Club, Culvers and Burger King which 

makes this area desirable as it brings a lot people.

9

Site Data 

Location 

The site is located on the South side of Highland Road, West of Airport Road, East of 

Williams Lake Road, South of Hatchery Road and North of Pontiac Lake Road. 

Size and Shape 

The site is rectangular in shape. 

The land for 6695 Highland Road has a gross area of 

2.97 acres. The frontage on Highland Road is 130 feet and the average depth of the lot 

is 996 feet. The total square footage is 129,480. 

Elevation 

The elevation 

is level at the street and then slopes down. 

Drainage appears to be 

flowing down into Wetlands beyond the parking lot, so drainage is adequate. 

Utilities 

Electricity 

Detroit Edison 

Natural Gas 

Consumers Power 

Water 

Waterford Township 

Sewer 

Waterford Township 

Access 

The subject 

is facing 

which provides direct access to the site and also to Highland 

Road 

as 

it 

is the main corridor through Waterford Township. 

This road 

is highly 

traveled. 

The road travels east and west directly in front of the property. 

Entering or 

exiting the property is only an issue during rush hour traffic. 

Zoning 

The site for 6695 Highland Road is zoned C-4, Extensive Business. Article III, Section

10

Physical Appearance and Functional Character of the Commercial Corridors, by 

permitting commercial uses that require intensive use of the land on zoning lots located 

with access along major arterial streets, are properly scaled and designed for major 

arterial street oriented and open air businesses, and contain substantial land area for 

safe vehicular accessibility, off-street parking, and product display. This zoning district is 

intended to utilize extensive planning and site development design to ensure that 

effective setbacks and landscape buffers are established so that the quality of life in 

adjacent residential areas are not adversely affected.”

11

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12

Subject Data 

6695 Highland Road 

The building is a 2 story brick building. 

This building was built in 1980. 

It has a total 

square footage of 9482 and has approximately 2.97 acres of land. 

It currently has office 

tenants. 

This parcel also has mini warehouse storage units behind the office building 

which has 5,838 square feet. 

This building also has many tenants for inside storage 

and outside storage. 

Legal Description: T3N, ROE, SEC 20 E 130 FT OF 

W 210 FT OF N 1056 FT OF NE 

1/4 OF NW 1/4, EXC N 60 FT IN M-59 HWY 2.97 AW405B 

The property fronts Highland Road (M-59) just east of Williams Lake Road and west of 

Airport Road in Waterford Township, Michigan. 

The current values on the record as approved by the March Board of Review are as 

follows: 

2025 Assessed Value: 

$599,040 

2025 Taxable Value: 

$522,870 

Subject Property Front

13

West Side of Subject Property 

East Side of Subject

14

Rear of Subject Office Building 

Subject Sign on Highland Road 

D&MPLUMBING 

SPECIALISTS, INC. 

COUNSELING i 

248-666-8500 ff 240-600-9920. 

f, 

1

15

Side and Front of Subject Property Building #2 

Rear of Subject Building #2

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STORAGE 

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Looking West on Highland Road from Subject

17

Income Approach 

According to the book, Property Assessment Valuation by the International Association 

of Assessing Officers (IAAO), “the income approach converts 

all expected future net 

benefits into an expression 

of present value.” 

The income approach considers the 

principle of substitution meaning that the buyer will not pay more than it would take to buy 

a substitute property with the same or similar return on investment. 

For this valuation, 

direct capitalization of the net operating income will be taken into consideration. 

Market rents were considered when analyzing the property for the income potential and 

value. There were several similar use properties that were in the area that were reviewed 

to determine the market rates for offices. According to Crexi advertised rents for office 

ranges from $9-$18 per square foot with an average of $16/sq foot annually but 

| chose 

to use $14 per square foot. 

This appears to be consistent with what is on the market, 

which 

is $15 per square foot. 

The vacancy and expense 

ratio were also used 

in 

accordance with information from Crexi and approximate expenses. The market vacancy 

is 7.2% and the expense ratio 40%. The Capitalization Rate is at 6.8% based upon sales 

in Crexi ending 12/31/2025. 

Effective tax rate is 2.7%. Below are the calculations used 

to determine the value for the property. 

Potential Gross Income 

15320 X $14 

$214,480 

Vacancy 7.2% 

$214,480 X 7.2% 

$15,433 

Effective Gross Income 

$199,037 

Expenses 40% 

$199,037 X 40% 

$79,614.98 

NOI 

$119,422.46 

Cap Rate 6.8% + ETR 2.7% 

$119442.46/9.5% 

$1,257,294

18

Sales Comparison Approach 

The sales comparison approach 

is “the process of deriving a value indication for the 

subject 

property 

by 

comparing 

sales 

of 

similar 

properties 

to 

the 

property 

being 

appraised, identifying appropriate units of comparison, and making adjustments to the 

sales prices (or unit of prices, as appropriate) of the comparable properties based on 

relevant, market-derived elements of comparison. 

The sales comparison approach may 

be used to value improved properties, vacant land, or land being considered as though 

vacant when an adequate supply of comparable sales 

is available.” 

This process 

is 

used to determine a value for the subject property. 

The subject is compared to three 

properties, two located within Oakland County and one located 

in Wayne County that 

have 

the same 

or similar use. 

| compared 

the subject 

to 

the most comparable 

properties that are available using Crexi and BS&A to assist in locating the sales. 

The sales were adjusted accordingly with Sale A and B being very close in proximity to 

the subject. 

The subject has substantially larger land size to all the comparables. Sale 

C is in Lathrup Village approximately 18 mile away. 

Sales A is less than a half a mile 

from the subject and Sale B is within five miles of the Subject and is a good indicator of 

the market for the area. 

All three sales occurred 

in 2024, which were all over a year 

away from tax day so each sale has a 3% increase for a time adjustment. 

As far as 

location 

| gave Sale B an adjustment just due to not being as good 

a location as the 

subject and Sale A and C. 

Sale B was given a slight adjustment down for the effective 

age and 

a slight increase for Sale 

C due to 

its condition. 

As far as the physical 

condition, after weighing the size of the building and 

lot and the class the adjustment 

ended 

in 

a negative adjustment. 

With Sale B and C the differences netted 

in 

a 0% 

adjustment.

19

median of the sales 

is $74.48 per square foot. 

These rates per square footage are 

applied to the subject square footage to determine the value. 

Using the average sale 

price per square foot produces a value of $1,275,850 or $1,275,000 round and by using 

the median value of $74.48 per square foot gives a value of $1,141,034 or $1,100,000 

rounded. 

Therefore, 

using 

the 

Sales 

Comparison 

Approach 

the 

final 

value 

determination 

of the subject for 2026, based upon putting the most weight on the 

average value of the sales, the value of the property is $1,200,000. 

This would give an 

assessed value of $600,000 for 2026.

20

Market Analysis 20 26 

Subject 

Sale A 

Sale B 

Sale C 

Parcel Number 

13-20-126-002 

13-20-129-005 

13-03-452-028 

24-14-226-054 

Address 

6695 Highland Road 

6501 Highland Road 

4468 Walton Blvd 

18505 W 12 Mile Rd 

City 

Waterford 

Waterford 

Waterford 

Lathrup Village 

Liber/Page 

59539:753 

59416:330 

59593:852 

Inst Type 

LC 

LC 

CD 

Sale Date 

7/23/2024 

6/7/2024 

8/16/2024 

Sales Price 

561,800 

850,000 

550,000 

Grantor 

Seibs Holding Corp 

Walton Blvd LLC 

South Oakland Shelter 

Anbari Commercial Dev 

Grantee 

American Postal Workers 4LLC 

TOHQ 

Location 

Superior 

Superior 

Good 

Superior 

Site (sq ft) 

129,373 

17,946 

30,013 

21,997 

Property Type 

Office/Mini Warehouse 

Office 

Office 

Office 

Year Built 

1980/2004 

1972 

2001 

1976 

Effective Age 

35/21 

31 

17 

41 

Condition 

Average 

Average 

Average 

Average 

Gross Bld Area 

9482/5838 Total 15320 

4,948 

11724 

9,676 

Land to Bldg Ratio 

01:08.4 

01:03.6 

01:02.5 

Building Height 

12 and 16 

10 

12 

9 

Functional Obsolescence 

Building Construction 

Class C/Class D 

Class D 

Class D 

Class C 

Heating/Cooling 

Zoned 

Package Heating & CoolindPackage Heating & CoolingPackage Heating & Cooling 

Parking 

53 

39 

40 

33 

Zoning 

C-4 Extensive Business 

|O-1-local Office 

0-1 Local Office 

O-Office 

Unadj $ per sq ft 

$113.54 

$72.50 

$56.80 

Time Adjustment 

3% 

3% 

3% 

Time Adj per square foot 

116.95 

74.67 

58.50 

Location Adjustment 

0% 

5% 

0% 

Location Adj per square foot 

116.95 

78.40 

58.50 

Effective Age Adjustment 

0% 

-5% 

5% 

Effective Age Adj/sq ft 

116.95 

74.48 

61.42 

Physical Characteristic Adj 

-5% 

0% 

0% 

Physical Charact Adj/sq ft 

113.95 

74.48 

61.42 

Gross % Adjustment 

8% 

13% 

8% 

Net % Adjustment 

2% 

3% 

8% 

median sale price/sq ft 

74.48 

$1,141,034 

avg sale price/sq ft 

83.28 

$1,275,850 

Value is $1,200,000

Comparable Sales Map 

21

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Real Estate Summary Sheet 

*#*¥Information herein deemed reliable but not guaranteed*** 

09/08/2026 9:54 AM 

Parcel: 

W -13-20-129-005 

Current Class: 

Owner's Name: 

AMERCN PSTL WORKERS 480-481 BLD se Soros: 

Property Address: 

6501 HIGHLAND RD 

WATERFORD, MI 48327-1655 

Prev. Taxable Statu: 

201.COMMERCIAL-IMPROVED 

201.COMMERCIAL-IMPROVED 

TAXABLE 

TAXABLE 

) 

Gov. Unit: 

W_ Township of Waterford 

Liber/Page: 

60048:727 

Created: 

/ 

/ 

ITOnly 

POST 

it: 

// 

ive: 

i 

School: 

63300 WATERFORD SCHOOL DISTRICT 

Split 

Active: 

Active 

Neighborhood: 

COF E.C.F. Table COF 

Office 

Public Impr.: 

Paved Road, Storm Sewer, Sidewalk, Water, Sewer, Electric, Gas, Curb, Street Lights 

Topography: 

Level 

Mailing Address: 

Description: 

AMERCN PSTL WORKERS 480-481 BLDG 

T3N, RIE, SEC 20 PART OF NE 1/4 OF NW 1/4 BEG AT PT DIST S 00-15-20 W 60.00 FT FROM N 1/4 COR, TH S 00-15-20 W 

co 

190.00 FT, TH W 85.00 FT, TH N 00-15-20 E 90.00 FT, TH W 17 FT, TH N 00-15-20 E 100.00 FT, TH E 102 FT TO BEG 0.41 A 

6501 HIGHLAND RD 

WATERFORD MI 48327-1655 

Most Recent Sale Information 

Sold on 01/29/2025 for 561,800 by SEIBS HOLDING CORP. 

Terms of Sale: 

16-LC PAYOFF 

Liber/Page: 

Most Recent Permit Information 

60048:727 

Permit W03344263222B on 09/01/1999 for $0 category SelectCategory. 

Physical Property Characteristics 

2026 S.E.V.: 

228,010 

2026 Taxable: 

228,010 

2025 S.E.V.: 

228,510 

2025 Taxable: 

228,510 

Zoning: 

0-1 

Land Value: 

96,912 

PRE: 

0.000 

Land Impr. Value: 

22,038 

Improvement Data 

Lot Dimensions: 

Acreage: 

0.41 

Frontage: 

1.0 

Average Depth: 

17,950.0 

# of Commercial Buildings: 

2 

Type: 

Office Buildings 

Desc: 

Building 1, Section 1 

Class: 

D 

Quality: Average 

Built: 

1972 Remodeled: 

0 

Overall Building Height: 

20 

Floor Area: 

4,948 

Sale Price/Floor Area: 

113.54 

Estimated TCV: 

337,079 

Cmts:

23

Real Estate Summary Sheet 

***Information herein deemed reliable but not guaranteed*** 

09/08/2026 9:55 AM 

. 

—12-02-. 

= 

Current Class: 

201.COMMERCIAL-IMPROVED 

Parcel: 

W -13-03-452-028 

revious Class: 

201.COMMERCIAL-TMPROVED 

Owner's Name: 

ANBARI COMMERCIAL DEVELOPMENT 

Saxable Status 

TAXABLE 

Property Address: 

4468 W WALTON BLVD STE A 

WATERFORD, MI 48329-4098 

Prev. Taxable Stat 

TAXABLE 

| 

Gov. Unit: 

W_Township of Waterford 

Liber/Page: 

59416:330 

Created: 

/ 

/ 

ITOnly 

POST 

it: 

// 

Active: 

School: 

63300 WATERFORD SCHOOL DISTRICT 

Split 

ctive: 

Active 

Neighborhood: 

~~ COF E.CF. Table COF 

Office 

Public Impr.: 

Paved Road, Storm Sewer, Sidewalk, Water, Sewer, Electric, Gas, Curb, Street Lights 

Topography: 

Level 

Mailing Address: 

Description: 

ANBARI COMMERCIAL DEVELOPMENTS 

T3N, RIE, SEC 3 EYSTER'S WOODHULL LAKE FARMSLOT 134 EXC N 75 FT 4-24-01 FR 009 

LLC 

1625 BRANDYWINE DR 

BLOOMFIELD HILLS MI 48304-1109 

Most Recent Sale Information 

Sold on 06/07/2024 for 850,000 by WALTON BLVD LLC. 

Terms of Sale: 

03-ARM'S LENGTH 

Liber/Page: 

59416:330 

Most Recent Permit Information 

Permit PS24-0035 on 10/04/2024 for $0 category Other. 

Physical Property Characteristics 

2026 S.E.V.: 

518,000 

2026 Taxable: 

518,000 

Lot Dimensions: 

2025 S.E.V.: 

524,980 

2025 Taxable: 

524,980 

Acreage: 

0.69 

Zoning: 

0O-1 

Land Value: 

106,174 

Frontage: 

150.0 

PRE: 

0.000 

Land Impr. Value: 

39,155 

Average Depth: 

200.0 

Improvement Data 

# of Commercial Buildings: 

1 

Type: 

Office Buildings 

Desc: 

Building 1, Section 2 

Class: 

D 

Quality: Average 

Built: 

2001 Remodeled: 

0 

Overall Building Height: 

24 

Floor Area: 

5,862 

Sale Price/Floor Area: 

145.00 

Estimated TCV: 890,670 

Cmts:

24

Real Estate Summary Sheet 

*+*Information herein deemed reliable but not guaranteed*** 

09/08/2026 10:06 AM 

Parcel: 

40-24-14-226-054 

Owner's Name: 

TOHQ, LLC 

Property Address: 

18505 W 12 MILE RD 

LATHRUP VILLAGE, MI 48076-2676 

Current Class: 

Previous Class: 

Taxable Status 

Prev. Taxable Statu: 

. 

Gov. Unit: 

Liber/Page: 

59593:852 

Created: 

/ 

/ 

ITOnly 

it: 

/1 

ive: 

Acti 

School: 

Split: 

Active: 

Active 

Neighborhood: 

Public Impr.: 

Paved Road, Sidewalk, Water, Sewer, Electric, Gas, Curb 

Topography: 

Level, Thru-Street 

Mailing Address: 

TOHQ, LLC 

17471 REVERE ST 

SOUTHFIELD MI 48076-7726 

Most Recent Sale Information 

201.COMMERCIAL-IMPROVED 

201.COMMERCIAL-IMPROVED 

TAXABLE 

TAXABLE 

40 City of Lathrup Village 

POST 

63060 SOUTHFIELD PUBLIC SCH DIST 

COF E.C.F. Table COF 

Sold on 08/16/2024 for 550,000 by SOUTH OAKLAND SHELTER. 

Terms of Sale: 

03-ARM'S LENGTH 

Liber/Page: 

59593:852 

Most Recent Permit Information 

Permit 4017SHED-023-1 on 11/03/2017 for $0 category Outbuildings. 

Physical Property Characteristics 

2026 S.E.V.: 

342,250 

2026 Taxable: 

334,590 

Lot Dimensions: 

2025 S.E.V.: 

325,800 

2025 Taxable: 

325,800 

Acreage: 

0.51 

Zoning: 

ME 

Land Value: 

108,449 

Frontage: 

200.0 

PRE: 

0.000 

Land Impr. Value: 

19,056 

Average Depth: 

110.0 

Improvement Data 

# of Commercial Buildings: 

1 

Type: 

Office Buildings 

Desc: 

Bldg 1, Sect 1 

Class: 

C 

Quality: Average 

Built: 

1976 Remodeled: 

1990 

Overall Building Height: 

9 

Floor Area: 

4,838 

Sale Price/Floor Area: 

113.68 

Estimated TCV: 

556,985 

Cmts:

25

CONCLUSION 

The Income Approach, and Sales Comparison Approach have been considered in this 

report to defend our opinion of True Cash Value. 

The Cost Approach was considered 

but 

with 

the 

amount 

of depreciation 

of 

the 

building 

this 

would 

not 

be 

a 

good 

determination of value. 

This property has several office tenants and 

a storage facility 

which 

is rented out both on the inside and outside. 

The Income Approach and the 

Sales Comparison approach were used to determine a value for the subject property. 

All three comparable sales for the Sales Comparison Approach are office buildings. 

Two are very close to the subject but lack the land and the storage portion. The third is 

an office building with limited land and there is not a storage facility. 

It was difficult to 

find an identical sale to the subject due to the large land size and the storage units. 

Sale A and B are close by and give a good indicator of value for office buildings in the 

area. 

Sale C is similar in size to the office building portion of the subject it just lacks the 

land size and storage facility. 

| also reviewed mini warehouse storage unit sales and 

the sale price per square foot was in the same range as Sale C. 

All three sales are in 

Oakland County. 

The market Income Approach was used by using market rates from 

Crexi and determining value. 

A combination of the Income and the Sales Comparison 

Approach 

is 

the 

best indicator 

of value 

in 

this 

situation. 

The Sales Comparison 

Approach 

is based upon sales of the most similar properties and use as the subject 

property. 

Both approaches to value are a good indicator of value. 

The subject property is a 9,482 square foot office building with a 5,838 square foot mini 

warehouse storage facility located on Highland Road (M-59) just west of Williams Lake 

Road 

in Waterford Township. 

This property is zoned C-4 Extensive Business. 

There 

was an exterior review of the property done on August 21, 2026, and then a review for 

work permits done in July of 2020. 

. 

The neighborhood for the subject is residential

26

immediate economic neighborhood 

is also used to determine the economic condition 

factor that is applied to the subject property. Proposal A provides that, after a transfer of 

ownership, the taxable value 

is uncapped and becomes the following years’ assessed 

value times the Consumer Price Index or 5%, whichever is less, and then becomes the 

new owner's taxable value. 

The exterior of the property was reviewed onsite on August 21, 2026. 

The exterior 

review indicated a nicely maintained building. 

There were some interior modifications 

made in 2020. 

That is the last known update to the building. 

The property is on the 

main highway through the Township and has high traffic rates along with being near 

many commercial 

buildings 

and 

across 

from 

the 

Oakland 

County 

Airport. 

The 

commercial 

office 

property 

has 

plenty 

of 

parking 

spaces 

for 

the employees 

and 

customers. 

According to Michigan compiled Laws 205.737(3) “the petitioner has the burden of proof 

in establishing the true cash value of the property...” The value of the parcels was 

determined by mass appraisal and sales of similar properties used 

to determine the 

increase 

in value due to the market. 

The valuation has demonstrated that using the 

Income Approach 

the value 

for the 

property should 

be $1,200,000 

for the 2025 

assessment year. 

The Sales Comparison Approach was also looked at to determine 

value for the year 2026 and the value of the property 

is determined to be $1,200,000. 

The value from both the Sales Comparison approach and the Income approach seem to 

indicate the same value. 

Therefore, based on the information provided herein, we have demonstrated that the 

parcel 

in the condition as of December 31, 2025, would have 

a True Cash Value of 

$1.200,000. 

Finally, the Assessed Value for 2026 should be $600,000 and the Taxable

27

Appendix

28

Parcel Number: 

W -13-20-126-002 

Jurisdiction: 

County: 

OAKLAND 

Grantee 

Township 

of Waterford 

Inst. 

Terms 

of Sale 

Type 

eae 

Date 

“sale 

Price 

Grantor 

Printed 

on 

09/08/2028 

Prent. 

Trans. 

perty Address 

COMMERCIAL-IMPROVE Zoning: 

C—4 

Building Permit (s) 

Number 

Status 

6695 HIGHLAND RD 

School: 

WATERFORD SCHOOL DISTRICT 

‘teration/Remodel 

11/19/2019 

PB19-0517 

Closed 

P.R.E. 

0% 

Other 

or 

09/01/2004 

20068561 

Closed 

Owner's Name/Address 

IT6nly: pOST 

NewBuilding 

TT 

"08/01/2004 

20068460 

Closed 

ZUEHLKE, 

ILIADES 

oT 

— 

oe 

EI 

IIE TE 

- 

v1, 

,077 

TCV/TFA: 

1 

1984 

7 

Cl 

d 

6695 HIGHLAND RD 

STE 

103 

2026 

Est 

TCV 

1,198,0 

/ 

12.81 SelectCategory 

03/01/ 

4090’ 

lose, 

WATERFORD MI 48327-1967 

X 

Improved 

Vacant 

Land Value Estimates 

for Land Table COFH. Land. Table COF "HIGHLAND 

- 

; 

’ 

~% Factors * 

TT 

Improvements 

Description 

Frontage 

Depth 

Front 

Depth 

Rate 

$Adj. 

Reason 

Value 

—~ 

“Dirt Road 

130.00 200.00 1.0000 0.0000 

0 

100+ 

0 

Lar 

Lo 

Gravel Road 

130.00 420.00 1.0000 0.0000 

0 

100% 

0 

T3N, 

RSE, 

SEC 

20 

E 

130 

FT 

OF 

W 

0 

FT 

OF 

X 

Paved Road 

Office Highland Rd 

129,373.200 

Sq 

Ft 

3.80 

100 

492,141 

N 

1056 

FT 

OF NE 

1/4 

OF NW 

1/4, 

EXC 

N 

60 

X 

‘Storm Sewer 

* 

denotes 

lines 

that 

do not contribute 

to 

the total 

acreage calculation. 

ET 

IN M-59 HWY 2.97 AW405B 

X 

‘Sidewalk 

260 Actual 

Front 

Feet, 

2.97 Total Acres 

Total 

Est. 

Land value 

= 

492,141 

Comments/Influences 

~ 

i. 

X 

Water 

— 

ES 

— 

SE 

17-09-2020 Work 

is 

complet 

Close 

p 

X 

Sewer 

. 

Get all business names on first floor. 

X Electric 

Land Improvement Cost Estimates 

TK 

X 

Gas 

Description 

Rate 

Size 

$ Good 

Cash Value 

12-11-2019 No start. 

Check back 2020. 

X Curb 

D/W/P: 

4in Concrete 

7.23 

555 

49 

1,966 

TK 

X 

Street Lights 

D/W/P: 

4in Concrete 

7.23 

282 

49 

993 

4-11-2018 Spoke with office staff. 

Standard Utilities 

Commercial Local Cost Land Improvements 

Co 

Measured both buildings, 

asphalt and 

Underground Utils. 

Description 

. 

Rate 

Size 

§ Good Arch Mult 

Cash value 

concrete parking and sidewalks. Count 

+ 

Tr 

PAl-AsphaltPaving 

4.84 

15601 

44 

100 

33,224 

- 

opography 

© 

PCl-ConcretePaving 

6.84 

5508 

44 

100 

16,577 

Site 

a 

SPL-ParkingSpaces 

1,430.00 

53 

44 

100 

33,348 

Total Estimated Land Improvements 

True 

Cash Value 

= 

86,114 

‘Rolling 

Low 

A 

C—— 

ee 

High 

‘Landscaped 

Swamp 

Wooded 

Pond 

Waterfront 

Ravine 

Wetland 

S— 

SE 

—— 

. 

SE 

HE 

Flood Plain 

Year 

Land 

Building 

Assessed 

Board 

of 

Tribunal/ 

Taxable 

Value 

Value 

value 

Review 

Other 

Value 

: 

Who 

When 

What 

2026 

246,070 

352,870 

sesea0 

522,870¢ 

[— 

i 

= 

)64 07/09/2020 BuildingPe 2025 

24%,070/ 

341,880 

587,950 

- 

h 

509,130C 

The Equalizer. 

Copyright 

(c) 

1999 

- 

2009. 

964 

12/11/2019 BuildingPe 

ee 

a 

Cy rary am 

ema 

= 

5 

; 

, 

493,830C 

Licensed To: 

County of Oakland, 

Michigan 

964 04/11/2018 Reappraisa 2024 

246,070, 

346,320. 

592,390 

_ 

TT 

2023 

246,070 

322,740 

568,810 

470,320C 

**% 

Information herein deemed reliable but not guaranteed*** 

28

29

Commercial/Industrial Building/Section 

1 

of 

2 

Parcel Number: 

W -13-20-126-002 

Printed 

on 

09/08/2026 

Desc. 

of Bldg/Section: 

Building 

1, section 

1 

<<<<< 

) 

>>>5> 

h 

Calculator Occupancy: 

Office Buildings 

Class: 

C 

Quality: 

Average 

: 

or 

- 

Cons: 

ction Cost 

Stories: 

1 

Story Height: 

12 

Perimeter: 

376 

I 

i. 

. 

ee 

eee 

iio 

Overall 

Building Height: 

12 

Floor 

Area: 

4,782 

T 

Gross Bldg Area: 10,620 

_ 90 

Above Ave. Ave. 

X 

tow 

Stories Above Grd: 

1 

** 

** 

Calculator Cost Data 

** 

** 

Base Rate for Upper Floors 

= 158.28 

Average 

Sty Hght 

12 

Quality: 

Average 

Office Basement Basement, 

Base Rate 

for Basement 

= 98.92 

Bsmnt Wall 

Hght 

: 

8 

Heat#1: 

Zoned A.C. 

Warm 

& Cooled Air 

100% 

(Basement Fireproofing Rate 

= 0.00) 

J 

E— 

- 

i 

-Heat#2: 

No Heating 

or Cooling 

0% 

Depr. 

Table 

2% 

Ave. 

SqFt/Story: 

4782 

(10) 

Heating system: 

Zoned A.C. 

Warm 

& Cooled Air 

Cost/SgFt: 

49.12 

100% 

Effective Age 

: 

36 

Ave. 

Perimeter: 

376 

Bsmnt 

Heating 

system: 

No 

Heating 

or Cooling 

Cost/SqgFt: 

0.00 

Physical %Good: 

48 

Has Elevators: 

Adjusted Square Foot Cost 

for Upper Floors 

= 207.40 

Func. 

3%Good 

: 

100 

Adjusted Square 

Foot 

Cost 

for Basement 

= 

98.92 

Economic 

$Goo 

100 

*** 

Basement 

Info 

*** 

— 

rem 

ert 

. 

Total 

Floor Area: 

4,782 

Base 

Cost New 

of Upper Floors 

= 

991,787 

1980 Year Built 

Area: 

4700 

‘ 

i 

BH 

Basement Area: 

4,700 

Base Cost New 

of Basement 

= 

464,924 

Remodeled 

Perimeter: 

360 

me 

[ER 

_ Type: 

Office Basement 

. 

12 Overall 

Bldg 

Heat: 

No 

Heating 

or Cooling 

Reproduction/Replacement 

Cost 

= 

1,456,711 

Height 

Eff.Age:36 

Phy.$%Good/Abnr.Phy./Func./Econ./Overall 

%Good: 

48 /100/100/100/48.0 

— 

- 

. 

* Mezzanine Info 

* 

Total Depreciated Cost 

= 

699,221 

Comments: 

Area 

#1: 

Type #1: 

ECF 

(E.C.F. 

Table COF 

Office) 

0.683 => TCV of Bldg: 

1 

477,568 

Area 

#2: 

Replacement Cost/Floor Area= 304.62 

Est. 

TCV/Floor Area= 99.87 

Type 

#2: 

* 

Sprinkler 

Info 

* 

Area: 

B 

Type: 

~ 

. 

a 

(1) 

Excavation/Site 

Prep: 

(7) 

Interior: 

(39) 

Miscellaneous: 

(2) 

Foundation: 

Footings 

(8) 

Plumbing: 

SRS —— 

Nn 

or 

oo 

— 

- 

= 

rip 

Fixtures: 

X 

Poured Conc. 

Brick/Stone 

Block 

Many 

Average 

_ 

- 

a 

— 

EE 

— 

ee 

Above Ave. 

Typical 

Few 

Average 

Average 

n 

} 

oo 

Total 

Fixtures 

Urinals 

Many 

Many 

- 

- 

3-Piece Baths 

Wash Bowls 

unfinished 

Unfinished 

2-Piece Baths 

Water Heaters 

Typical 

Typical 

Shower Stalls 

Wash Fountains 

_ 

: 

SE 

— 

Toilets 

Water Softeners 

Flex Conduit 

Incandescent 

i 

I 

ee 

Rigid Conduit 

Fluorescent 

N 

(4) 

Floor Structure: 

Armored Cable 

Mercury 

(40) 

Exterior Wall: 

Non-Metalic 

Sodium Vapor 

— 

EE 

- 

_— 

(3) 

Sprinklers: 

Bus 

Duct 

Transformer 

Thickness 

Bsmnt 

Insul. 

EE 

SE 

(13) Roof Structure: 

 Slope=0 

or 

(5) 

Floor Cover 

(10) 

Heating 

and Cooling: 

Gas 

Coal 

Hand Fired 

a 

a 

— 

Oil 

Stoker 

Boiler 

(14) 

Roof Cover: 

*** 

Information herein deemed reliable but 

not guaranteed*** 

29

30

Parcel Number: 

W -13-20-126-002, 

Commercial/Industrial 

Building 

1 

Printed 

on 

09/08/2026 

WHSMIN/D/LC/1 STY 

5837.7 sf 

193.3" 

4781.8 sf 

BSMT/FIN/100% 

4700.2 sf 

30.2 

*** Information herein deemed reliable but not guaranteed*** 

30

31

*** 

Information herein deemed reliable but 

not guaranteed*** 

Commercial/Industrial Building/Section 

2 

of 

2 

Parcel 

Number: 

W -13-20-126-002 

Printed 

on 

09/08/2028 

Desc. 

of Bldg/Section: 

Building 

2, 

Section 

1 

<<< 

Calculator Cost Computations 

>>>>> 

Warehouses 

- Mini 

Class: 

D 

Quality: 

Average 

- 

Stories: 

1 

Story Height: 

16 

Perimeter: 

447 

Floor 

Area: 

5,838 

FE 

HE 

~ 

ee. 

Overall 

Building Height: 

16 

Gross Bldg Area: 10,620 

_ 

TH9R 

Above Ave. 

Ave. 

X Low. 

Stories Above Grd: 

1 

T*% 

%* 

Calculator Cost Data 

** 

** 

Base Rate for Upper Floors 

= 62.59 

Average 

Sty Hght 

: 

16 

Quality: 

Average 

Bsmnt Wall Hght 

Heat#l: 

No Heating or Cooling 

0s 

Adjusted Square 

Foot Cost 

for Upper Floors 

= 62.59 

— 

— 

~ 

Heat#2: 

No 

Heating 

or Cooling 

0% 

Depr. 

Table 

2.5% 

Ave. 

SqgFt/Story: 

5838 

Total 

Floor Area: 

5,838 

Base Cost New 

of Upper Floors 

= 

365,401 

Effective Age 

22 

Ave. 

Perimeter: 

447 

Physical %Good: 

57 

Has Elevators: 

Reproduction/Replacement Cost 

= 

365,401 

Func. 

$Good 

 : 

100 

Eff.Age:22 

 Phy.%Good/Abnr.Phy./Func./Econ./Overall $Good: 

57 /100/100/100/57.0 

Economic $Good: 

100 

*%% Basement 

Info 

*** 

Total Depreciated Cost 

= 

208,279 

2004 Year Built 

SAE 

ECF 

(E.C.F. Table COF 

Office) 

0.683 => TCV of Bldg: 

2 

= 

142,254 

Remodeled 

Type: 

: 

Replacement Cost/Floor Area= 

62.59 

Est. 

TCV/Floor Area= 24.37 

16 Overall 

Bldg 

Heat: 

Hot Water, 

Radiant Floor 

Height 

= 

- 

- 

— 

* Mezzanine 

Info 

* 

Comments: 

Area 

Type 

Area 

Type 

* 

Sprinkler 

Info 

* 

Area: 

Type: 

(1) 

Excavation/Site 

Prep: 

) 

(7) 

Interior: 

(11) 

Electric 

and Lighting: 

(2) 

Foundation: 

Footings 

(8) 

Plumbing: 

- 

- 

. 

SE 

- 

ER 

Fixture 

X 

Poured Conc. 

Brick/Stone 

Block 

Many 

Average 

Few 

f— 

SS 

. 

; 

TT 

Above Ave. 

Typical 

None 

Few 

Average 

Average 

Total 

Fixtures 

Urinals 

Many 

Many 

"7(3) Fram 

To 

TT 

3-Piece Baths 

Wash Bowls 

Unfinished 

Unfinished 

2-Piece Baths 

Water Heaters 

Typical 

Typical 

Shower Stalls 

Wash 

Fountains 

J 

S— 

- 

Toilets 

Water Softeners 

Flex Conduit 

Incandescent 

i 

ee 

N 

Rigid Conduit 

Fluorescent 

. 

_ 

ee 

(4) 

Floor Structure: 

- 

Armored Cable 

Mercury 

(40) 

Exterior Wal 

Non-Metalic 

Sodium Vapor 

. 

SE 

(9) 

Sprinklers: 

Bus 

Duct 

Transformer 

Thickness 

Bsmnt 

Insul. 

FE 

_ 

~ 

~ 

(13) 

Roof Structure: 

Slope=0 

} 

(5) 

Floor Cover: 

(10) 

Heating and Cooling: 

Gas 

Coal 

Hand Fired 

i 

~ 

— 

SE 

Oil 

Stoker 

Boiler 

(14) 

Roof Cover: 

(6) 

Ceiling: 

31

Valuation Report

DB:

Assessing-26

09/08/2026

09:37 AM

 

Total Floor Area: 5,838 Base Cost New of Upper Floors = 365,401

 

Adjusted Square Foot Cost for Upper Floors = 62.59

 

Base Rate for Upper Floors = 62.59

 

Overall Building Height: 16

Stories: 1 Story Height: 16 Perimeter: 447

 Class: D Quality: Average

<<<<< Calculator Cost Computations >>>>>

Costs are taken from the Warehouses - Mini cost schedules.

 

Description of Occupancy: Building 2, Section 1

Cost Estimates for Commercial/Industrial Building/Section: 2 Built 2004

 Replacement Cost/Floor Area= 304.62 Est. TCV/Floor Area= 99.87

ECF (E.C.F. Table COF Office) 0.683 => TCV of Bldg: 1 = 477,568

 

 Total Depreciated Cost = 699,221

Eff.Age:36 Phy.%Good/Abnr.Phy./Func./Econ./Overall %Good: 48 /100/100/100/48.0

 Reproduction/Replacement Cost = 1,456,711

 

Basement Area: 4,700 Base Cost New of Basement = 464,924

Total Floor Area: 4,782 Base Cost New of Upper Floors = 991,787

 

Adjusted Square Foot Cost for Basement = 98.92

Adjusted Square Foot Cost for Upper Floors = 207.40

 Bsmnt Heating system: No Heating or Cooling Cost/SqFt: 0.00

(10) Heating system: Zoned A.C. Warm & Cooled Air Cost/SqFt: 49.12 100%

 

 (Basement Fireproofing Rate = 0.00)

Office Basement Basement, Base Rate for Basement = 98.92

Base Rate for Upper Floors = 158.28

 

Overall Building Height: 12

Stories: 1 Story Height: 12 Perimeter: 376

 Class: C Quality: Average

<<<<< Calculator Cost Computations >>>>>

Costs are taken from the Office Buildings cost schedules.

 

Description of Occupancy: Building 1, Section 1

Cost Estimates for Commercial/Industrial Building/Section: 1 Built 1980

 Total Estimated Land Improvements True Cash Value = 86,114

 SPL-ParkingSpaces 1,430.00 53 44 100 33,348

 PC1-ConcretePaving 6.84 5508 44 100 16,577

 PA1-AsphaltPaving 4.84 15601 44 100 33,224

Description Rate Size % Good Arch Mult Cash Value

Commercial Local Cost Land Improvements

D/W/P: 4in Concrete 7.23 282 49 999

D/W/P: 4in Concrete 7.23 555 49 1,966

Description Rate Size % Good Cash Value

Land Improvement Cost Estimates

 260 Actual Front Feet, 2.97 Total Acres Total Est. Land Value = 492,141

 * denotes lines that do not contribute to the total acreage calculation.

Office Highland Rd 129,373.200 Sq Ft 3.80 100 492,141

 130.00 420.00 1.0000 0.0000 0 100* 0

 130.00 200.00 1.0000 0.0000 0 100* 0

Description Frontage Depth Front Depth Rate %Adj. Reason Value

 * Factors *

Land Value Estimates for Land Table COFH.Land Table COF HIGHLAND

Map #: POST Township of Waterford WATERFORD, MI 48327-1651 

Property Class: 201 6695 HIGHLAND RD 

W -13-20-126-002 2026 Est. T.C.V. ZUEHLKE, ILIADES 

32

Valuation Report

DB:

Assessing-26

09/08/2026

09:37 AM

 599,040 599,040 599,040 522,870 522,870 0

2026 Assessed MBOR S.E.V. Capped ->Taxable<- PRE/MBT

 0 11,090 0 0 13,740 0

2026 New Eq. Adjustment Loss Additions Tax Adjustment Losses

 587,950 587,950 587,950 509,130 2.70

2025 Assessed MBOR S.E.V. Base for Cap IRM

Est. TCV/Total Floor Area = 112.81

2026 Est. T.C.V. W -13-20-126-002 = 1,198,077

Total Estimated True Cash Value of Commercial/Industrial Buildings = 619,822

 Replacement Cost/Floor Area= 62.59 Est. TCV/Floor Area= 24.37

ECF (E.C.F. Table COF Office) 0.683 => TCV of Bldg: 2 = 142,254

 

 Total Depreciated Cost = 208,279

Eff.Age:22 Phy.%Good/Abnr.Phy./Func./Econ./Overall %Good: 57 /100/100/100/57.0

 Reproduction/Replacement Cost = 365,401

Parcel Number: W -13-20-126-002 Page: 2

33

34

ECF Analysi 

Cur. Asm. 

Floor Are: 

4564 W WALTON BLVD 

03-ARM'S LENGTH 

$502,500 

$346.39 

ess 

seme 

swags 

sem 

2 

5238 

$69.25 

oF 

347270 

$1226 

Land Table COF 

201 

4468 W WALTON BLVD 

03-ARM'S LENGTH 

s50000 

 §528440 

€17 

 S1056884 

 $133613 

 S716387 

 $1304055 

0549 

SEE 

s12221 

cor 

262297 

$106174 

Land Table COF 

01 

4010 W WALTON BLVD 

03-ARM'S LENGTH 

suso0 

$8330 

4573 

Sieee7 

S154 

S12476 

S565 

0783 

11:2 

$171.55 

cor 

2916 

$1916 

Land Table COF 

207 

5280 DIXIE HWY 

O3-ARMS LENGTH 

$3750 

$103,770 

2824 

$207533 

 $s0s: 

$1698 

S:L7SI 

1429 

2634 

$12034 

cor 

6uTme 

sas 

Land Table COF 

01 

4391 DIXIE HWY. 

03-ARM'S LENGTH 

sso 

sie 

4615 

$163847 

63541 

S113959 

 S141675 

0804 

1749 

$65.16 

cor 

orm 

$5955 

Land Table COF 

01 

4355 DIXIE HWY 

03-ARM'S LENGTH 

S000 

$e250 

357 

$1503 

$52,589 

S741 

SI3SSL 

1230 

1459 

$97.33 

cor 

418769 

Sa4691 

Land Table COF 

01 

4080 DIXIE HWY 

03-ARM'S LENGTH 

$375250 

$226,860 

ses2 

 segzie 

$0183 

sey 

s0me77 0351 

3116 

$2356 

cor 

50167 

289429 

Land Table COF 

01 

2070 AIRPORT RD 

03-ARM'S LENGTH 

ssps0 

 su7u0 

6101 

$5624 

$120375 

 SISLETS 

 S7Lsi 0534 

4288 

$5874 

cor 

27.7485 

$108174 

Land Table COF 

201 

2040 AIRPORT RD. 

O3-ARM'S LENGTH 

$7500 

$157,350 

27.37 

$3l4631 

 $1199% 

 S4S5010 

 S275001 

1655 

3508 

$1971 

cor 

842923 

5106174 

Land Table COF 

01 

6600 HIGHLAND RD 

03-ARM'S LENGTH 

$120000 

$8129 

e774 

Si2ses 

Ses 

$7073 

Sie0sle 0443 

16m 

$4226 

cor 

3893 

$48927 

Land Table COF HIGHLAND 

207 

6501 HIGHLAND RD 

03-ARM'S LENGTH 

$se1800 

 $230440 

4102 

S082 

Sulldes 

S033 

SAIS 0912 

4948 

$9101 

cor 

100833 

$9612 

Land Table COF HIGHLAND 

01 

W-13-21:127006 

5601 HIGHLAND RO 

O3-ARMS LENGTH 

sas000 

$231.60 

4877 

S463280 

 S19467 

$355 

Sassen 072 

ew 

510605 

cof 

7.956 

$112437 

Land Table COF HIGHLAND 

201 

W-13-22:301-001 

998 CRESCENT LAKE RD 

03-ARM'S LENGTH 

$400000 

$132,980 

3325 

S294 

Sse7a7 

 Sa52S3 

S08329 

1157 

2214 

$155.94 

cor 

ase 

$47,003 

Land Table COF 

201 

W-13-23.353001 

4005 HIGHLAND RD 

03-ARM'S LENGTH 

$429000 

 $184870 

4305 

sIze6 

 $en7ee 

$306 

$388 0859 

2416 

$139.57 

cof 

ame 

$7856 

Land Table COF HIGHLAND 

01 

W-13-23.353011 

3501 HIGHLAND RD 

03-ARM'S LENGTH 

$520000 

$479,840 

9228 

§esgeT2 

$3007 

$0951 

SaI7504 

0229 

10335 

$2031 

cof 

582855 

$290,194 

Land Table COF HIGHLAND 

01 

W-13-26:327023 

2525 PONTIAC LAKE RD 

18-MULTI PARCEL ARM'S LENGTH 

$1000 

 $60450 

5499 

smoseo 

$3213 

s78787 

 si1243%6 O34 

1518 

$51.90 

cor 

17.8089 

$28973 W-13-2432702 

Land Table COF 

201 

W-13-24.327.050 

2625 PONTIAC LAKE RD 

03-ARM'S LENGTH 

$9000 

$122,580 

5353 

Susise 

$7699 

S1S2001 

 S237507 0640 

1428 

$106.44 

cor 

17.1665 

$62,269 

Land Table COF 

201 

W-13:25-451-036 

1030 W HURON ST 

03-ARM'S LENGTH 

ss000 

$27,180 

6491 

ses6361 

 SaL06n 

$2893 

S313 0S0S 

6130 

$4224 

cor 

070% 

$s30s9 

Land Table COF 

01 

W-13-25-452.033 

1095 W HURON ST 

03-ARM'S LENGTH 

$1500 

$151,350 

6178 

$302,695 

 $50508 

$1903 

SISEN 

0546 

2385 

$8138 

cor 

265883 

sanswy 

Land Table COF 

01 

W-13-25.478:030 

345 TELEGRAPH RD 

03-ARM'S LENGTH 

S300 

$132,960 

3427 

ese 

$57,935 

$3006 

S29a760 

1124 

2851 

$129.39 

cof 

31107 

sagss2 

Land Table COF 

01 

W-13-27-180.017 

_4624 ELIZABETH LAKE RD 

03-ARM'S LENGTH 

$200, 

$443% 

220 

suzsis 

 swoew 

 Sie9der 

 Susem dss 

1463 

$1157 

CoE 

65.2454 

$28356 W-1327:180018 

Land Table COF 

201 

$602800 

$3,911,130 

$7,845,028 

$5,562,790 

$8,101,659 

SoLsL 

12.8401 

Sale. Ratio => 

5147 

ECR> 

0683 

Std. Deviation=> 

 0.394318718 

std Dov. => 

138 

Ave.ECF.=> 

0812 

Ave.Varisnces> 

31.7867 _Cosffiient of Var=> 

34

35

Commercial Vacant Land Study 

Land Table 

Parcel Number 

[Sales Date 

Sale Price 

|Land Size Acres 

Land Size EFF 

Land Size Sq 

Ft 

|$/Sq FT 

| $/EFF |$/Acre 

oi 

13-04-127-031 

2/6/2025 

$278,778 

16.790 Acres 

731372.4 

50.39 

cL 

13-04-351-021 

8/7/2025 

$385,000 

4.680 Acres 

203,860.00 

$1.88 

cL 

13-09-251-041 

8/14/2025 

$300,000 

2.152 Acres 

150x 624.93 

93741.12 

$3.20 

[$2,000.00 

oi 

0-152-021,022,023 & 326] 

4/19/2023 

$347,153 

4.961] 

216,101.00 

$1.61 

oi 

13-10-176-058 

10/23/2023 

$275,000 

2.194 Acres 

95,570.64 

$2.88 

CVL 

13-10-437-005 & -013 

7/2/2025 

$99,900 

0.45 Acres 

19,601.96 

$5.10 

Multi parcel 

cL 

13-16-101-023 

11/29/2023 

$125,000 

0.689 

30,012.84 

$4.16 

ovL 

13-22-102-012 

5/12/2023 

$350,000 

117 

50,965.20 

$6.87 

cL 

13-22-277-017 

8/23/2023 

$450,000 

1.074 Acres 

46,767.00 

$9.63 

cvL 

13-26-401-027 

11/30/2023 

$420,000 

6.315 

275081.4 

$1.52 

25% Wetlands 

ovL 

13-26-429-022 

10/25/2024 

$132,000 

1.018 Acres 

44344.08 

52.98 

Average 

$3.66 

35

36

Office Sale Analysis for 2026 

PREPARED BY 

PM 

Paula Moore 

5200 Civic Center Dr 

Waterford Township, MI, 48329

37

Sales Comp Insights 

Data based on 37 records 

Sold Price 

$1.2M 

Median Price 

$52.7M 

$0.00 

$260k 

$520k 

$780k 

 $IM 

 $1.3M 

$1.6 

Total 

Square Footage 

Sold Price / SqFt 

111k 

8,000 - 10.8k 

$106 

$0-50 

Median SqFt 

10.8Kk - 13.6k Bias 

Median Price 

$50 - 100 

460.9k 

ee 

) 

13.6k - 16.4k 

$100 - 150 [| 

Total SqFt 

16.4k - 19.2k 

$150 - 200 

Acreage 

Sold Price / Acre 

1 

20 

$870.5k 

10 

Median Acres 

Median Price 

/ Acres 

61 

PR 

Total Acres 

0 

—_— 

0-1M 

iM 

- 

0-1 

1-2 

2M 

Cap Rate 

Year Built

38

Days On Market 

362 

2,494 

Median DOM 

High 

Sold Price / Unit 

$1.2M 

Units 

54 

1 

6 

1 

Low 

Median Units 

High 

Low 

$5.3M 

$101.5k 

Median Sold Price / Unit 

High 

Low 

Commercial Lease Comp Insights 

Data based on 96 records 

Rate / SqFt 

Monthly 

Annual 

40 

$1/SF 

$0.00 

$1 

$2 

$3 

Median Rate 

Days On Market 

Lease Term Yearly 

10 

3-6 

Median LTY 

6-9

39

Square Footage 

Median SqFt 

2,500 - 5,000 

5,000 - 7,500 

7,500 - 10k 

Residential Lease Comp Insights 

Top Brands By Location Count 

1. Building Technolo... 

2 locations 

2.136 Territorial Rd 

1 locations 

3.150 North Main St... 

1 locations 

4. 1A Asset Holdings 

1 locations 

5. 1St Square Realtors 

1 locations 

Based on 0 units in current map view. Data provided by pweltsy | 

Median Rents by Bed Count 

No data to disple 

Average Rent 

Beds 

Demographic Insights 

Showing results based on current map view 

6.235 W Main St 

1 locations 

7. 247 Talk Wireless 

1locations 

8. 248 Garage 

1 locations 

9. 253 Park St 

1 locations 

10. 589 

W Main St 

1 locations 

Unit Mix Breakdown 

No data to display

40

Population 

4.5M 

o 

I 

° 

Compared to 4.5M in 2023 

Compared to 4.4M in 2020 

4.5M 

4.5M 

4.4M 

a 

— 

rest 

2020 

2021 

2022 

Household Income 

$76.6k 

$95.3k 

1 24% 

Median Income 

2029 Estimate 

Growth Rate 

Over $150K 

Under $25K 

— $25K - $50K 

I 

$100K - $150K—"" J 

$50K - $100K

41

Age Demographics 

40 

42 

T 4% 

Median Age 

2029 Estimate 

Growth Rate 

Over 65 

Under 20 

45 - 65 —" 

: 

~—20-25 

25-45 

Number of Employees 

3.6M 

Top Employment Categories 

Management, business, s... 

Educational services, and ... 

Manufacturing 

Professional, scientific, an... 

DA#ail dvada 

Housing Occupancy Ratio 

10:1 

oceunic: EEE 

14:1 predicted by 2029 

Vacant

42

CREXIh 

Property Name Property Type 

APN 

Address 

Unit 

City 

ip Code 

State 

County 

Sale Date 

Sold Price 

ase Rate 

Zoning (Bldg SqFt Year 

Built 

Lot 

Size ALot Size S Sold Price/ SqFt 

Lease Type 

1181 N Milford Office 

1603401003 

1181 N MILFORD RD 

MILFORD 

48381-1061 

Mi 

OAKLAND 

06/05/2024 

$1,050,000 $13.75-§16 

01 

8573 

1.990 

1.04 

36155 

$122.48 NNN 

25820 Orchard Mixed Use, Office, 2323101103 

25820 ORCHARD LAKE 

FARMINGTON 

48336-1211 

Mi 

OAKLAND 

11/15/2023 

$609,000 

RA 

nn2 

1.970 

260 

87,120 

$52.05 Modified 

White Oaks Offi Office 

1324302013 

2805 PONTIAC LAKE RI 

WATERFORD 

48328-2680 

Mi 

OAKLAND 

10/02/2025 

$475,000 

01 

16,733 

1.999 

198 

86249 

$28.39 

24245 Karim Bc Office 

2224476019 

24245 KARIM BLVD 

Novi 

48375-2952 

Mi 

OAKLAND 

01/30/2024 

$2,250,000 $16 

081 

18370 

1,988 

213 

87720 

$122.62 NNN 

39650 Orchard Office 

50-22-36-400-024 

39650 ORCHARD HILL | 

NOVI 

48375 

Mi 

OAKLAND 

03/08/2024 

$2,200,000 

osc 

14,167 

1.984 

201 

43,560 

$155.29 

Big Beaver Offic Office 

2022358019 

189 E BIG BEAVER RD 

TROY 

48083-1207 

Mi 

OAKLAND 

03/29/2023 

$1,125,000 $13.50 - $19.5BB 

10,148 

1.974 

052 

22445 

$117.37 Gross 

BTA Building 

Office 

52-25-31-155-001 

21850 GREENFIELD RD 

OAK PARK 

48237 

MI 

‘OAKLAND 

03/18/2024 

$450,000 $12 

0 

9,808 

1.963 

0.61 

26,136 

$45.88 Modified Gross 

23555 Northwe Office 

2426401008 

23555 NORTHWESTERI 

SOUTHFIELD 

48075-3337 

Mi 

OAKLAND 

11/26/2025 

$220,000 

0s 

9,800 

1,969 

075 

32528 

$22.45 Gross 

345 E Nine Mile Office, Retail 

2527454037 

345 E9 MILERD 

FERNDALE 

482201719 

Mi 

OAKLAND 

02/20/2024 

$1,807,806 

CBD 

9,249 

1.950 

0.50 

24,089 

$195.46 NNN 

Legend Healthc Office 

0902276009 

720 N LAPEER RD 

LAKE ORION 

48362-4011 

Mi 

OAKLAND 

03/31/2023 

$5,296,296 

oP 

8,822 

2,001 

123 

58370 

$303.69 Net 

25775 

W 10 Mil Office 

2429101014 

25775 

W 10 MILE RD 

SOUTHFIELD 

48033-4856 

Mi 

OAKLAND 

06/10/2025 

$490,000 $18-$18.95 

B-3 

8,545 

1,999 

1.03 

43560 

$57.34 Gross 

2328-2332 Live Office 

2027154025 

2328 LIVERNOISRD 

2332 

TROY 

48083-1662 

Mi 

OAKLAND 

12/18/2025 

$1,170,000 $15.50-$1800 

11,087 

1.980 

098 

42746 

$105.53 Modified 

Stonebrooke Fz Office 

70-15-29-477-036 

2940 CROOKS RD 

ROCHESTER HILLS 

48309 

Mi 

OAKLAND 

01/29/2025 

$2,900,000 

o1 

9231 

2,005 

$314.16 NNN 

1357 

W 14 Mile Land, Office, Retai 2502101056 

1357 W 14 MILE RD 

MADISON HEIGHTS ~~ 48071-1056 

Mi 

OAKLAND 

07/24/2025 

$1,455,000 

B2 

11,782 

232 

101,321 

$123.49 NNN 

24001 Southfie Office 

2426280024 

24001 SOUTHFIELD RD 

‘SOUTHFIELD 

48075-2816 

Mi 

OAKLAND 

05/25/2023 

$1,150,000 

0s 

16,050 

1,966 

073 

3189 

$71.65 

4545 Clawson ~ Office 

0736401005 

4545 CLAWSON TANK 

CLARKSTON 

48346-2581 

Mi 

OAKLAND 

06/14/2024 

$1,250,000 

M1 

16,140 

1,990 

479 

208,652 

$77.45 Gross 

Corner Medical Office 

2003226042 

6905 ROCHESTER RD 

TROY 

48085-1282 

Mi 

OAKLAND 

03/26/2025 

$1,669,500 $20 

GB 

9,203 

1.984 

3.28 

143,058 

$181.41 Modified Gross 

Woodward Parl Office 

1904276038 

44060 WOODWARD AV 200A 

BLOOMFIELD HILLS ~~ 48302-5040 

Mi 

‘OAKLAND 

04/11/2024 

$1,150,000 $12-$17 

01 

9,406 

1.989 

0.83 

309528 

$122.26 Gross 

6054 Livernois Office 

2003301087 

6054 LIVERNOIS RD 

TROY 

48098-1502 

Mi 

‘OAKLAND 

12/15/2025 

$1,425,000 

NN-L 

9173 

1.988 

0.79 

34448 

$155.35 

28592 Orchard Office 

2311152003 

28592 ORCHARD LAKE 

FARMINGTON 

48334-2961 

Mi 

OAKLAND 

07/21/2025 

$1,175,000 $14 

0s-2 

11,147 

1,989 

0.87 

37,697 

$105.41 

909 W Maple Ri Office 

2033126003 

909 W MAPLE RD 

CLAWSON 

48017 

Mi 

OAKLAND 

12/18/2025 

$1,495,000 $17 

BRD-2 

19,153 

1,984 

172 

74793 

$78.06 NNN 

22000 Springbr Office 

2335129032 

22000 SPRINGBROOK /# 

FARMINGTON 

48336-4375 

MI 

OAKLAND 

01/25/2024 

$550,000 $17 

08-1 

10,450 

1,988 

0.84 

36471 

$52.63 Full Service 

$118.66 

42

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