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Michael Broadwell

broadwell@realmilife.com +1(248) 219-5161

$ 2,200,000

Est. payment | -/mo

20 Baths

11,500 SqFt

Save

$ 2,200,000

Est. payment | -/mo

Save

20 Baths

11,500 SqFt

Key Details

Property Type Multi-Family

Sub Type MultiFamily

Listing Status Active

Purchase Type For Sale

Square Footage 11,500 sqft

Price per Sqft $191

Subdivision Suprvrs 19 - Waterford Township

MLS Listing ID 20261040546

Style AFrame

Full Baths 20

Year Built 1954

Lot Size 1.540 Acres

Acres 1.54

Property Sub-Type MultiFamily

Property Description

Airport Road Apartments is a 20-unit multifamily community situated on Airport Road in Waterford, Michigan — a stable, in-demand submarket within Oakland County. The property consists of two single-story buildings totaling 11,500 square feet, originally constructed in 1954. All 20 units are one-bedroom, one-bathroom floor plans, offering a consistent and easily managed unit mix that appeals to a broad renter demographic. The property is currently operating at 90% occupancy with gross rental revenue exceeding $17,000 per month, reflecting strong baseline demand. Current rents range from $925 to $975 per month, while market comparables suggest rents of $995 to $1,095 per month are achievable — representing meaningful upside for a new owner willing to execute modest lease-up and repositioning. The current NOI stands at $169,594, supporting a 7.71% cap rate at the asking price of $2,200,000 ($110,000/unit). Tenants are responsible for gas and electric, while the landlord covers water and trash — a utility structure that keeps operating expenses predictable and limits exposure to utility inflation. Notably, each unit features its own individual furnace and air conditioning condenser, providing forced heat and central AC — a rare amenity in a property of this vintage and price point. This setup gives residents full control over their own comfort while eliminating the common landlord headache of shared HVAC systems, and serves as a genuine differentiator in lease-up and tenant retention. The construction is block framing on a slab foundation with wood frame exterior, providing a durable and low-maintenance building envelope.

Location

State MI

County Oakland

Area Area02131Waterfordtwp

Interior

Heating Forced Air, Natural Gas, Separate Meters

Fireplace No

Exterior

Pool None

View Y/N No

Garage false

Building

Foundation Slab

Sewer Public Sewer

Water Public

New Construction No

Schools

School District Waterford

Others

Senior Community false

Acceptable Financing Cash, Conventional, FHA

Listing Terms Cash, Conventional, FHA

Special Listing Condition ShortSaleNo, Standard

Pets Allowed Call

Listed by Brady Williams of Greater Development LLC

Nearby Locations

+1(248) 219-5161

broadwell@realmilife.com

8840 Dwyer Rd, Howell, Michigan, 48855, USA

4144 Airport RD Waterford Charter Township, MI 48329