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$2,200,000
Est. payment /mo
20 Baths
1.54 Acres Lot
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Municipality Waterford Twp
Subdivision Waterford Twp
MLS Listing ID 20261040546
Year Built 1954
Annual Tax Amount $32,807
Lot Size 1.540 Acres
Acres 1.54
Lot Dimensions 249.58X243.77
Source Realcomp
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
Zoning Multi-Family
Direction Waterford
Rooms
Basement Slab
Interior
Heating Forced Air
Exterior
View Y/N No
Building
Water Public
Structure Type Wood Siding
Schools
School District Waterford
Others
Tax ID 1304151003
Acceptable Financing Cash, Conventional, FHA
Listing Terms Cash, Conventional, FHA
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Listed by Greater Development LLC
Nearby School & Business
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