Updated Waterfront
For Sale
$319,900
5826 ANDERSONVILLE Road, Waterford, MI 48329
Multifamily, 2 Story, Waterford Twp, MI
Property Size2,252 SF
Lot Size0.16 Acres
Price / SF$142.05
Days on Market655
Property Features for 5826 ANDERSONVILLE Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family,Office,Resid
Bedrooms
3
Bathrooms
4
Full bathrooms
3
Half bathrooms
2
Rooms
Bedroom 1, Bathroom 1, Bedroom 2, Bathroom 2, Bedroom 3, Bathroom 3
Parking
3
Pets allowed
Dogs OK, Cats OK
Subdivision
SOUTHWESTERN ADD
Elementary school district
Waterford
Middle school district
Waterford
High school district
Waterford
Directions
Dixie Hwy To Andersonville Rd West On North Side
Standard status
Active
APN
1304104013
Size
2,252 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
T3N, R9E, SEC 4 SOUTHWESTERN ADD NELY 17 FT OF LOT 16 & SWLY 22.5 FT OF LOT 17
Tax Annual Amount
7245
Legal Description
T3N, R9E, SEC 4 SOUTHWESTERN ADD NELY 17 FT OF LOT 16 & SWLY 22.5 FT OF LOT 17
Utilities
Heating system
Forced Air
Amenities
fireplace
business office
art gallery
custom dock
Building Details
Year built
1928
Floors in Building
2
Number of units
3
Building materials
Brick, Wood
Roof type
Asphalt
Architectural style
Colonial
Listing Agency:
Coldwell Banker Metro Real Estate · Real Living
(248) 242-7282
Listed By:
Lance Shamoo · License #MI6501409601
(248) 787-7895
Added: Nov 18, 2024
Changed: Aug 24
Last Checked: Sep 4 at 7:06PM
MLS# 20240086808
Copyright © 2026 Realcomp Limited II. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This recently updated triplex is positioned on private Van Norman Lake, a full-recreation lake, and carries three licensed rental statuses. The main residence includes five bedrooms, three full bathrooms, two fireplaces, a business office, and a small art gallery. Brick and wood construction, forced-air heating, Colonial styling, and an asphalt roof are among the documented improvements and features.
The property also includes a furnished 200-square-foot cottage with a natural fireplace. A custom 32-foot Mississippi River paddle boat and custom dock are included. Zoning supports multifamily, office, and residential uses, adding flexibility to the existing configuration.
The property also includes a furnished 200-square-foot cottage with a natural fireplace. A custom 32-foot Mississippi River paddle boat and custom dock are included. Zoning supports multifamily, office, and residential uses, adding flexibility to the existing configuration.
Key Highlights
- Waterfront setting on private all‑sports Van Norman Lake
- Three official licensed rental statuses
- Five bedrooms, three full baths, and two fireplaces
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$27,624
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.64%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$552,480
$552.5K
Cap Rate 7%
$394,629
$394.6K
Cap Rate 9%
$306,933
$306.9K
Market Conditions
NOI Build-Up for 2,252 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$52.4K $23.28/SF
− Vacancy
−$2.2K −$0.98/SF
EGI
$50.2K $22.30/SF
− OpEx
−$22.6K −$10.04/SF
NOI
$27.6K $12.27/SF
Area
Oakland County, MI
Vacancy
4.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$552,480
Cap Rate 7%
$394,629
Cap Rate 9%
$306,933
Alternative Uses
Best Use
Multifamily LT 5
$425.8K
$372.6K – $496.8K
NOI $29,808 @ 7.0% cap · market cap 9.32%
Second Best
Apartment 5plus
$394.6K
$345.3K – $460.4K
NOI $27,624 @ 7.0% cap · market cap 8.64%
Theoretical Best
Specialty Retail
$485.7K
$425.0K – $566.7K
NOI $34,002 @ 7.0% cap · market cap 10.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
394
Businesses Nearby
Explore this area
Business Placement
Demographics for 48329, MI
24,391
Population
10,249
Households
2.4
Avg Household Size
45
Median Age
29%
College-Educated
94%
High-School Grad
10.3 sq mi
ZIP Area
2,368
Density / Sq Mi
$85,777
Median Household Income
$48,837
Median Earnings
$1,323
Median Rent
$245,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Recently updated three-unit property with lake access, a furnished cottage, and a custom dock.
Where is this triplex located?
The property is located at 5826 ANDERSONVILLE Road Waterford, MI.
What is the asking price?
The asking price for this property is $319,900.
What are key features of this property?
This property features: Waterfront setting on private all‑sports Van Norman Lake; Three official licensed rental statuses; Five bedrooms, three full baths, and two fireplaces
