5-Unit Apartment
For Sale
$239,900
104 Grand Avenue, Mount Clemens, MI 48043
MULTI_FAMILY - Colonial - Mt. Clemens, MI
Property Size1,969 SF
Lot Size0.17 Acres
Price / SF$121.84
Days on Market93
Property Features for 104 Grand Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Bedrooms
5
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 4, Bathroom 5, Bedroom 5, Bedroom 1, Bedroom 2, Basement, Bedroom 4, Bathroom 1, Bathroom 3, Bedroom 3, Bathroom 2
Parking
8
Pets allowed
Call
Subdivision
EUPHEMIA HUBBARD'S ADDITION
Elementary school district
Mount Clemens
Middle school district
Mount Clemens
High school district
Mount Clemens
Directions
North off Cass West off Gratiot
Standard status
Active
APN
1111380012
Size
1,969 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
HUBBARDS ADDITION BLOCK 2 LOT 22 EXC E 40 FT & E 1/2 LOT 23
Tax Annual Amount
6166
Legal Description
HUBBARDS ADDITION BLOCK 2 LOT 22 EXC E 40 FT & E 1/2 LOT 23
Utilities
Heating system
Forced Air
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Number of units
5
Building materials
Vinyl
Architectural style
Colonial
Listing Agency:
EXP Realty Main
(888) 501-7085
Listed By:
Dylan Tanaka · License #6506046373
(888) 501-7085
Added: May 11
Changed: Aug 2
Last Checked: Aug 11 at 7:06PM
MLS# 20261033630
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.
104 Grand Avenue is a fully occupied 5-unit apartment building with a Colonial architectural style and vinyl construction. The property is situated on a 0.17-acre lot and totals 1,969 square feet. Interior accommodations include a basement and 5 bedrooms and 5 bathrooms.
The building uses forced air heating and is served by public water. Each unit has separate utilities, supporting tenant independence and simplifying ongoing operations.
Zoned Multi-Family, this property presents a stabilized residential income option in Mt. Clemens, Michigan. For buyers pursuing an income-focused acquisition strategy, the current fully occupied status provides an established tenancy base at the time of purchase. All walkthroughs must be accompanied by proof of funds or a pre-approval letter, and full financials (including rent roll, leases, and audited financials) are available with an accepted Letter of Intent or Purchase Offer.
The building uses forced air heating and is served by public water. Each unit has separate utilities, supporting tenant independence and simplifying ongoing operations.
Zoned Multi-Family, this property presents a stabilized residential income option in Mt. Clemens, Michigan. For buyers pursuing an income-focused acquisition strategy, the current fully occupied status provides an established tenancy base at the time of purchase. All walkthroughs must be accompanied by proof of funds or a pre-approval letter, and full financials (including rent roll, leases, and audited financials) are available with an accepted Letter of Intent or Purchase Offer.
Key Highlights
- Fully occupied 5‑unit apartment building zoned Multi‑Family
- Separate utilities for the units
- 0.17‑acre lot
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
$18,491
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
7.71%
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%
$369,820
$369.8K
Cap Rate 7%
$264,157
$264.2K
Cap Rate 9%
$205,456
$205.5K
Market Conditions
NOI Build-Up for 1,969 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
$36.2K $18.36/SF
− Vacancy
−$2.5K −$1.29/SF
EGI
$33.6K $17.07/SF
− OpEx
−$15.1K −$7.68/SF
NOI
$18.5K $9.39/SF
Area
Macomb County, MI
Vacancy
7.00%
Lease Rate
$18.36 /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%
$369,820
Cap Rate 7%
$264,157
Cap Rate 9%
$205,456
Alternative Uses
Best Use
Apartment 5plus
$264.2K
$231.1K – $308.2K
NOI $18,491 @ 7.0% cap · market cap 7.71%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$368.6K
$322.6K – $430.1K
NOI $25,804 @ 7.0% cap · market cap 10.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,265
Businesses Nearby
Explore this area
Business Placement
Demographics for 48043, MI
15,665
Population
7,059
Households
2.2
Avg Household Size
41
Median Age
18%
College-Educated
88%
High-School Grad
4.1 sq mi
ZIP Area
3,821
Density / Sq Mi
$57,315
Median Household Income
$37,683
Median Earnings
$896
Median Rent
$169,000
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?
Apartment building - Fully occupied 5-unit apartment building zoned Multi-Family with separate utilities.
Where is this apartment building located?
The property is located at 104 Grand Avenue Mount Clemens, MI.
What is the asking price?
The asking price for this property is $239,900.
What are key features of this property?
This property features: Fully occupied 5‑unit apartment building zoned Multi‑Family; Separate utilities for the units; 0.17‑acre lot
