5-Unit Apartment
For Sale
$219,900
104 Grand Avenue, Mount Clemens, MI 48043
Multifamily, 2 Story, Mt. Clemens, MI
Property Size1,969 SF
Lot Size0.17 Acres
Price / SF$111.68
Days on Market139
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
Bedroom 4, Bedroom 5, Bedroom 2, Bathroom 1, Bathroom 3, Bathroom 2, Bathroom 5, Bedroom 3, Bathroom 4, Bedroom 1, Basement
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
(248) 265-3777
Added: May 11
Changed: Sep 13
Last Checked: Sep 26 at 9:06AM
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.
This 5-unit apartment building in Mt. Clemens contains 1969 square feet on a 0.17-acre parcel. Constructed in 1900, the two-story Colonial property features vinyl exterior materials, forced-air heating, public water, five bedrooms, five bathrooms, and a basement. Separate utilities serve the units, and the building is fully occupied.
Located at 104 Grand Avenue in Mt. Clemens, the property is within Macomb County and carries Multi-Family zoning. Its existing five-unit configuration, established occupancy, and unit-level utility separation provide a defined multifamily layout for buyers evaluating an apartment building in the area.
Located at 104 Grand Avenue in Mt. Clemens, the property is within Macomb County and carries Multi-Family zoning. Its existing five-unit configuration, established occupancy, and unit-level utility separation provide a defined multifamily layout for buyers evaluating an apartment building in the area.
Key Highlights
- Five‑unit apartment building with full occupancy
- 1969 square feet on a 0.17‑acre parcel
- Multi‑Family zoning in Mt. Clemens
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
8.41%
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 8.41%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$368.6K
$322.6K – $430.1K
NOI $25,804 @ 7.0% cap · market cap 11.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,241
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied multifamily property with separate utilities, public water, and a two-story Colonial design.
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 $219,900.
What are key features of this property?
This property features: Five‑unit apartment building with full occupancy; 1969 square feet on a 0.17‑acre parcel; Multi‑Family zoning in Mt. Clemens
