Upgraded Condo in Prime
For Sale
$290,000
1128 Alameda, Troy, MI 48085
Recently upgraded 2-bedroom condo with modern amenities in Troy, MI.
Property Size1,457 SF
Price / SF$199.04
Days on Market378
Property Features for 1128 Alameda
General Information
Standard status
Active
Size
1,457 SF
Property subtype
Condominium
Amenities
Central A/C
Forced Air
Space Heater
Humidifier
Dishwasher
Disposal
Dryer
Freezer
Microwave
Range/Oven
Refrigerator
Washer
Pool
Building Details
Building Size
1,457 SF
Year Built
2004
Stories
2
Listing Agency:
HomeCoin.com
(888) 400-2513
Listed By:
Jonathan Minerick · License #B.1003079.CORP
(888) 400-2513
Source:
Kw
Added: Aug 8, 2025
Changed: Aug 8
Last Checked: Aug 18 at 10:20PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of HomeCoin.com
Investment Insights
Based on property information with market context.
This well-maintained, recently upgraded ranch-style upper-floor condo features 2 bedrooms and 2 full bathrooms. The stylish open floor plan includes a large great room with a vaulted ceiling and access to a maintenance-free private balcony, upgraded in 2024. The updated kitchen features a breakfast bar top, granite countertops, stainless steel appliances including a microwave less than one year old, and newly installed plank flooring. The spacious master bedroom has a pan ceiling and an en-suite bathroom. Both bedrooms include generous walk-in closets. The two full bathrooms have been newly updated with granite countertops, porcelain tiles, and a new shower head in the master bathroom (July 2025). The unit includes an in-suite washer and dryer. A newly replaced water heater was installed in July 2025. New porcelain tiles cover the entire first floor. The attached extended garage is fully finished. The property benefits from a new roof (2024) and new exterior painting, including the garage door (2024). Community amenities include a swimming pool, clubhouse, and neighborhood trails. Located in the heart of Troy, the condo is situated in a desirable neighborhood, minutes from downtown Rochester and near shopping centers, restaurants, entertainment venues, and with easy access to the highway, hospitals, and schools. It is located within the top-rated Troy School District. Major updates include a new roof (2024), new balcony (2024), exterior and garage door painting (2024), new water heater (July 2025), new microwave (2024), kitchen and bathrooms upgraded (2023), granite countertops in kitchen and two bathrooms (2023), porcelain tiles in bathrooms and entire first floor (2023), luxury plank floor in kitchen (2023), two new toilets (2023), and a new shower head in the master bathroom (July 2025). The property size is 1457 square feet.
Key Highlights
- Recently upgraded condo with new roof (2024), new balcony (2024), new water heater (July 2025), new microwave (2024), new exterior painting (2024), and upgraded kitchen and bathrooms (2023).
- Located in the heart of Troy, in a great neighborhood, and in the top‑rated Troy School District.
- Updated kitchen with granite countertops, stainless steel appliances, and breakfast bar.
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
$17,872
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
6.16%
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%
$357,440
$357.4K
Cap Rate 7%
$255,314
$255.3K
Cap Rate 9%
$198,578
$198.6K
Market Conditions
NOI Build-Up for 1,457 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
$33.9K $23.28/SF
− Vacancy
−$1.4K −$0.98/SF
EGI
$32.5K $22.30/SF
− OpEx
−$14.6K −$10.04/SF
NOI
$17.9K $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%
$357,440
Cap Rate 7%
$255,314
Cap Rate 9%
$198,578
Alternative Uses
Best Use
Apartment 5plus
$255.3K
$223.4K – $297.9K
NOI $17,872 @ 7.0% cap · market cap 6.16%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$314.3K
$275.0K – $366.6K
NOI $21,998 @ 7.0% cap · market cap 7.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
397
Businesses Nearby
Explore this area
Business Placement
Demographics for 48085, MI
26,507
Population
9,330
Households
2.8
Avg Household Size
42
Median Age
59%
College-Educated
96%
High-School Grad
9.3 sq mi
ZIP Area
2,850
Density / Sq Mi
$144,146
Median Household Income
$65,370
Median Earnings
$2,213
Median Rent
$395,300
Median Home Value
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 - Recently upgraded 2-bedroom condo with modern amenities in Troy, MI.
Where is this apartment building located?
The property is located at 1128 Alameda Troy, MI.
What is the asking price?
The asking price for this property is $290,000.
What are key features of this property?
This property features: Recently upgraded condo with new roof (2024), new balcony (2024), new water heater (July 2025), new microwave (2024), new exterior painting (2024), and upgraded kitchen and bathrooms (2023).; Located in the heart of Troy, in a great neighborhood, and in the top‑rated Troy School District.; Updated kitchen with granite countertops, stainless steel appliances, and breakfast bar.
