35-Unit Apartment
For Sale
Contact for pricing
114 Devonshire Drive, Prudenville, MI 48651
Fully occupied multifamily buildings spanning three parcels near Houghton Lake.
Property Size15,198 SF
Price / SF$131.60
Days on Market49
Property Features for 114 Devonshire Drive
General Information
Standard status
Active
Size
15,198 SF
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$229,045
Additional Details
Multifamily Units
35
Building Details
Units
35
Tenancy
Multi
Listing Agency:
Resource Realty Group
(734) 732-3789
Listed By:
Larry Gotcher · License #MI MI
Source:
Crexi
Added: Jul 13
Changed: Aug 30
Last Checked: Aug 30 at 2:09PM
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 Resource Realty Group
Investment Insights
Based on property information with market context.
This apartment portfolio includes 35 units distributed among multiple multifamily buildings and three parcels of land. The property is fully occupied, with all units currently rented, providing an established operating profile for an apartment-building buyer.
The portfolio is located at 114 Devonshire Drive in Prudenville, Michigan, near Houghton Lake. The offering combines several buildings and parcels under one transaction, creating a consolidated multifamily asset rather than a single-building property.
The portfolio is located at 114 Devonshire Drive in Prudenville, Michigan, near Houghton Lake. The offering combines several buildings and parcels under one transaction, creating a consolidated multifamily asset rather than a single-building property.
Key Highlights
- 35 apartment units across multiple multifamily buildings
- Three parcels of land included in the offering
- Fully occupied with all units rented
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
$64,544
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
3.23%
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%
$1,290,880
$1.3M
Cap Rate 7%
$922,057
$922.1K
Cap Rate 9%
$717,156
$717.2K
Market Conditions
NOI Build-Up for 15,198 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
$162.3K $10.68/SF
− Vacancy
−$45.0K −$2.96/SF
EGI
$117.4K $7.72/SF
− OpEx
−$52.8K −$3.47/SF
NOI
$64.5K $4.25/SF
Area
Roscommon County, MI
Vacancy
27.70%
Lease Rate
$10.68 /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%
$1,290,880
Cap Rate 7%
$922,057
Cap Rate 9%
$717,156
Alternative Uses
Best Use
Apartment 5plus
$922.1K
$806.8K – $1.08M
NOI $64,544 @ 7.0% cap · market cap 3.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.50M
$2.19M – $2.92M
NOI $175,081 @ 7.0% cap · market cap 8.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
35
Residential units
Location Intelligence
Trade Area within ½ mile
179
Businesses Nearby
Explore this area
Business Placement
Demographics for 48651, MI
4,396
Population
3,825
Households
1.1
Avg Household Size
56
Median Age
19%
College-Educated
92%
High-School Grad
71.0 sq mi
ZIP Area
62
Density / Sq Mi
$42,938
Median Household Income
$32,917
Median Earnings
$797
Median Rent
$156,000
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 - Fully occupied multifamily buildings spanning three parcels near Houghton Lake.
Where is this apartment building located?
The property is located at 114 Devonshire Drive Prudenville, MI.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 35 apartment units across multiple multifamily buildings; Three parcels of land included in the offering; Fully occupied with all units rented
