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 Market95
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
Listed By:
Larry Gotcher · License #MI MI
(734) 732-3789
Source:
Crexi
Added: Jul 13
Changed: Oct 15
Last Checked: Oct 14 at 9:45PM
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 / Yr
$64,544
Cap Rate
3.23%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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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
