Multi-Family Lakefront
5826 ANDERSONVILLE Road Waterford, MI 48329
5826 ANDERSONVILLE Road, Waterford, MI, 48329
$359,000
For Sale
$359,000
Recently updated multi-family home on Van Norman Lake with multiple licensed rentals, plus an on-site cottage.
Property Size2,252 SF
Price / SF$159.41
Days on Market610
Property Features for 5826 ANDERSONVILLE Road
General Information
- Standard status
- Active
- Size
- 2,252 SF
- Property subtype
- Multi Family
Building Details
- Year Built
- 1928
Listing agency
Coldwell Banker Metro Real Estate
(248) 242-7282
Listed by
Lance Shamoo · License #6501409601
(248) 242-7282
Source
Exitrealty
Added: Nov 18, 2024 Updated: Jul 20 at 6:06PM Checked: Jul 21 at 3:06AM
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 Coldwell Banker Metro Real Estate
Investment Insights
Based on property information with market context.
This multi-family lakefront residence was built in 1917 and has been recently updated. The property features 5 bedrooms, 3 full bathrooms, and two fireplaces, along with a business office and a small art gallery. The home is configured with 3 official licensed rental units/status.
The setting is on beautiful private all-sports Van Norman Lake. The offering also includes a 200-square-foot furnished cottage with a natural fireplace.
Additional property amenities include a 32-foot custom-built Mississippi River paddle boat and a custom dock.
The setting is on beautiful private all-sports Van Norman Lake. The offering also includes a 200-square-foot furnished cottage with a natural fireplace.
Additional property amenities include a 32-foot custom-built Mississippi River paddle boat and a custom dock.
Key Highlights
- Multi‑family home on private all‑sports Van Norman Lake
- 5 bedrooms, 3 full baths, with 2 fireplaces and business office with small art gallery
- Recently updated, with multiple units in official licensed rental status
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $44.6k | $19.80 |
| − Vacancy | −$2.0k | −$0.89 |
| EGI | $42.6k | $18.91 |
| − OpEx | −$12.8k | −$5.67 |
| NOI | $29.8k | $13.24 |
2,252 SF · lease $19.80/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$425.8K
$372.6K – $496.8K
NOI $29,808 @ 7.0% cap · market cap 8.30%
Second Best
Apartment 5plus
$394.6K
$345.3K – $460.4K
NOI $27,624 @ 7.0% cap · market cap 7.69%
Theoretical Best
Specialty Retail
$485.7K
$425.0K – $566.7K
NOI $34,002 @ 7.0% cap · market cap 9.47%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Recently updated multi-family home on Van Norman Lake with multiple licensed rentals, plus an on-site cottage.
Where is this triplex located?
The property is located at 5826 ANDERSONVILLE Road Waterford, MI.
What is the asking price?
The asking price for this property is $359,000.
What are key features of this property?
This property features: Multi‑family home on private all‑sports Van Norman Lake; 5 bedrooms, 3 full baths, with 2 fireplaces and business office with small art gallery; Recently updated, with multiple units in official licensed rental status
