Updated Turnkey Multifamily
For Sale
$1,399,000
2041 N Main St, Royal Oak, MI 48073
Meticulously maintained multifamily with individually metered utilities, newer roofs, energy-efficient windows, and a basement with separate exterior entry.
Property Size4,580 SF
Days on Market121
Property Features for 2041 N Main St
General Information
Standard status
Active
Size
4,580 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$9,204
Building Details
Building Size
4,580 SF
Year Built
1924
Units
4
Listed By:
Tim Holden
(248) 890-8161
Source:
Elliman
Added: May 9
Changed: Aug 13
Last Checked: Sep 5 at 10:09AM
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 Tim Holden
Investment Insights
Based on property information with market context.
This updated, well-maintained multifamily property is offered as a turnkey acquisition. Reported capital improvements include whole-building rewiring with each unit individually metered for utility management, newer roofs on both the main building and detached garage, and a boiler system installed in 2013. The property also features newer energy-efficient windows throughout, along with private storage and in-unit laundry room for each unit. An expansive basement adds practical versatility, including a dedicated area ready to be finished and a private exterior entrance.
Located in Royal Oak, the surrounding area is described as somewhat walkable, with a Walk Score of 54 and a Bike Score of 50 (bikeable).
Overall, the improvements noted in the offering materials focus on mechanical and envelope upgrades, while the basement configuration supports additional finished space potential through its separate entrance.
Located in Royal Oak, the surrounding area is described as somewhat walkable, with a Walk Score of 54 and a Bike Score of 50 (bikeable).
Overall, the improvements noted in the offering materials focus on mechanical and envelope upgrades, while the basement configuration supports additional finished space potential through its separate entrance.
Key Highlights
- Multi‑family property built in 1924 with capital improvements already completed.
- Whole‑building rewiring with each unit individually metered for simplified utility management.
- Newer roofs on both the main building and the detached garage.
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
$56,179
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
4.02%
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%
$1,123,580
$1.1M
Cap Rate 7%
$802,557
$802.6K
Cap Rate 9%
$624,211
$624.2K
Market Conditions
NOI Build-Up for 4,580 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
$106.6K $23.28/SF
− Vacancy
−$4.5K −$0.98/SF
EGI
$102.1K $22.30/SF
− OpEx
−$46.0K −$10.04/SF
NOI
$56.2K $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%
$1,123,580
Cap Rate 7%
$802,557
Cap Rate 9%
$624,211
Alternative Uses
Best Use
Apartment 5plus
$802.6K
$702.2K – $936.3K
NOI $56,179 @ 7.0% cap · market cap 4.02%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$987.9K
$864.4K – $1.15M
NOI $69,151 @ 7.0% cap · market cap 4.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
339
Businesses Nearby
Explore this area
Business Placement
Demographics for 48073, MI
33,658
Population
17,551
Households
1.9
Avg Household Size
39
Median Age
59%
College-Educated
97%
High-School Grad
7.4 sq mi
ZIP Area
4,548
Density / Sq Mi
$86,426
Median Household Income
$58,525
Median Earnings
$1,245
Median Rent
$302,800
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?
Multifamily property - Meticulously maintained multifamily with individually metered utilities, newer roofs, energy-efficient windows, and a basement with separate exterior entry.
Where is this multifamily property located?
The property is located at 2041 N Main St Royal Oak, MI.
What is the asking price?
The asking price for this property is $1,399,000.
What are key features of this property?
This property features: Multi‑family property built in 1924 with capital improvements already completed.; Whole‑building rewiring with each unit individually metered for simplified utility management.; Newer roofs on both the main building and the detached garage.
