Twelve-Unit Apartment
For Sale
$1,095,000
34190 Forest St, Wayne, MI 48184
Twelve two-story units are 100% occupied, with tenant-paid electric and building-paid heat and water.
Property Size10,614 SF
Lot Size0.82 Acres
Days on Market39
Property Features for 34190 Forest St
General Information
Standard status
Active
Size
10,614 SF
Lot size
0.82 Acres
Property subtype
Investment
Occupancy
100%
Additional Details
Multifamily Units
12
Taxes and HOA fees
Annual Taxes
$20,936
Building Details
Building Size
10,614 SF
Year Built
1973
Stories
2
Units
12
Listing Agency:
Century 21 Curran & Oberski
(313) 203-8209
Listed By:
Dave W Abdallah · License #6501241447
(313) 203-8209
Source:
Elliman
Added: Jul 13
Changed: Aug 9
Last Checked: Aug 20 at 10:33AM
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 Century 21 Curran & Oberski
Investment Insights
Based on property information with market context.
This 12-unit, two-story apartment building is currently 100% occupied with long-term tenants in place. Each unit features a living room, kitchen, dining area, one bedroom, and one bathroom. The property includes a huge yard and an on-site parking lot.
The building sits on a 146 x 246 ft lot on Forest St in Wayne, MI. Tenants pay their own electric, while heat and water are included in the rent. The property is within walking distance to parks, schools, and a local recreation center, and it is close to Downtown Wayne with shops and restaurants.
The overall unit mix and utility structure support a straightforward residential income setup, with individual living spaces configured around the common living, dining, and kitchen areas.
The building sits on a 146 x 246 ft lot on Forest St in Wayne, MI. Tenants pay their own electric, while heat and water are included in the rent. The property is within walking distance to parks, schools, and a local recreation center, and it is close to Downtown Wayne with shops and restaurants.
The overall unit mix and utility structure support a straightforward residential income setup, with individual living spaces configured around the common living, dining, and kitchen areas.
Key Highlights
- 12‑unit, 2‑story apartment building built in 1973
- 100% occupied with long‑term tenants in place
- Each unit includes living room, kitchen, dining area, bedroom and bathroom
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
$95,685
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
8.74%
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%
$1,913,700
$1.9M
Cap Rate 7%
$1,366,929
$1.4M
Cap Rate 9%
$1,063,167
$1.1M
Market Conditions
NOI Build-Up for 10,614 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
$184.7K $17.40/SF
− Vacancy
−$10.7K −$1.01/SF
EGI
$174.0K $16.39/SF
− OpEx
−$78.3K −$7.38/SF
NOI
$95.7K $9.01/SF
Area
Wayne County, MI
Vacancy
5.80%
Lease Rate
$17.40 /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%
$1,913,700
Cap Rate 7%
$1,366,929
Cap Rate 9%
$1,063,167
Alternative Uses
Best Use
Apartment 5plus
$1.37M
$1.20M – $1.59M
NOI $95,685 @ 7.0% cap · market cap 8.74%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.97M
$1.72M – $2.29M
NOI $137,557 @ 7.0% cap · market cap 12.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
592
Businesses Nearby
Explore this area
Business Placement
Demographics for 48184, MI
17,776
Population
7,739
Households
2.3
Avg Household Size
40
Median Age
16%
College-Educated
88%
High-School Grad
7.2 sq mi
ZIP Area
2,469
Density / Sq Mi
$54,572
Median Household Income
$36,548
Median Earnings
$924
Median Rent
$142,400
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 - Twelve two-story units are 100% occupied, with tenant-paid electric and building-paid heat and water.
Where is this multifamily property located?
The property is located at 34190 Forest St Wayne, MI.
What is the asking price?
The asking price for this property is $1,095,000.
What are key features of this property?
This property features: 12‑unit, 2‑story apartment building built in 1973; 100% occupied with long‑term tenants in place; Each unit includes living room, kitchen, dining area, bedroom and bathroom
