Renovated Apartment
For Sale
$1,700,000
13017 & 3029 W Buena Vista St, Highland Park, MI 48203
Three-story complex comprising two buildings with studio, one-bedroom, and two-bedroom layouts.
Property Size15,093 SF
Price / SF$112.63
Days on Market157
Property Features for 13017 & 3029 W Buena Vista St
General Information
Standard status
Active
Size
15,093 SF
Property subtype
Multifamily
Building Details
Building Size
15,093 SF
Listing Agency:
Encore Real Estate Investment Services
Listed By:
Marcel Pearl · License #6501396308
(248) 702-0942
Source:
Cpix.resimplifi
Added: Mar 30
Changed: Aug 30
Last Checked: Aug 30 at 8:18PM
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 Encore Real Estate Investment Services
Investment Insights
Based on property information with market context.
This multifamily property consists of two three-story apartment buildings totaling 40 units. The unit mix includes 2 studios, 21 one-bedroom apartments, and 17 two-bedroom apartments. Five units are occupied, while 20 units received renovations in 2020. Building improvements also include a TPO roof installed in 2021 and recently installed windows.
The property is located at 13017 & 3029 W Buena Vista St in Highland Park, Michigan, within the 48203 ZIP code. The offering is identified as an OPRA opportunity with tax benefits, providing an additional program-related consideration for prospective ownership.
The property is located at 13017 & 3029 W Buena Vista St in Highland Park, Michigan, within the 48203 ZIP code. The offering is identified as an OPRA opportunity with tax benefits, providing an additional program-related consideration for prospective ownership.
Key Highlights
- 40‑unit apartment complex across two three‑story buildings
- Unit mix includes 2 studios, 21 one‑bedroom units, and 17 two‑bedroom units
- 20 units renovated in 2020
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
$136,062
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
8.00%
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%
$2,721,240
$2.7M
Cap Rate 7%
$1,943,743
$1.9M
Cap Rate 9%
$1,511,800
$1.5M
Market Conditions
NOI Build-Up for 15,093 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
$262.6K $17.40/SF
− Vacancy
−$15.2K −$1.01/SF
EGI
$247.4K $16.39/SF
− OpEx
−$111.3K −$7.38/SF
NOI
$136.1K $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%
$2,721,240
Cap Rate 7%
$1,943,743
Cap Rate 9%
$1,511,800
Alternative Uses
Best Use
Apartment 5plus
$1.94M
$1.70M – $2.27M
NOI $136,062 @ 7.0% cap · market cap 8.00%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.79M
$2.45M – $3.26M
NOI $195,605 @ 7.0% cap · market cap 11.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
321
Businesses Nearby
Explore this area
Business Placement
Demographics for 48203, MI
22,168
Population
13,591
Households
1.6
Avg Household Size
39
Median Age
19%
College-Educated
85%
High-School Grad
8.2 sq mi
ZIP Area
2,703
Density / Sq Mi
$35,108
Median Household Income
$28,364
Median Earnings
$799
Median Rent
$76,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Three-story complex comprising two buildings with studio, one-bedroom, and two-bedroom layouts.
Where is this apartment building located?
The property is located at 13017 & 3029 W Buena Vista St Highland Park, MI.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: 40‑unit apartment complex across two three‑story buildings; Unit mix includes 2 studios, 21 one‑bedroom units, and 17 two‑bedroom units; 20 units renovated in 2020
