Duplex Ranch with
New
For Sale
$179,900
913 Boston Ave, Waterford, MI 48328
Versatile ranch property with two kitchens, separate living arrangements, and a multi-dwelling rental permit.
Property Size748 SF
Days on Market3
Property Features for 913 Boston Ave
General Information
Standard status
Active
Size
748 SF
Property subtype
Investment
Units
Unit Mix
1 x 1BR/1BA, 1 x studio
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,142
Building Details
Building Size
748 SF
Year Built
1950
Buildings
1
Units
2
Construction
ranch
Listing Agency:
(248) 770-3422
Listed By:
Mary E Henry
(248) 770-3422
Source:
Elliman
Added: Aug 19
Changed: Aug 20
Last Checked: Aug 20 at 7:44AM
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 Mary E Henry
Investment Insights
Based on property information with market context.
Built in 1950, this ranch-style duplex offers flexible residential configuration across two living areas. One unit includes a bedroom, bathroom, kitchen, and basement laundry area with a washer and dryer. The second unit is arranged as a studio with a combined living and sleeping area, kitchenette, and full bathroom. The property also includes multiple upgrades and a recently installed picket fence, while roof work is currently underway.
The property is located at 913 Boston Ave in Waterford Charter Township, Michigan, with walkable access to Arby's, Taco Bell, Lefties Restaurant, and a pharmacy. Walk Score is 66 and Bike Score is 38. A current multi-dwelling rental permit supports the property's existing two-unit configuration and flexible living arrangement.
The property is located at 913 Boston Ave in Waterford Charter Township, Michigan, with walkable access to Arby's, Taco Bell, Lefties Restaurant, and a pharmacy. Walk Score is 66 and Bike Score is 38. A current multi-dwelling rental permit supports the property's existing two-unit configuration and flexible living arrangement.
Key Highlights
- Duplex configuration with two kitchens and two separate living areas
- Unit 1 includes a basement with washer and dryer
- Unit 2 features a studio layout with kitchenette and full 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
$9,901
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
5.50%
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%
$198,020
$198.0K
Cap Rate 7%
$141,443
$141.4K
Cap Rate 9%
$110,011
$110.0K
Market Conditions
NOI Build-Up for 748 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
$14.8K $19.80/SF
− Vacancy
−$666 −$0.89/SF
EGI
$14.1K $18.91/SF
− OpEx
−$4.2K −$5.67/SF
NOI
$9.9K $13.24/SF
Area
Oakland County, MI
Vacancy
4.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
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%
$198,020
Cap Rate 7%
$141,443
Cap Rate 9%
$110,011
Alternative Uses
Best Use
Multifamily LT 5
$141.4K
$123.8K – $165.0K
NOI $9,901 @ 7.0% cap · market cap 5.50%
Second Best
Apartment 5plus
$131.1K
$114.7K – $152.9K
NOI $9,175 @ 7.0% cap · market cap 5.10%
Theoretical Best
Specialty Retail
$161.3K
$141.2K – $188.2K
NOI $11,294 @ 7.0% cap · market cap 6.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
640
Businesses Nearby
Explore this area
Business Placement
Demographics for 48328, MI
24,178
Population
11,938
Households
2
Avg Household Size
43
Median Age
27%
College-Educated
93%
High-School Grad
8.9 sq mi
ZIP Area
2,717
Density / Sq Mi
$69,788
Median Household Income
$42,084
Median Earnings
$1,041
Median Rent
$210,800
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?
Duplex - Versatile ranch property with two kitchens, separate living arrangements, and a multi-dwelling rental permit.
Where is this duplex located?
The property is located at 913 Boston Ave Waterford, MI.
What is the asking price?
The asking price for this property is $179,900.
What are key features of this property?
This property features: Duplex configuration with two kitchens and two separate living areas; Unit 1 includes a basement with washer and dryer; Unit 2 features a studio layout with kitchenette and full bathroom
