New Construction Apartment
For Sale
Contact for pricing
502 - 558 Village Lane Milford, Milford, MI 48381
Thirteen modern residences feature private garages, flexible interior space, and contemporary finishes across a three-story configuration.
Property Size16,834 SF
Price / SF$187.12
Days on Market722
Property Features for 502 - 558 Village Lane Milford
General Information
Standard status
Active
Size
16,834 SF
Class
A
Property subtype
Multifamily
Zoning
R-1
Investment Type
Owner/User
Units
Multifamily Units
13
Parking per Unit
1.5
Building Details
Year Built
2025
Buildings
2
Stories
3
Units
9
Tenancy
Multi
Listing Agency:
365 Commercial Realty
Listed By:
Noor Kalasho · License #6505433879
(248) 801-9499
Source:
Crexi
Added: Oct 25, 2024
Changed: Oct 2
Last Checked: Oct 14 at 11:12PM
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 365 Commercial Realty
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Investment Insights
Based on property information with market context.
This apartment-building offering comprises Buildings 2 and 3 within the Uptown Village development at 502–558 Village Lane in Milford, Michigan. Completed in 2025, the property includes 13 newly constructed, three-story residences with 16,834 square feet of total property size. Each residence includes a 1.5-car basement garage, storage, and an office area. The main living level has an open kitchen, dining area, half-bath, living room, and outdoor deck. Upper-level accommodations include a primary suite with walk-in closet, a second bedroom, full bathroom, and laundry area. The attic level adds a third bedroom, playroom, or den, along with another bathroom and closet.
The property is zoned R-1 and is located in Milford. The surrounding area has a population of over 47,086 within a 5-mile radius. The development’s configuration offers a combination of residential unit count, private parking, storage, work-from-home space, and flexible additional living areas.
The property is zoned R-1 and is located in Milford. The surrounding area has a population of over 47,086 within a 5-mile radius. The development’s configuration offers a combination of residential unit count, private parking, storage, work-from-home space, and flexible additional living areas.
Key Highlights
- 13 newly constructed residences completed in 2025
- 16,834 square feet of total property size
- Three‑story layouts with attic‑level flexibility
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$206,490
Cap Rate
6.56%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,129,800
$4.1M
Cap Rate 7%
$2,949,857
$2.9M
Cap Rate 9%
$2,294,333
$2.3M
Market Conditions
NOI Build-Up for 16,834 SF
Gross rent
$391.9K $23.28/SF
− Vacancy
−$16.5K −$0.98/SF
EGI
$375.4K $22.30/SF
− OpEx
−$168.9K −$10.04/SF
NOI
$206.5K $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 Rate 5%
$4,129,800
Cap Rate 7%
$2,949,857
Cap Rate 9%
$2,294,333
Alternative Uses
Best Use
Apartment 5plus
$2.95M
$2.58M – $3.44M
NOI $206,490 @ 7.0% cap · market cap 6.56%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.63M
$3.18M – $4.24M
NOI $254,166 @ 7.0% cap · market cap 8.07%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
13
Residential units
Location Intelligence
Trade Area within ½ mile
671
Businesses Nearby
Explore this area
Business Placement
Demographics for 48381, MI
13,794
Population
5,588
Households
2.5
Avg Household Size
45
Median Age
45%
College-Educated
96%
High-School Grad
19.5 sq mi
ZIP Area
707
Density / Sq Mi
$103,156
Median Household Income
$61,929
Median Earnings
$1,146
Median Rent
$386,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Thirteen modern residences feature private garages, flexible interior space, and contemporary finishes across a three-story configuration.
Where is this apartment building located?
The property is located at 502 - 558 Village Lane Milford Milford, MI.
What is the asking price?
The asking price for this property is $3,150,000.
What are key features of this property?
This property features: 13 newly constructed residences completed in 2025; 16,834 square feet of total property size; Three‑story layouts with attic‑level flexibility
