Residential Income Property with
New
For Sale
$269,900
13711 Maple Grove Avenue 35, Shelby Twp, MI 48315
Two-bedroom, two-bath condo offers an open layout, private deck, basement storage, and occupancy at close.
Property Size1,159 SF
Price / SF$232.87
Days on Market4
Property Features for 13711 Maple Grove Avenue 35
General Information
Standard status
Active
Size
1,159 SF
Property subtype
Commercial
Building Details
Year Built
1992
Stories
1
Listing Agency:
Lacuna Group LLC
Listed By:
Marcus Velzen · License #6501420016
(616) 855-7662
Source:
Lacunare
Added: Sep 15
Last Checked: Sep 18 at 3:44AM
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 Lacuna Group LLC
Investment Insights
Based on property information with market context.
This 1,159 SF brick end-unit condominium includes 2 bedrooms, 2 bathrooms, and a side-facing 2-car garage. Built in 1992, the home features an open main-level layout with vaulted ceilings, wood flooring in the kitchen, a gas fireplace, and access to a private deck. The kitchen includes appliances, extensive counter space, cabinetry, and a large single-bowl sink.
Recent interior improvements include professional painting and new carpet in the living areas and bedrooms. One bathroom has a newer walk-in tub, while the second includes a shower. The basement adds a recreation room with linoleum flooring, closets, shelving, and additional storage. The property is located at 13711 Maple Grove Avenue 35 in Shelby Twp, Michigan 48315, near shopping, healthcare, and freeways. Occupancy is available at close.
Recent interior improvements include professional painting and new carpet in the living areas and bedrooms. One bathroom has a newer walk-in tub, while the second includes a shower. The basement adds a recreation room with linoleum flooring, closets, shelving, and additional storage. The property is located at 13711 Maple Grove Avenue 35 in Shelby Twp, Michigan 48315, near shopping, healthcare, and freeways. Occupancy is available at close.
Key Highlights
- 1,159 SF brick end‑unit condominium
- 2 bedrooms, 2 bathrooms, and a side‑facing 2‑car garage
- Built in 1992 with professional painting and new carpet
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
$10,884
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
4.03%
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%
$217,680
$217.7K
Cap Rate 7%
$155,486
$155.5K
Cap Rate 9%
$120,933
$120.9K
Market Conditions
NOI Build-Up for 1,159 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
$21.3K $18.36/SF
− Vacancy
−$1.5K −$1.29/SF
EGI
$19.8K $17.07/SF
− OpEx
−$8.9K −$7.68/SF
NOI
$10.9K $9.39/SF
Area
Macomb County, MI
Vacancy
7.00%
Lease Rate
$18.36 /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%
$217,680
Cap Rate 7%
$155,486
Cap Rate 9%
$120,933
Alternative Uses
Best Use
Apartment 5plus
$155.5K
$136.1K – $181.4K
NOI $10,884 @ 7.0% cap · market cap 4.03%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$217.0K
$189.9K – $253.2K
NOI $15,189 @ 7.0% cap · market cap 5.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
830
Businesses Nearby
Explore this area
Business Placement
Demographics for 48315, MI
28,597
Population
11,252
Households
2.5
Avg Household Size
48
Median Age
33%
College-Educated
92%
High-School Grad
12.9 sq mi
ZIP Area
2,217
Density / Sq Mi
$99,512
Median Household Income
$54,587
Median Earnings
$1,181
Median Rent
$357,700
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom, two-bath condo offers an open layout, private deck, basement storage, and occupancy at close.
Where is this residential income property located?
The property is located at 13711 Maple Grove Avenue 35 Shelby Twp, MI.
What is the asking price?
The asking price for this property is $269,900.
What are key features of this property?
This property features: 1,159 SF brick end‑unit condominium; 2 bedrooms, 2 bathrooms, and a side‑facing 2‑car garage; Built in 1992 with professional painting and new carpet
