Garden-Style Apartment
For Sale
$1,375,000
15925 W 11 Mile Road, Southfield, MI 48076
8-unit, fully occupied garden-style community with in-unit washer/dryer and 14 parking spaces on two two-story buildings.
Property Size7,600 SF
Lot Size0.70 Acres
Price / SF$180.92
Days on Market30
Property Features for 15925 W 11 Mile Road
General Information
Standard status
Active
Size
7,600 SF
Total Parking Spaces
14
Lot size
0.70 Acres
Property subtype
Multi Family Home
Zoning
Multi-Family
Occupancy
100%
Net Operating Income
$92,517
Financials
Asking Price
$1,375,000
Cap Rate
6.73%
Units
Unit Mix
4 x 1BR/1BA, 4 x 2BR/1BA
Multifamily Units
8
Parking per Unit
2
Taxes and HOA fees
Annual Taxes
$16,378
Amenities
in-unit washer/dryer
Building Details
Year Built
1986
Buildings
2
Stories
2
Construction
garden-style
Listing Agency:
Greater Development LLC
(360) 989-5395
Listed By:
Brady Williams
Source:
Buyatthelake
Added: Jul 28
Changed: Aug 23
Last Checked: Aug 25 at 8:26AM
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 Greater Development LLC
Investment Insights
Based on property information with market context.
Chestnut Oaks is a turnkey 8-unit garden-style apartment community built in 1986, comprising two two-story buildings. The unit mix includes four 1BR/1BA units and four 2BR/1BA units, and each unit features an in-unit washer/dryer. The property is constructed with masonry and heated with natural gas and wall furnaces. There are 14 parking spaces, and the landlord pays for water and trash while tenants pay electric.
The community is located in Southfield near W 11 Mile Rd and Marshall St, with easy access to major Southfield corridors. The property is professionally managed and is tenant-occupied; showings are available by appointment only.
For sale as a current-income investment opportunity, the listing states a current NOI of $92,517 and references a pro forma NOI of $93,429 through market rent adjustments. The property is zoned RM and sits on a 0.70-acre lot.
The community is located in Southfield near W 11 Mile Rd and Marshall St, with easy access to major Southfield corridors. The property is professionally managed and is tenant-occupied; showings are available by appointment only.
For sale as a current-income investment opportunity, the listing states a current NOI of $92,517 and references a pro forma NOI of $93,429 through market rent adjustments. The property is zoned RM and sits on a 0.70-acre lot.
Key Highlights
- 8‑unit, fully occupied garden‑style apartment community built in 1986 in Southfield
- Two 2‑story buildings totaling approx. 7,600 SF on a 0.70‑acre lot (zoned RM)
- Unit mix: four 1BR/1BA (850 SF) and four 2BR/1BA (1,050 SF), all with in‑unit washer/dryer
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
$93,223
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
6.78%
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%
$1,864,460
$1.9M
Cap Rate 7%
$1,331,757
$1.3M
Cap Rate 9%
$1,035,811
$1.0M
Market Conditions
NOI Build-Up for 7,600 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
$176.9K $23.28/SF
− Vacancy
−$7.4K −$0.98/SF
EGI
$169.5K $22.30/SF
− OpEx
−$76.3K −$10.04/SF
NOI
$93.2K $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 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%
$1,864,460
Cap Rate 7%
$1,331,757
Cap Rate 9%
$1,035,811
Alternative Uses
Best Use
Apartment 5plus
$1.33M
$1.17M – $1.55M
NOI $93,223 @ 7.0% cap · market cap 6.78%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.64M
$1.43M – $1.91M
NOI $114,748 @ 7.0% cap · market cap 8.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
551
Businesses Nearby
Explore this area
Business Placement
Demographics for 48076, MI
26,062
Population
11,016
Households
2.4
Avg Household Size
44
Median Age
44%
College-Educated
94%
High-School Grad
7.1 sq mi
ZIP Area
3,671
Density / Sq Mi
$85,171
Median Household Income
$50,210
Median Earnings
$1,451
Median Rent
$251,300
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?
Apartment building - 8-unit, fully occupied garden-style community with in-unit washer/dryer and 14 parking spaces on two two-story buildings.
Where is this apartment building located?
The property is located at 15925 W 11 Mile Road Southfield, MI.
What is the asking price?
The asking price for this property is $1,375,000.
What are key features of this property?
This property features: 8‑unit, fully occupied garden‑style apartment community built in 1986 in Southfield; Two 2‑story buildings totaling approx. 7,600 SF on a 0.70‑acre lot (zoned RM); Unit mix: four 1BR/1BA (850 SF) and four 2BR/1BA (1,050 SF), all with in‑unit washer/dryer
