Updated Ranch
New
For Sale
$179,000
2035 Princeton Road, Berkley, MI 48072
Multifamily, 1 Story, Berkley, MI
Property Size1,204 SF
Lot Size0.09 Acres
Price / SF$148.67
Days on Market5
Property Features for 2035 Princeton Road
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
Residential
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 1, Bedroom 2, Bathroom 1
Pets allowed
Call
Exterior features
Fenced
Fencing
Fenced
Subdivision
Hannans West Royal Oak
Elementary school district
Berkley
Middle school district
Berkley
High school district
Berkley
Directions
North On Coolidge Hwy., East On Princeton Rd.
Standard status
Active
APN
2517382008
Size
1,204 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Description
T1N, R11E, SEC 17 & 20 HANNAN'S WEST ROYAL OAK SUB. W 30 FT OF LOT 224 & E 5 FT OF LOT 225, ALSO 1/2 OF VAC ALLEY ADJ TO SAME 3-21-06 CORR
Tax Annual Amount
2327
Legal Description
T1N, R11E, SEC 17 & 20 HANNAN'S WEST ROYAL OAK SUB. W 30 FT OF LOT 224 & E 5 FT OF LOT 225, ALSO 1/2 OF VAC ALLEY ADJ TO SAME 3-21-06 CORR
Utilities
Heating system
Forced Air
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1943
Floors in Building
1
Number of units
2
Building materials
Brick, Vinyl
Roof type
Asphalt
Architectural style
Ranch
Listing Agency:
EXP Z Real Estate
(248) 937-1337
Listed By:
Jonathan Zaia · License #379825
(248) 410-3333
Added: Sep 9
Changed: Sep 13
Last Checked: Sep 13 at 10:06PM
MLS# 20261070365
Copyright © 2026 Realcomp Limited II. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This residential duplex property is a 1,204-square-foot ranch built in 1943. The home has received interior updates, including a modernized kitchen, refreshed bathroom finishes, newer flooring, and other updated details. Brick and vinyl exterior materials, an asphalt roof, forced-air heating, and window-unit cooling complete the physical profile.
The 0.09-acre parcel includes a fenced exterior and is served by public water. The property is located in Berkley, Michigan, within Oakland County, with access to shopping, dining, parks, major roadways, and surrounding communities described in the listing information. Residential zoning applies.
The 0.09-acre parcel includes a fenced exterior and is served by public water. The property is located in Berkley, Michigan, within Oakland County, with access to shopping, dining, parks, major roadways, and surrounding communities described in the listing information. Residential zoning applies.
Key Highlights
- 1,204‑square‑foot ranch property built in 1943
- 0.09‑acre parcel with fenced exterior
- Updated kitchen, bathroom finishes, and newer flooring
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
$15,937
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
8.90%
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%
$318,740
$318.7K
Cap Rate 7%
$227,671
$227.7K
Cap Rate 9%
$177,078
$177.1K
Market Conditions
NOI Build-Up for 1,204 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
$23.8K $19.80/SF
− Vacancy
−$1.1K −$0.89/SF
EGI
$22.8K $18.91/SF
− OpEx
−$6.8K −$5.67/SF
NOI
$15.9K $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%
$318,740
Cap Rate 7%
$227,671
Cap Rate 9%
$177,078
Alternative Uses
Best Use
Multifamily LT 5
$227.7K
$199.2K – $265.6K
NOI $15,937 @ 7.0% cap · market cap 8.90%
Second Best
Apartment 5plus
$211.0K
$184.6K – $246.2K
NOI $14,769 @ 7.0% cap · market cap 8.25%
Theoretical Best
Specialty Retail
$259.7K
$227.2K – $303.0K
NOI $18,178 @ 7.0% cap · market cap 10.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
501
Businesses Nearby
Explore this area
Business Placement
Demographics for 48072, MI
15,194
Population
7,068
Households
2.1
Avg Household Size
38
Median Age
58%
College-Educated
99%
High-School Grad
2.4 sq mi
ZIP Area
6,331
Density / Sq Mi
$113,103
Median Household Income
$68,818
Median Earnings
$1,436
Median Rent
$289,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Ranch-style property with a fenced exterior, refreshed interior finishes, public water, and forced-air heat.
Where is this duplex located?
The property is located at 2035 Princeton Road Berkley, MI.
What is the asking price?
The asking price for this property is $179,000.
What are key features of this property?
This property features: 1,204‑square‑foot ranch property built in 1943; 0.09‑acre parcel with fenced exterior; Updated kitchen, bathroom finishes, and newer flooring
