First-Floor Office with Reception
For Sale
$929,000
206 E Liberty St, Milford, MI 48381
A first-floor office with an open reception and waiting room above two residential units in Milford Village.
Property Size4,800 SF
Price / SF$193.54
Days on Market106
Property Features for 206 E Liberty St
General Information
Standard status
Active
Size
4,800 SF
Property subtype
Commercial
Units
Multifamily Units
2
Office Units
1
Building Details
Year Built
2001
Stories
2
Listing Agency:
RE/MAX Platinum-Hartland
Listed By:
John E Luke · License #6501229646
(810) 691-2142
Source:
Vmrealestatemichigan
Added: May 27
Changed: Sep 8
Last Checked: Sep 8 at 8:17AM
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 RE/MAX Platinum-Hartland
Investment Insights
Based on property information with market context.
This mixed-use building combines a first-floor office with a residential component on the second floor. The ground level is set up with an open reception and waiting room, supported by a trim package and decor described as luxury. The second floor consists of two high-end residential units, providing a clear vertical split between professional and residential space. The first-floor office area is stated as over 200 square feet.
Located in the busy Milford Village area, the building is described as only a half-block walk to the center of Milford Village. Bicycle and walkability metrics are provided with a BikeScore of 40 (somewhat bikeable) and a WalkScore of 56 (somewhat walkable), supporting day-to-day convenience for visitors and residents.
For an owner-occupant or a small office user looking to separate work and living, the layout offers a dedicated office entry footprint with a reception and waiting area, while the two residential units can support additional income. Prospective buyers and brokers will find the configuration straightforward: office space on the first floor and two residential units on the second floor, all within a compact Milford Village setting.
Located in the busy Milford Village area, the building is described as only a half-block walk to the center of Milford Village. Bicycle and walkability metrics are provided with a BikeScore of 40 (somewhat bikeable) and a WalkScore of 56 (somewhat walkable), supporting day-to-day convenience for visitors and residents.
For an owner-occupant or a small office user looking to separate work and living, the layout offers a dedicated office entry footprint with a reception and waiting area, while the two residential units can support additional income. Prospective buyers and brokers will find the configuration straightforward: office space on the first floor and two residential units on the second floor, all within a compact Milford Village setting.
Key Highlights
- Year built 2001 mixed‑use building in Milford Village
- Over 200 SF first‑floor office with open reception and waiting room
- First floor includes luxury office trim package and decor
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
$63,534
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
6.84%
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%
$1,270,680
$1.3M
Cap Rate 7%
$907,629
$907.6K
Cap Rate 9%
$705,933
$705.9K
Market Conditions
NOI Build-Up for 4,800 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
$95.0K $19.80/SF
− Vacancy
−$4.3K −$0.89/SF
EGI
$90.8K $18.91/SF
− OpEx
−$27.2K −$5.67/SF
NOI
$63.5K $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%
$1,270,680
Cap Rate 7%
$907,629
Cap Rate 9%
$705,933
Alternative Uses
Best Use
Multifamily LT 5
$907.6K
$794.2K – $1.06M
NOI $63,534 @ 7.0% cap · market cap 6.84%
Second Best
Apartment 5plus
$841.1K
$736.0K – $981.3K
NOI $58,878 @ 7.0% cap · market cap 6.34%
Theoretical Best
Specialty Retail
$1.04M
$905.9K – $1.21M
NOI $72,472 @ 7.0% cap · market cap 7.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
2
Residential units
Location Intelligence
Trade Area within ½ mile
795
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - A first-floor office with an open reception and waiting room above two residential units in Milford Village.
Where is this office units located?
The property is located at 206 E Liberty St Milford, MI.
What is the asking price?
The asking price for this property is $929,000.
What are key features of this property?
This property features: Year built 2001 mixed‑use building in Milford Village; Over 200 SF first‑floor office with open reception and waiting room; First floor includes luxury office trim package and decor
