Downtown Mixed-Use Building with
For Sale
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206 E Liberty Street, Milford, MI 48381
Mixed-use property with office space and two residential units, supported by a private parking lot.
Property Size4,859 SF
Price / SF$225.36
Days on Market364
Property Features for 206 E Liberty Street
General Information
Standard status
Active
Size
4,859 SF
Property subtype
Mixed Use, Office, Land
Net Operating Income
$84,000
Building Details
Year Built
2001
Listing Agency:
KW Showcase Realty
Listed By:
Keith Reynolds · License #MI
Source:
Crexi
Added: Aug 11, 2025
Changed: Aug 8
Last Checked: Jul 23 at 3:16PM
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 KW Showcase Realty
Investment Insights
Based on property information with market context.
This mixed-use property includes approximately 2,500 square feet of office space plus two high-end residential units, each approximately 1,500 square feet. The offering combines commercial and residential living arrangements within a single building, supported by a private parking lot.
The property is located within the heart of downtown Milford, providing an accessible setting for both office occupants and residents. The address is 206 E Liberty Street, Milford, MI 48381.
For buyers seeking a mixed-use setup, the current configuration supports a built-in tenant mix of office and residential income streams under one ownership. The private parking lot adds practical convenience for residents and office use, making the building well-suited for an operator who wants to manage both components as part of the same property portfolio.
The property is located within the heart of downtown Milford, providing an accessible setting for both office occupants and residents. The address is 206 E Liberty Street, Milford, MI 48381.
For buyers seeking a mixed-use setup, the current configuration supports a built-in tenant mix of office and residential income streams under one ownership. The private parking lot adds practical convenience for residents and office use, making the building well-suited for an operator who wants to manage both components as part of the same property portfolio.
Key Highlights
- Built in 2001 mixed‑use property with office space plus two residential units
- Approximately 2,500 SF of office space
- Two high‑end residential units, each approximately 1,500 SF
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
$64,315
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
5.87%
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%
$1,286,300
$1.3M
Cap Rate 7%
$918,786
$918.8K
Cap Rate 9%
$714,611
$714.6K
Market Conditions
NOI Build-Up for 4,859 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
$96.2K $19.80/SF
− Vacancy
−$4.3K −$0.89/SF
EGI
$91.9K $18.91/SF
− OpEx
−$27.6K −$5.67/SF
NOI
$64.3K $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%
$1,286,300
Cap Rate 7%
$918,786
Cap Rate 9%
$714,611
Alternative Uses
Best Use
Multifamily LT 5
$918.8K
$803.9K – $1.07M
NOI $64,315 @ 7.0% cap · market cap 5.87%
Second Best
Apartment 5plus
$851.5K
$745.0K – $993.4K
NOI $59,602 @ 7.0% cap · market cap 5.44%
Theoretical Best
Specialty Retail
$1.05M
$917.0K – $1.22M
NOI $73,363 @ 7.0% cap · market cap 6.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
661
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?
Mixed-use property - Mixed-use property with office space and two residential units, supported by a private parking lot.
Where is this mixed-use property located?
The property is located at 206 E Liberty Street Milford, MI.
What is the asking price?
The asking price for this property is $1,095,000.
What are key features of this property?
This property features: Built in 2001 mixed‑use property with office space plus two residential units; Approximately 2,500 SF of office space; Two high‑end residential units, each approximately 1,500 SF
