Ranch-Style Triplex with Central
For Sale
$499,900
219 W 12 Mile Rd, Royal Oak, MI 48073
Fully leased three-unit triplex with ranch-style layouts, central air in two units, and in-unit washer and dryer.
Property Size1,950 SF
Days on Market14
Property Features for 219 W 12 Mile Rd
General Information
Standard status
Active
Size
1,950 SF
Property subtype
Investment
Occupancy
100%
Additional Details
Gross Income
$46,800
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$8,071
Amenities
central air conditioning
in-unit washer and dryer
dishwasher
Building Details
Building Size
1,950 SF
Year Built
1957
Buildings
1
Units
3
Tenancy
Multi
Listing Agency:
(313) 770-9997
Listed By:
Sonny Bertoni
(313) 770-9997
Source:
Elliman
Added: Jul 29
Changed: Aug 8
Last Checked: Aug 11 at 9:29AM
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 Sonny Bertoni
Investment Insights
Based on property information with market context.
This fully leased ranch-style triplex offers a three-unit, single-level setup and year-round comfort. Built in 1957, the property features central air conditioning in two of the units, along with in-unit washer and dryer, dishwashers, and newer furnaces. The third unit includes a functional layout with a dishwasher and a newer water heater.
Tenant leases provide near-term stability, with Unit A through April 2027, Unit B through October 2026, and Unit C through July 2027. BikeScore is 50 (bikeable) and WalkScore is 54 (somewhat walkable), supporting everyday errands and routine access.
Overall, the combination of ranch-style convenience and unit-level updates creates a practical investment and operating profile for an owner seeking current occupancy with defined lease timelines.
Tenant leases provide near-term stability, with Unit A through April 2027, Unit B through October 2026, and Unit C through July 2027. BikeScore is 50 (bikeable) and WalkScore is 54 (somewhat walkable), supporting everyday errands and routine access.
Overall, the combination of ranch-style convenience and unit-level updates creates a practical investment and operating profile for an owner seeking current occupancy with defined lease timelines.
Key Highlights
- Ranch‑style triplex built in 1957
- Fully leased with three units
- Two units with central air plus in‑unit washer and 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
$25,811
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
5.16%
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%
$516,220
$516.2K
Cap Rate 7%
$368,729
$368.7K
Cap Rate 9%
$286,789
$286.8K
Market Conditions
NOI Build-Up for 1,950 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
$38.6K $19.80/SF
− Vacancy
−$1.7K −$0.89/SF
EGI
$36.9K $18.91/SF
− OpEx
−$11.1K −$5.67/SF
NOI
$25.8K $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%
$516,220
Cap Rate 7%
$368,729
Cap Rate 9%
$286,789
Alternative Uses
Best Use
Multifamily LT 5
$368.7K
$322.6K – $430.2K
NOI $25,811 @ 7.0% cap · market cap 5.16%
Second Best
Apartment 5plus
$341.7K
$299.0K – $398.7K
NOI $23,919 @ 7.0% cap · market cap 4.78%
Theoretical Best
Specialty Retail
$420.6K
$368.0K – $490.7K
NOI $29,442 @ 7.0% cap · market cap 5.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
458
Businesses Nearby
Explore this area
Business Placement
Demographics for 48073, MI
33,658
Population
17,551
Households
1.9
Avg Household Size
39
Median Age
59%
College-Educated
97%
High-School Grad
7.4 sq mi
ZIP Area
4,548
Density / Sq Mi
$86,426
Median Household Income
$58,525
Median Earnings
$1,245
Median Rent
$302,800
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?
Triplex - Fully leased three-unit triplex with ranch-style layouts, central air in two units, and in-unit washer and dryer.
Where is this triplex located?
The property is located at 219 W 12 Mile Rd Royal Oak, MI.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Ranch‑style triplex built in 1957; Fully leased with three units; Two units with central air plus in‑unit washer and dryer
