3-Unit Multifamily Property with
For Sale
$229,900
22107 15 Mile Road, Clinton Township, MI 48035
Separate utility metering and individual mechanical systems support independent operation across the apartments.
Property Size1,520 SF
Days on Market18
Property Features for 22107 15 Mile Road
General Information
Standard status
Active
Size
1,520 SF
Total Parking Spaces
6
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR/1BA, 2 x 1BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$4,896
Building Details
Building Size
1,520 SF
Year Built
1942
Units
3
Listing Agency:
Grant and Main, LLC
(586) 634-4652
Listed By:
Stacey Leid
(586) 634-4652
Source:
Phgrealty
Added: Aug 4
Changed: Aug 18
Last Checked: Aug 20 at 2:04PM
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 Grant and Main, LLC
Investment Insights
Based on property information with market context.
This 3-unit multifamily property was built in 1942 and includes a mix of apartment layouts. The main-floor unit has 2 bedrooms and 1 full bath and is rent-ready. The upper-level and basement units each offer 1 bedroom and 1 bathroom and are currently tenant occupied. Each apartment is separately metered and has its own furnace and hot water tank. Refrigerators and stoves are included in all three units.
A detached 2-car garage provides additional storage or parking for tenants. The property’s combination of occupied and available units supports both continued leasing and owner-occupancy options, subject to the purchaser’s intended use.
A detached 2-car garage provides additional storage or parking for tenants. The property’s combination of occupied and available units supports both continued leasing and owner-occupancy options, subject to the purchaser’s intended use.
Key Highlights
- 3‑unit multifamily property built in 1942
- Unit mix includes one 2‑bedroom, 1‑bath unit and two 1‑bedroom, 1‑bath units
- All three units are separately metered
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
$16,091
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
7.00%
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%
$321,820
$321.8K
Cap Rate 7%
$229,871
$229.9K
Cap Rate 9%
$178,789
$178.8K
Market Conditions
NOI Build-Up for 1,520 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
$24.6K $16.20/SF
− Vacancy
−$1.6K −$1.08/SF
EGI
$23.0K $15.12/SF
− OpEx
−$6.9K −$4.54/SF
NOI
$16.1K $10.59/SF
Area
Macomb County, MI
Vacancy
6.65%
Lease Rate
$16.20 /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%
$321,820
Cap Rate 7%
$229,871
Cap Rate 9%
$178,789
Alternative Uses
Best Use
Multifamily LT 5
$229.9K
$201.1K – $268.2K
NOI $16,091 @ 7.0% cap · market cap 7.00%
Second Best
Apartment 5plus
$203.9K
$178.4K – $237.9K
NOI $14,275 @ 7.0% cap · market cap 6.21%
Theoretical Best
Specialty Retail
$284.6K
$249.0K – $332.0K
NOI $19,920 @ 7.0% cap · market cap 8.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
354
Businesses Nearby
Explore this area
Business Placement
Demographics for 48035, MI
34,018
Population
15,615
Households
2.2
Avg Household Size
40
Median Age
20%
College-Educated
91%
High-School Grad
8.8 sq mi
ZIP Area
3,866
Density / Sq Mi
$69,245
Median Household Income
$41,167
Median Earnings
$1,111
Median Rent
$181,300
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?
Triplex - Separate utility metering and individual mechanical systems support independent operation across the apartments.
Where is this triplex located?
The property is located at 22107 15 Mile Road Clinton Township, MI.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: 3‑unit multifamily property built in 1942; Unit mix includes one 2‑bedroom, 1‑bath unit and two 1‑bedroom, 1‑bath units; All three units are separately metered
