Historic Two-Unit
For Sale
$299,000
Pending
2222 Montroyal Ave, Waterford, MI 48328
Furnished duplex with updated systems, shared basement laundry, off-street parking, and a large partially fenced lot.
Property Size1,548 SF
Days on Market61
Property Features for 2222 Montroyal Ave
General Information
Standard status
Pending
Size
1,548 SF
Total Parking Spaces
5
Property subtype
Residential Income
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Furnished
Yes
Taxes and HOA fees
Annual Taxes
$1,612
Amenities
covered porch
washer and dryer
shed
fenced yard
lake access
Building Details
Buildings
1
Stories
2
Listing Agency:
Max Broock, REALTORS-Bloomfield Hills
(248) 644-4700
Listed By:
Juliet Jozwick
(248) 431-4747
Source:
Exprealty
Added: Aug 30
Changed: Oct 25
Last Checked: Oct 28 at 11:01AM
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 Max Broock, REALTORS-Bloomfield Hills
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Investment Insights
Based on property information with market context.
Located at 2222 Montroyal Ave, this furnished duplex contains a 2-bedroom, 1-bath first-floor residence and a 1-bedroom, 1-bath apartment above. The historic home retains plaster walls, original window casings, doors, hardware, and flooring, while updated features include a furnace, windows, air-conditioning units, water heaters, the upstairs bathroom, roof, and driveway. The second-floor unit includes a covered porch with composite decking and is currently occupied. A shared basement provides laundry facilities, while a lockable basement area offers storage or workshop space.
The property includes parking for 5 vehicles, a large partially fenced and treed lot, and a substantial shed. It is situated near Dixie Highway, shopping, restaurants, Fish Hatchery Park, and Drayton Plains Nature Center. Silver Lake, a 101-acre all-sports lake with a sand bottom and maximum depth of 73 feet, is nearby, with voluntary association access to a beach and the lake.
The property includes parking for 5 vehicles, a large partially fenced and treed lot, and a substantial shed. It is situated near Dixie Highway, shopping, restaurants, Fish Hatchery Park, and Drayton Plains Nature Center. Silver Lake, a 101-acre all-sports lake with a sand bottom and maximum depth of 73 feet, is nearby, with voluntary association access to a beach and the lake.
Key Highlights
- Two‑unit layout with a 2‑bedroom first‑floor unit and 1‑bedroom upstairs apartment
- 1,548 square feet with furnished interiors and preserved historic details
- Updated furnace, windows, A/C units, water heaters, roof, driveway, and upstairs bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,490
Cap Rate
6.85%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$409,800
$409.8K
Cap Rate 7%
$292,714
$292.7K
Cap Rate 9%
$227,667
$227.7K
Market Conditions
NOI Build-Up for 1,548 SF
Gross rent
$30.7K $19.80/SF
− Vacancy
−$1.4K −$0.89/SF
EGI
$29.3K $18.91/SF
− OpEx
−$8.8K −$5.67/SF
NOI
$20.5K $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 Rate 5%
$409,800
Cap Rate 7%
$292,714
Cap Rate 9%
$227,667
Alternative Uses
Best Use
Multifamily LT 5
$292.7K
$256.1K – $341.5K
NOI $20,490 @ 7.0% cap · market cap 6.85%
Second Best
Apartment 5plus
$271.3K
$237.4K – $316.5K
NOI $18,988 @ 7.0% cap · market cap 6.35%
Theoretical Best
Specialty Retail
$333.9K
$292.2K – $389.5K
NOI $23,372 @ 7.0% cap · market cap 7.82%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
268
Businesses Nearby
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Business Placement
Demographics for 48328, MI
24,178
Population
11,938
Households
2
Avg Household Size
43
Median Age
27%
College-Educated
93%
High-School Grad
8.9 sq mi
ZIP Area
2,717
Density / Sq Mi
$69,788
Median Household Income
$42,084
Median Earnings
$1,041
Median Rent
$210,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Furnished duplex with updated systems, shared basement laundry, off-street parking, and a large partially fenced lot.
Where is this duplex located?
The property is located at 2222 Montroyal Ave Waterford, MI.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Two‑unit layout with a 2‑bedroom first‑floor unit and 1‑bedroom upstairs apartment; 1,548 square feet with furnished interiors and preserved historic details; Updated furnace, windows, A/C units, water heaters, roof, driveway, and upstairs bathroom
