Renovated 16-Unit Apartment
New
For Sale
$3,175,000
230 Plymouth Rd, Plymouth, MI 48170
Two brick buildings offer renovated apartments with in-unit laundry, central air, and individually metered gas and electric.
Property Size13,913 SF
Price / SF$228.20
Days on Market5
Property Features for 230 Plymouth Rd
General Information
Standard status
Active
Size
13,913 SF
Property subtype
Multi-Family
Building Details
Year Built
1964
Listing Agency:
Greater Development LLC
Listed By:
Brady Williams · License #6501413257
(360) 989-5395
Source:
Findmichiganhomelistings
Added: Sep 1
Changed: Sep 4
Last Checked: Sep 4 at 2:37PM
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 Greater Development LLC
Investment Insights
Based on property information with market context.
Located at 230 Plymouth Rd in Plymouth, MI, this apartment property includes two brick buildings on one parcel with 16 total units. The mix comprises four one-bedroom, one-bath apartments measuring 626 square feet and twelve two-bedroom, one-bath apartments measuring 676 square feet. Originally built in 1964, the property underwent extensive renovations in 2024-2025, including updated flooring, cabinets, kitchens, appliances, and fixtures.
Each apartment includes an in-unit washer/dryer, forced-air gas heat, and central air. Gas and electric utilities are individually metered and paid by tenants, while ownership covers water and trash. The property provides 25 on-site parking spaces and is approximately 97% occupied. It is situated near Plymouth-Canton schools and predominantly owner-occupied single-family neighborhoods.
Each apartment includes an in-unit washer/dryer, forced-air gas heat, and central air. Gas and electric utilities are individually metered and paid by tenants, while ownership covers water and trash. The property provides 25 on-site parking spaces and is approximately 97% occupied. It is situated near Plymouth-Canton schools and predominantly owner-occupied single-family neighborhoods.
Key Highlights
- 16‑unit apartment property in two brick buildings on one parcel
- Renovated in 2024‑2025 with updated flooring, cabinets, kitchens, appliances, and fixtures
- Unit mix includes four 1‑bedroom/1‑bath units at 626 SF and twelve 2‑bedroom/1‑bath units at 676 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
$125,425
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
3.95%
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%
$2,508,500
$2.5M
Cap Rate 7%
$1,791,786
$1.8M
Cap Rate 9%
$1,393,611
$1.4M
Market Conditions
NOI Build-Up for 13,913 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
$242.1K $17.40/SF
− Vacancy
−$14.0K −$1.01/SF
EGI
$228.0K $16.39/SF
− OpEx
−$102.6K −$7.38/SF
NOI
$125.4K $9.01/SF
Area
Wayne County, MI
Vacancy
5.80%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
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%
$2,508,500
Cap Rate 7%
$1,791,786
Cap Rate 9%
$1,393,611
Alternative Uses
Best Use
Apartment 5plus
$1.79M
$1.57M – $2.09M
NOI $125,425 @ 7.0% cap · market cap 3.95%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.58M
$2.25M – $3.01M
NOI $180,312 @ 7.0% cap · market cap 5.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,781
Businesses Nearby
Explore this area
Business Placement
Demographics for 48170, MI
41,069
Population
18,184
Households
2.3
Avg Household Size
45
Median Age
59%
College-Educated
97%
High-School Grad
34.5 sq mi
ZIP Area
1,190
Density / Sq Mi
$109,442
Median Household Income
$68,920
Median Earnings
$1,114
Median Rent
$400,800
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?
Apartment building - Two brick buildings offer renovated apartments with in-unit laundry, central air, and individually metered gas and electric.
Where is this apartment building located?
The property is located at 230 Plymouth Rd Plymouth, MI.
What is the asking price?
The asking price for this property is $3,175,000.
What are key features of this property?
This property features: 16‑unit apartment property in two brick buildings on one parcel; Renovated in 2024‑2025 with updated flooring, cabinets, kitchens, appliances, and fixtures; Unit mix includes four 1‑bedroom/1‑bath units at 626 SF and twelve 2‑bedroom/1‑bath units at 676 SF
