Renovated, Fully Leased Apartment
23210 Middlebelt Rd Farmington Hills, MI 48336
23210 Middlebelt Rd, Farmington Hills, MI, 48336
$2,400,000
For Sale
$2,400,000
16-unit, one-bedroom apartment building built in 1986 and fully leased, renovated and zoned RC2.
Property Size13,120 SF
Lot Size1.00 Acre
Price / SF$182.93
Days on Market51
Property Features for 23210 Middlebelt Rd
General Information
- Standard status
- Active
- Size
- 13,120 SF
- Lot size
- 1.00 Acre
- Property subtype
- Multifamily
Building Details
- Year Built
- 1986
Listing agency
Keystone Commercial Real Estate
(248) 406-7116
Listed by
Ferris Hamama · License #MI 6501255590
Source
Keystonecres
Added: Jun 2 Updated: Jul 21 at 10:43PM Checked: Jul 22 at 4:47AM
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 Keystone Commercial Real Estate
Investment Insights
Based on property information with market context.
This fully leased, renovated 16-unit apartment building is configured as one-bedroom units across two floors. Constructed in 1986, the property includes approximately 13,120 square feet of residential space on one acre and is offered as a turnkey, professionally managed asset.
Located at 23210 Middlebelt Rd in Farmington Hills, Michigan, the property is zoned RC2 and is described as being less than 3 miles from Downtown Farmington. The combination of an existing rental layout and current occupancy supports straightforward ownership for an investor seeking a stabilized multifamily asset.
Located at 23210 Middlebelt Rd in Farmington Hills, Michigan, the property is zoned RC2 and is described as being less than 3 miles from Downtown Farmington. The combination of an existing rental layout and current occupancy supports straightforward ownership for an investor seeking a stabilized multifamily asset.
Key Highlights
- 16‑unit apartment building fully leased and renovated
- 13,120 SF building on 1 acre with 2 floors
- All units are 1‑bedroom apartments
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $305.4k | $23.28 |
| − Vacancy | −$12.8k | −$0.98 |
| EGI | $292.6k | $22.30 |
| − OpEx | −$131.7k | −$10.04 |
| NOI | $160.9k | $12.27 |
13,120 SF · lease $23.28/SF/yr · vacancy 4.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.30M
$2.01M – $2.68M
NOI $160,933 @ 7.0% cap · market cap 6.71%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.83M
$2.48M – $3.30M
NOI $198,091 @ 7.0% cap · market cap 8.25%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - 16-unit, one-bedroom apartment building built in 1986 and fully leased, renovated and zoned RC2.
Where is this apartment building located?
The property is located at 23210 Middlebelt Rd Farmington Hills, MI.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 16‑unit apartment building fully leased and renovated; 13,120 SF building on 1 acre with 2 floors; All units are 1‑bedroom apartments
