Building Details

Year Built 1980

Listing Agency: Keller Williams Realty Lakeside m***@kwlakeside.com Show Phone

Listed By: Carla Vizzaccaro · License #6501415533 Show Phone

Source: Tilleryrealtygroup

Added: Oct 15 Changed: Nov 3 Last Checked: Nov 3 at 8:59AM

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Investment Insights

Based on property information with market context.

This 968 sq ft, two-bedroom, one-bath condominium has a carriage-style layout, a walk-in closet in the primary bedroom, and an attached one-car garage with storage. An assigned parking space is also located nearby.

Recent improvements include HVAC and a hot water tank installed in 2026, new luxury vinyl flooring, and a 2023 roof. The siding, garage door opener, washer, dryer, and microwave are also identified as newer, with the washer and dryer dated 2026. The kitchen has updated counters and a sink.

The property offers access to I-94 and I-696, and is close to a beach and trails.

Key Highlights

• 968 sq ft condominium with 2 bedrooms and 1 bathroom
• Attached one‑car garage with storage, plus a nearby assigned parking space
• HVAC and hot water tank installed in 2026

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$9,091

Cap Rate

6.27%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$181,820 $181.8K

Cap Rate 7%

$129,871 $129.9K

Cap Rate 9%

$101,011 $101.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 968 SF

Gross rent

$17.8K $18.36/SF

− Vacancy

−$1.2K −$1.29/SF

EGI

$16.5K $17.07/SF

− OpEx

−$7.4K −$7.68/SF

NOI

$9.1K $9.39/SF

Area

Macomb County, MI

Vacancy

7.00%

Lease Rate

$18.36 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$181,820

Cap Rate 7%

$129,871

Cap Rate 9%

$101,011

Alternative Uses

Best Use

Apartment 5plus

$129.9K

$113.6K – $151.5K (±1% cap)

NOI $9,091 @ 7.0% cap · market cap 6.27%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$181.2K

$158.6K – $211.4K (±1% cap)

NOI $12,686 @ 7.0% cap · market cap 8.76%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Lease Details

1

Residential units

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

394

Businesses Nearby

Explore this area Business Placement

Demographics for 48045, MI

24,341

Population

12,401

Households

2

Avg Household Size

46

Median Age

26%

College-Educated

95%

High-School Grad

14.3 sq mi

ZIP Area

1,702

Density / Sq Mi

$77,808

Median Household Income

$48,889

Median Earnings

$1,085

Median Rent

$243,000

Median Home Value

Frequently Asked Questions

What type of property is this?

Residential income property - The attached garage includes additional storage, with an assigned parking space nearby.

Where is this residential income property located?

The property is located at 24715 Meadow Creek Drive Harrison Twp, MI.

What is the asking price?

The asking price for this property is $144,900.

What are key features of this property?

This property features: 968 sq ft condominium with 2 bedrooms and 1 bathroom; Attached one‑car garage with storage, plus a nearby assigned parking space; HVAC and hot water tank installed in 2026