12-Unit Multifamily Condo
For Sale
Contact for pricing
28214-28234 Oakmonte Circle West, New Hudson, MI 48165
Well-maintained 12-unit condo building with a mix of 2- and 3-bedroom units, all currently occupied.
Property Size17,570 SF
Price / SF$190.67
Days on Market51
Property Features for 28214-28234 Oakmonte Circle West
General Information
Standard status
Active
Size
17,570 SF
Property subtype
Multifamily
Zoning
Multifamily
Occupancy
100%
Net Operating Income
$130,768
Building Details
Year Built
2007
Buildings
1
Units
12
Tenancy
Multi
Listing Agency:
Pilot Property Group
Listed By:
Anthony Rubino · License #MI 6502425251
(586) 873-5419
Source:
Crexi
Added: Jul 17
Changed: Aug 23
Last Checked: Aug 29 at 3:15AM
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 Pilot Property Group
Investment Insights
Based on property information with market context.
This well-maintained 12-unit condo building offers a diverse unit mix, including eight 2-bedroom units and four 3-bedroom units. All units are currently occupied, providing immediate in-place rental coverage. The exterior features stone and brick accents, along with charming covered porches and sunny windows. Common grounds include professionally landscaped surroundings and winding walk paths, with a pool and clubhouse for residents.
Located in New Hudson, the property is described as being close to shops and services, as well as recreational destinations including golf courses and Kensington Metropark.
Designed with features and amenities intended to enhance daily living, the residences are described as having open interiors that flow room to room, with cozy kitchens and spacious living areas.
Located in New Hudson, the property is described as being close to shops and services, as well as recreational destinations including golf courses and Kensington Metropark.
Designed with features and amenities intended to enhance daily living, the residences are described as having open interiors that flow room to room, with cozy kitchens and spacious living areas.
Key Highlights
- Well‑maintained 12‑unit condo building built in 2007 in New Hudson (Lyon Township)
- Unit mix includes (8) 2‑bedroom units and (4) 3‑bedroom units
- All units are currently occupied, providing immediate cash flow
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
$215,518
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
6.43%
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%
$4,310,360
$4.3M
Cap Rate 7%
$3,078,829
$3.1M
Cap Rate 9%
$2,394,644
$2.4M
Market Conditions
NOI Build-Up for 17,570 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
$409.0K $23.28/SF
− Vacancy
−$17.2K −$0.98/SF
EGI
$391.9K $22.30/SF
− OpEx
−$176.3K −$10.04/SF
NOI
$215.5K $12.27/SF
Area
Oakland County, MI
Vacancy
4.20%
Lease Rate
$23.28 /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%
$4,310,360
Cap Rate 7%
$3,078,829
Cap Rate 9%
$2,394,644
Alternative Uses
Best Use
Apartment 5plus
$3.08M
$2.69M – $3.59M
NOI $215,518 @ 7.0% cap · market cap 6.43%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.79M
$3.32M – $4.42M
NOI $265,279 @ 7.0% cap · market cap 7.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
43
Businesses Nearby
Explore this area
Business Placement
Demographics for 48165, MI
8,832
Population
3,587
Households
2.5
Avg Household Size
37
Median Age
51%
College-Educated
95%
High-School Grad
9.9 sq mi
ZIP Area
892
Density / Sq Mi
$105,511
Median Household Income
$59,609
Median Earnings
$1,583
Median Rent
$352,300
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?
Apartment building - Well-maintained 12-unit condo building with a mix of 2- and 3-bedroom units, all currently occupied.
Where is this apartment building located?
The property is located at 28214-28234 Oakmonte Circle West New Hudson, MI.
What is the asking price?
The asking price for this property is $3,350,000.
What are key features of this property?
This property features: Well‑maintained 12‑unit condo building built in 2007 in New Hudson (Lyon Township); Unit mix includes (8) 2‑bedroom units and (4) 3‑bedroom units; All units are currently occupied, providing immediate cash flow
