12-Unit Residential Income
For Sale
$3,350,000
28214 Oakmonte Cir W, New Hudson, MI 48165
Well-maintained 12-unit condo building with all units occupied and a mix of 2- and 3-bedroom layouts.
Property Size17,570 SF
Price / SF$190.67
Days on Market50
Property Features for 28214 Oakmonte Cir W
General Information
Standard status
Active
Size
17,570 SF
Class
A
Property subtype
Multifamily
Zoning
CJ
Occupancy
100%
Additional Details
Highway Access
Yes
Multifamily Units
12
Building Details
Building Size
17,570 SF
Year Built
2007
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Pilot Property Group
Listed By:
Anthony Rubino · License #6502425251
(586) 873-5419
Source:
Cpix.resimplifi
Added: Jul 17
Changed: Sep 2
Last Checked: Sep 4 at 2:09AM
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 offers an all-occupied configuration with immediate rental income. The unit mix includes (8) two-bedroom units with 1.5 baths and (4) three-bedroom units with 1.5 baths, providing a consistent floorplan strategy across the property. Exterior improvements include low-maintenance vinyl siding with brick and stone accents.
Located in New Hudson, the property is described as being west of Milford Road and south of Pontiac Trail, with easy access to I-96. The public remarks also note that a nearby Coyote golf course is planned for residential and town homes.
Building-specific details provided include the overall unit count, bedroom/bath configuration, and current occupancy status, supporting a straightforward income-focused showing for qualified buyers and brokers.
Located in New Hudson, the property is described as being west of Milford Road and south of Pontiac Trail, with easy access to I-96. The public remarks also note that a nearby Coyote golf course is planned for residential and town homes.
Building-specific details provided include the overall unit count, bedroom/bath configuration, and current occupancy status, supporting a straightforward income-focused showing for qualified buyers and brokers.
Key Highlights
- 12‑unit condo building built in 2007 with a mix of 2- and 3‑bedroom layouts
- All units currently occupied for immediate cash flow
- Unit mix includes (8) 2‑bed units (Astoria and Crestwood) and (4) 3‑bed units (Bedford)
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
Property Profile
Current Use
Lease Details
12
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
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 all units occupied and a mix of 2- and 3-bedroom layouts.
Where is this apartment building located?
The property is located at 28214 Oakmonte Cir W 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: 12‑unit condo building built in 2007 with a mix of 2- and 3‑bedroom layouts; All units currently occupied for immediate cash flow; Unit mix includes (8) 2‑bed units (Astoria and Crestwood) and (4) 3‑bed units (Bedford)
