Building Details

Building Size 12,144 SF

Units 24

Listing Agency: Century 21 Curran & Oberski j***@gmail.com Show Phone

Listed By: Jessica Tremonti · License #6501364166 Show Phone

Source: Elliman

Added: Aug 18 Changed: Aug 20 Last Checked: Aug 20 at 7:39AM

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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 Century 21 Curran & Oberski

Investment Insights

Based on property information with market context.

This apartment building is located at 29425 W Jefferson Ave in Gibraltar, Michigan. The surrounding area has a Walk Score of 19, indicating a car-dependent setting, and a Bike Score of 33, classified as somewhat bikeable.

Key Highlights

• 29425 W Jefferson Ave, Gibraltar, MI 48173
• Walk Score of 19; car‑dependent area
• Bike Score of 33; somewhat bikeable

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

$109,477

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

5.76%

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%

$2,189,540 $2.2M

Cap Rate 7%

$1,563,957 $1.6M

Cap Rate 9%

$1,216,411 $1.2M

Market Conditions

NOI Build-Up for 12,144 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

$211.3K $17.40/SF

− Vacancy

−$12.3K −$1.01/SF

EGI

$199.0K $16.39/SF

− OpEx

−$89.6K −$7.38/SF

NOI

$109.5K $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%

$2,189,540

Cap Rate 7%

$1,563,957

Cap Rate 9%

$1,216,411

Alternative Uses

Best Use

Apartment 5plus

$1.56M

$1.37M – $1.82M (±1% cap)

NOI $109,477 @ 7.0% cap · market cap 5.76%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$2.25M

$1.97M – $2.62M (±1% cap)

NOI $157,386 @ 7.0% cap · market cap 8.28%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Apartment buildings

Suggested Use

Top Pick Electrical Service Plumbing Service (Bike/Boat/Book/etc) Store Kitchen & Bath Showroom Computer & Electronic Repair Building Supply

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

101

Businesses Nearby

Explore this area Business Placement

Demographics for 48173, MI

13,443

Population

5,391

Households

2.5

Avg Household Size

42

Median Age

24%

College-Educated

94%

High-School Grad

11.9 sq mi

ZIP Area

1,130

Density / Sq Mi

$90,510

Median Household Income

$55,163

Median Earnings

$1,130

Median Rent

$232,600

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - The property is in a car-dependent area with limited walkability and some bike access.

Where is this apartment building located?

The property is located at 29425 W Jefferson Ave Gibraltar, MI.

What is the asking price?

The asking price for this property is $1,900,000.

What are key features of this property?

This property features: 29425 W Jefferson Ave, Gibraltar, MI 48173; Walk Score of 19; car‑dependent area; Bike Score of 33; somewhat bikeable