Two-Story Apartment
For Sale
$1,900,000
29425 W Jefferson Avenue, Rockwood, MI 48173
Twenty-four-unit apartment property with a varied unit mix, basement, municipal utilities, and on-site parking.
Property Size12,144 SF
Lot Size1.32 Acres
Price / SF$156.46
Days on Market8
Property Features for 29425 W Jefferson Avenue
General Information
Standard status
Active
Size
12,144 SF
Lot size
1.32 Acres
Property subtype
Industrial
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
16 x one-bedroom, 8 x two-bedroom
Multifamily Units
24
Amenities
154410
Building Details
Stories
2
Listing Agency:
Century 21 Curran & Oberski
(313) 478-0819
Listed By:
Jessica Tremonti · License #6501364166
(313) 478-0819
Source:
Xome
Added: Aug 14
Changed: Aug 21
Last Checked: Aug 21 at 6:10AM
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 two-story apartment property contains 24 units across approximately 12,144 square feet of living space. The unit mix includes 16 one-bedroom apartments and 8 two-bedroom apartments, supported by a full basement and approximately 1.32 acres of land. Building systems include boiler heat and individual window A/C units, with municipal water and sewer serving the property.
The site provides 155 feet of frontage and on-site parking. The same ownership group has operated the property for nearly 40 years, offering an established operating history for review. Financial records, zoning, permitted uses, measurements, and other property information should be independently verified by the buyer.
The site provides 155 feet of frontage and on-site parking. The same ownership group has operated the property for nearly 40 years, offering an established operating history for review. Financial records, zoning, permitted uses, measurements, and other property information should be independently verified by the buyer.
Key Highlights
- 24‑unit apartment property with 16 one‑bedroom and 8 two‑bedroom units
- Approximately 12,144 square feet of living space
- Approximately 1.32 acres with 155 feet of frontage
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
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
NOI $157,386 @ 7.0% cap · market cap 8.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
24
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
71
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Twenty-four-unit apartment property with a varied unit mix, basement, municipal utilities, and on-site parking.
Where is this apartment building located?
The property is located at 29425 W Jefferson Avenue Rockwood, 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: 24‑unit apartment property with 16 one‑bedroom and 8 two‑bedroom units; Approximately 12,144 square feet of living space; Approximately 1.32 acres with 155 feet of frontage
