Two-Building Multifamily with
For Sale
$525,000
2952 PRYNNE St, Keego Harbor, MI 48320
Five-unit, fully occupied property with separate entrances, zoned heating, current rental certificates, and upgraded mechanicals.
Property Size3,400 SF
Price / SF$154.41
Days on Market56
Property Features for 2952 PRYNNE St
General Information
Standard status
Active
Size
3,400 SF
Total Parking Spaces
10
Property subtype
Investment
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$4,685
Building Details
Building Size
3,400 SF
Year Built
1927
Units
5
Tenancy
Multi
Listing Agency:
(248) 563-5851
Listed By:
Pamela McCoy · License #6501408351
(248) 563-5851
Source:
Elliman
Added: Jun 15
Changed: Aug 8
Last Checked: Aug 8 at 12:06PM
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 Pamela McCoy
Investment Insights
Based on property information with market context.
This multifamily property for sale includes two buildings on two commercial lots, providing a total of five units. All units have separate entrances, and each unit includes its own thermostat with heating set up in zones. The property has been maintained with replacements made as needed, including a roof that is under 10 years old and new water heaters installed in 2023. The standalone building includes a two-car garage attached in the back alleyway, currently utilized by the seller, and there are 10 individual parking spaces in addition to the two-car garage.
Located in Keego Harbor within the West Bloomfield School District, the area offers recreational access for residents, including two public beaches and eight parks throughout the city. Tenants will also have access to the West Bloomfield Trail along the town’s southern boundary. The provided mobility metrics are a bike score of 21 (somewhat bikeable) and a walk score of 17 (car-dependent). Keego Harbor is described as having 15 retailers and a dozen restaurants within walking distance of the property.
With city rental certificates current and the buildings configured for individual unit control, this property may appeal to investors or operators seeking an income-producing setup that is already actively occupied. The main floors are noted as potentially usable for commercial purposes, with private rentals in the upper and lower units, which may support flexible owner and tenant arrangements within the existing layout.
Located in Keego Harbor within the West Bloomfield School District, the area offers recreational access for residents, including two public beaches and eight parks throughout the city. Tenants will also have access to the West Bloomfield Trail along the town’s southern boundary. The provided mobility metrics are a bike score of 21 (somewhat bikeable) and a walk score of 17 (car-dependent). Keego Harbor is described as having 15 retailers and a dozen restaurants within walking distance of the property.
With city rental certificates current and the buildings configured for individual unit control, this property may appeal to investors or operators seeking an income-producing setup that is already actively occupied. The main floors are noted as potentially usable for commercial purposes, with private rentals in the upper and lower units, which may support flexible owner and tenant arrangements within the existing layout.
Key Highlights
- Five‑unit multi‑tenant property with two buildings on two commercial lots, totaling an estimated 3,400 sq. ft.
- Currently fully occupied; city rental certificates are current.
- Each unit has its own thermostat and the heating system is set up in zones.
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
$41,705
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
7.94%
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%
$834,100
$834.1K
Cap Rate 7%
$595,786
$595.8K
Cap Rate 9%
$463,389
$463.4K
Market Conditions
NOI Build-Up for 3,400 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
$79.2K $23.28/SF
− Vacancy
−$3.3K −$0.98/SF
EGI
$75.8K $22.30/SF
− OpEx
−$34.1K −$10.04/SF
NOI
$41.7K $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%
$834,100
Cap Rate 7%
$595,786
Cap Rate 9%
$463,389
Alternative Uses
Best Use
Apartment 5plus
$595.8K
$521.3K – $695.1K
NOI $41,705 @ 7.0% cap · market cap 7.94%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$733.4K
$641.7K – $855.6K
NOI $51,335 @ 7.0% cap · market cap 9.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
567
Businesses Nearby
Explore this area
Business Placement
Demographics for 48320, MI
4,328
Population
2,269
Households
1.9
Avg Household Size
45
Median Age
48%
College-Educated
98%
High-School Grad
1.1 sq mi
ZIP Area
3,935
Density / Sq Mi
$77,700
Median Household Income
$45,978
Median Earnings
$1,153
Median Rent
$317,900
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 - Five-unit, fully occupied property with separate entrances, zoned heating, current rental certificates, and upgraded mechanicals.
Where is this apartment building located?
The property is located at 2952 PRYNNE St Keego Harbor, MI.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Five‑unit multi‑tenant property with two buildings on two commercial lots, totaling an estimated 3,400 sq. ft.; Currently fully occupied; city rental certificates are current.; Each unit has its own thermostat and the heating system is set up in zones.
