Updated Condo in Quiet
33090 Forest Park, Wayne, MI 48184
Updated 2-bedroom condo with modern amenities and spacious layout.
Type:Condominium
Property size:
1,780 SFPrice / SF:
$128/SF- Added:
- Jul 18, 2025
- Days on Market:
- 315
- Last Refresh:
- May 19 at 9:08 pm
Property Features for 33090 Forest Park
General Information
- Standard status
- Active
- Size
- 1,780 SF
- Property subtype
- Condominium
Building Details
- Year Built
- 2002
Listing agent Matthew Hanke License #6501375089 (586) 792-8000
Listing office RE/MAX First (586) 792-8000
Listing date Jul 18, 2025
Source Kw
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 RE/MAX First
HighLights
- Move‑in ready, updated 2 bedroom, 2.5 bath condominium with 1780 sq ft of living space.
- Features a vaulted ceiling in the great room with a gas fireplace and freshly painted deck.
- First‑floor laundry and 2‑car attached garage.
- Primary bedroom with walk‑in closet and ensuite bathroom with double sinks.
- Spacious loft area that can be converted to a 3rd bedroom.
- New LG stainless steel kitchen appliances and updated bathrooms.
Overview
This updated condominium, situated in Wayne, features 2 bedrooms and 2.5 bathrooms within 1780 square feet of living space. The move-in ready unit includes a great room with a vaulted ceiling and a gas fireplace, which opens onto a freshly painted deck. A first-floor laundry area is conveniently located off the 2-car attached garage. The primary bedroom includes a walk-in closet and two additional closets, leading to a private en-suite bathroom with double sinks and a shower. The second level features a spacious loft overlooking the great room, which could be converted into a third bedroom. The second bedroom is generously sized and includes a closet. A full bathroom with a tub-shower combination is located between the loft and the second bedroom. The property also includes a large, unfinished basement. Luxurious Vinyl Plank flooring extends throughout both levels. The kitchen is equipped with new LG stainless steel appliances, a new stainless steel sink, disposal, and faucet. All bathrooms have been updated with matching new toilets, sinks, and faucets. The property is located in Forest Park, a community near Metro Airport and Corewell Health Wayne Hospital.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$178.3K
NOI $16,047 @ 9.00% cap · cautious / downside scenario
Moderate
$229.2K
NOI $16,047 @ 7.00% cap · market / base-case scenario
Aggressive
$320.9K
NOI $16,047 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Apartment 5plus
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $31.0k | $17.40 |
| − Vacancy | −$1.8k | −$1.01 |
| EGI | $29.2k | $16.39 |
| − OpEx | −$13.1k | −$7.38 |
| NOI | $16.0k | $9.01 |
1,780 SF · lease $17.40/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Use Scenarios
Best Use
Apartment 5plus
$229.2K
$200.6K – $267.5K
NOI $16,047 @ 7.0% cap · market cap 7.01%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$329.6K
$288.4K – $384.5K
NOI $23,069 @ 7.0% cap · market cap 10.07%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Wayne
- County
- Wayne
- State
- Michigan
- Longitude
- -83.3657062
- Latitude
- 42.2789658
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Updated 2-bedroom condo with modern amenities and spacious layout.
Where is this apartment building located?
The property is located at 33090 Forest Park Wayne, MI.
What is the asking price?
The asking price for this property is $229,000.
What are key features of this property?
This property features: Move‑in ready, updated 2 bedroom, 2.5 bath condominium with 1780 sq ft of living space.; Features a vaulted ceiling in the great room with a gas fireplace and freshly painted deck.; First‑floor laundry and 2‑car attached garage.
