Updated Condo in Quiet
For Sale
$229,000
33090 Forest Park, Wayne, MI 48184
Updated 2-bedroom condo with modern amenities and spacious layout.
Property Size1,780 SF
Price / SF$128.65
Days on Market405
Property Features for 33090 Forest Park
General Information
Standard status
Active
Size
1,780 SF
Property subtype
Condominium
Amenities
Fireplace
Forced Air
Central A/C
Building Details
Building Size
1,780 SF
Year Built
2002
Stories
2
Listing Agency:
RE/MAX First
(586) 792-8000
Listed By:
Matthew Hanke · License #6501375089
(586) 792-8000
Source:
Kw
Added: Jul 18, 2025
Changed: Aug 8
Last Checked: Aug 25 at 5:02PM
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
Investment Insights
Based on property information with market context.
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.
Key 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.
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
$16,047
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
7.01%
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%
$320,940
$320.9K
Cap Rate 7%
$229,243
$229.2K
Cap Rate 9%
$178,300
$178.3K
Market Conditions
NOI Build-Up for 1,780 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
$31.0K $17.40/SF
− Vacancy
−$1.8K −$1.01/SF
EGI
$29.2K $16.39/SF
− OpEx
−$13.1K −$7.38/SF
NOI
$16.0K $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%
$320,940
Cap Rate 7%
$229,243
Cap Rate 9%
$178,300
Alternative Uses
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
461
Businesses Nearby
Explore this area
Business Placement
Demographics for 48184, MI
17,776
Population
7,739
Households
2.3
Avg Household Size
40
Median Age
16%
College-Educated
88%
High-School Grad
7.2 sq mi
ZIP Area
2,469
Density / Sq Mi
$54,572
Median Household Income
$36,548
Median Earnings
$924
Median Rent
$142,400
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 - 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.
