Building Details

Building Size 1,780 SF

Year Built 2002

Stories 2

Listing Agency: RE/MAX First

Listed By: Matthew Hanke · License #6501375089 Show Phone

Source: Kw

Added: Jul 18, 2025 Changed: Oct 5 Last Checked: Oct 16 at 6:14AM

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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 / Yr

$16,047

Cap Rate

7.01%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$320,940 $320.9K

Cap Rate 7%

$229,243 $229.2K

Cap Rate 9%

$178,300 $178.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,780 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $23,069 @ 7.0% cap · market cap 10.07%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Real Estate Agency Law Firm Spa & Massage Center HVAC Service Electrical Service Parking Lot & Garage

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

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

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 - 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.