25-Unit Multifamily Apartment
36984 Division Rd Richmond, MI 48062
New
For Sale
$2,680,000
Well-maintained 25-unit multifamily property currently 100% occupied with ample parking and a large lot.
Days on Market6
Property Features for 36984 Division Rd
General Information
Standard status
Active
Property subtype
Commercial
Building Details
Year Built
1982
Listing Agency:
(248) 214-7957
Listed By:
Nicholas Ottoy
(248) 214-7957
Source:
Elliman
Added: Jul 25
Changed: Jul 27
Last Checked: Jul 29 at 12:02PM
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 Nicholas Ottoy
Investment Insights
Based on property information with market context.
This well-maintained 25-unit multifamily apartment building is currently 100% occupied. The property is reported to generate $191,560 in Net Operating Income (NOI) and features spacious units along with ample parking and a large lot.
Located on Division Road, the building offers approximately 180 feet of road frontage and easy access to M-19 and surrounding communities.
Financial details are available upon request. Private showings can be scheduled.
Located on Division Road, the building offers approximately 180 feet of road frontage and easy access to M-19 and surrounding communities.
Financial details are available upon request. Private showings can be scheduled.
Key Highlights
- Well‑maintained 25‑unit multifamily property built in 1982
- Currently 100% occupied with Net Operating Income (NOI) of $191,560
- Approximately 180 feet of road frontage on Division Road
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $216.8k | $18.36 |
| − Vacancy | −$15.2k | −$1.29 |
| EGI | $201.6k | $17.07 |
| − OpEx | −$90.7k | −$7.68 |
| NOI | $110.9k | $9.39 |
11,808 SF · lease $18.36/SF/yr · vacancy 7.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.58M
$1.39M – $1.85M
NOI $110,891 @ 7.0% cap · market cap 4.14%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.21M
$1.93M – $2.58M
NOI $154,745 @ 7.0% cap · market cap 5.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained 25-unit multifamily property currently 100% occupied with ample parking and a large lot.
Where is this apartment building located?
The property is located at 36984 Division Rd Richmond, MI.
What is the asking price?
The asking price for this property is $2,680,000.
What are key features of this property?
This property features: Well‑maintained 25‑unit multifamily property built in 1982; Currently 100% occupied with Net Operating Income (NOI) of $191,560; Approximately 180 feet of road frontage on Division Road
