25-Unit Multifamily Apartment
For Sale
$2,415,000
36984 Division Rd, Richmond, MI 48062
Well-maintained 25-unit multifamily property currently 100% occupied with ample parking and a large lot.
Property Size11,808 SF
Price / SF$204.52
Days on Market100
Property Features for 36984 Division Rd
General Information
Standard status
Active
Size
11,808 SF
Taxes and HOA fees
Annual Taxes
$38,697
Listing Agency:
EXP Realty Main
(888) 501-7085
Listed By:
Nicholas Ottoy
(248) 214-7957
Source:
Exprealty
Added: Jul 22
Changed: Oct 25
Last Checked: Oct 28 at 2:31PM
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 EXP Realty Main
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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
Estimated NOI and Cap Rate
NOI / Yr
$110,891
Cap Rate
4.59%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,217,820
$2.2M
Cap Rate 7%
$1,584,157
$1.6M
Cap Rate 9%
$1,232,122
$1.2M
Market Conditions
NOI Build-Up for 11,808 SF
Gross rent
$216.8K $18.36/SF
− Vacancy
−$15.2K −$1.29/SF
EGI
$201.6K $17.07/SF
− OpEx
−$90.7K −$7.68/SF
NOI
$110.9K $9.39/SF
Area
Macomb County, MI
Vacancy
7.00%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,217,820
Cap Rate 7%
$1,584,157
Cap Rate 9%
$1,232,122
Alternative Uses
Best Use
Apartment 5plus
$1.58M
$1.39M – $1.85M
NOI $110,891 @ 7.0% cap · market cap 4.59%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.21M
$1.93M – $2.58M
NOI $154,745 @ 7.0% cap · market cap 6.41%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Location Intelligence
Trade Area within ½ mile
213
Businesses Nearby
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Business Placement
Demographics for 48062, MI
9,375
Population
3,631
Households
2.6
Avg Household Size
43
Median Age
25%
College-Educated
86%
High-School Grad
39.5 sq mi
ZIP Area
237
Density / Sq Mi
$75,763
Median Household Income
$39,181
Median Earnings
$882
Median Rent
$249,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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 $2,415,000.
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
