25-Unit Multifamily Apartment
For Sale
$2,680,000
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$226.96
Days on Market34
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
(248) 214-7957
Listed By:
Nicholas Ottoy
(248) 214-7957
Source:
Exprealty
Added: Jul 22
Changed: Aug 23
Last Checked: Aug 23 at 9:03AM
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
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 = 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
$110,891
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
4.14%
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%
$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
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
$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 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%
$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 4.14%
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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
213
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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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
