Updated Duplex Income
New
For Sale
$240,000
4109 Parkway, Waterford, MI 48328
Fully leased duplex with two updated units, separate utility meters, and a private basement entry.
Property Size1,044 SF
Price / SF$229.89
Days on Market2
Property Features for 4109 Parkway
General Information
Standard status
Active
Size
1,044 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
1 x 2BR/2BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1954
Listing Agency:
Keller Williams Paint Creek
Listed By:
Maya Hords · License #434043
(248) 649-7200
Source:
Bhhssnyder
Added: Sep 20
Last Checked: Sep 20 at 3:01PM
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 Keller Williams Paint Creek
Investment Insights
Based on property information with market context.
This updated duplex includes two distinct residential units. Unit A is a ranch-style layout with two bedrooms, two bathrooms, a primary bedroom, and laundry facilities. Unit B offers one bedroom and one bathroom, along with a basement and separate private entrance. Both units have been updated and remain fully leased.
Each unit has separate gas, electric, and water meters, providing distinct utility service. The property was built in 1954 and is located at 4109 Parkway in Waterford Twp, Michigan, with access to Cass Lake at Dodge State Park.
Each unit has separate gas, electric, and water meters, providing distinct utility service. The property was built in 1954 and is located at 4109 Parkway in Waterford Twp, Michigan, with access to Cass Lake at Dodge State Park.
Key Highlights
- Fully leased duplex with two residential units
- Unit A includes 2 bedrooms, 2 bathrooms, a primary bedroom, and laundry
- Unit B offers 1 bedroom, 1 bathroom, and a basement with separate private entry
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
$13,819
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
5.76%
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%
$276,380
$276.4K
Cap Rate 7%
$197,414
$197.4K
Cap Rate 9%
$153,544
$153.5K
Market Conditions
NOI Build-Up for 1,044 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
$20.7K $19.80/SF
− Vacancy
−$930 −$0.89/SF
EGI
$19.7K $18.91/SF
− OpEx
−$5.9K −$5.67/SF
NOI
$13.8K $13.24/SF
Area
Oakland County, MI
Vacancy
4.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
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%
$276,380
Cap Rate 7%
$197,414
Cap Rate 9%
$153,544
Alternative Uses
Best Use
Multifamily LT 5
$197.4K
$172.7K – $230.3K
NOI $13,819 @ 7.0% cap · market cap 5.76%
Second Best
Apartment 5plus
$182.9K
$160.1K – $213.4K
NOI $12,806 @ 7.0% cap · market cap 5.34%
Theoretical Best
Specialty Retail
$225.2K
$197.0K – $262.7K
NOI $15,763 @ 7.0% cap · market cap 6.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
71
Businesses Nearby
Explore this area
Business Placement
Demographics for 48328, MI
24,178
Population
11,938
Households
2
Avg Household Size
43
Median Age
27%
College-Educated
93%
High-School Grad
8.9 sq mi
ZIP Area
2,717
Density / Sq Mi
$69,788
Median Household Income
$42,084
Median Earnings
$1,041
Median Rent
$210,800
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
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Frequently Asked Questions
What type of property is this?
Duplex - Fully leased duplex with two updated units, separate utility meters, and a private basement entry.
Where is this duplex located?
The property is located at 4109 Parkway Waterford, MI.
What is the asking price?
The asking price for this property is $240,000.
What are key features of this property?
This property features: Fully leased duplex with two residential units; Unit A includes 2 bedrooms, 2 bathrooms, a primary bedroom, and laundry; Unit B offers 1 bedroom, 1 bathroom, and a basement with separate private entry
