Updated
For Sale
$240,000
4109 Parkway, Waterford, MI 48328
Multifamily, 1 Story, Waterford Twp, MI
Property Size1,044 SF
Lot Size0.17 Acres
Price / SF$229.89
Days on Market9
Property Features for 4109 Parkway
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
Residential
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Basement, Bedroom 1, Bathroom 1, Bathroom 3, Bathroom 2, Bedroom 2
Pets allowed
Yes
Subdivision
Cass Lake Highlands
Elementary school district
Waterford
Middle school district
Waterford
High school district
Waterford
Directions
Take Parkway South Off Cass Elizabeth Toward Dodge State Park Entrance.
Standard status
Active
APN
1803227023
Size
1,044 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
T2N, R9E, SEC 3 CASS LAKE HIGHLANDS SUB PART OF LOTS 218 & 219 BEG AT PT DIST N 90-00-00 W 796.24 FT & S 02-27-47 W 25 FT FROM NE SEC COR, TH S 02-27-47 W 165.39 FT, TH N 61-54-12 E 101.67 FT, TH N 35-08-02 W 143.50 FT TO BEG 6-2-09 FR 001 & 002
Tax Annual Amount
4380
Legal Description
T2N, R9E, SEC 3 CASS LAKE HIGHLANDS SUB PART OF LOTS 218 & 219 BEG AT PT DIST N 90-00-00 W 796.24 FT & S 02-27-47 W 25 FT FROM NE SEC COR, TH S 02-27-47 W 165.39 FT, TH N 61-54-12 E 101.67 FT, TH N 35-08-02 W 143.50 FT TO BEG 6-2-09 FR 001 & 002
Utilities
Heating system
Forced Air
Water source
Public
Building Details
Year built
1954
Floors in Building
1
Number of units
2
Building materials
Aluminum
Roof type
Asphalt
Architectural style
Ranch
Listing Agency:
Keller Williams Paint Creek · Keller Williams Realty
(248) 609-8000
Listed By:
Maya Hords · License #434043
(248) 320-5881
Added: Sep 15
Changed: Sep 22
Last Checked: Sep 23 at 9:06PM
MLS# 20261074680
Copyright © 2026 Realcomp Limited II. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This fully leased duplex offers two updated residences within a ranch-style property. Unit A includes 2 bedrooms, 2 bathrooms, a primary bedroom, and laundry. Unit B provides 1 bedroom and 1 bathroom, along with a basement and separate private entry. The property measures 1044 square feet on 0.17 acres and was built in 1954. Construction includes aluminum siding, with forced-air heating, an asphalt roof, and public water. Separate gas, electric, and water meters serve each unit.
The property is located in Waterford Twp near Cass Lake at Dodge State Park, providing access to the surrounding recreational area. Its residential zoning and existing two-unit configuration support continued duplex use. The property also allows for an owner-occupant arrangement with one unit available for personal use and the other rented, as described in the source information.
The property is located in Waterford Twp near Cass Lake at Dodge State Park, providing access to the surrounding recreational area. Its residential zoning and existing two-unit configuration support continued duplex use. The property also allows for an owner-occupant arrangement with one unit available for personal use and the other rented, as described in the source information.
Key Highlights
- Two‑unit duplex with both residences fully leased
- Unit A includes 2 bedrooms, 2 bathrooms, a primary bedroom, and laundry
- Unit B offers 1 bedroom, 1 bathroom, a basement, and 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
Multi-tenant
Tenancy
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Ranch-style income property with separate gas, electric, and water meters for each unit.
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: Two‑unit duplex with both residences fully leased; Unit A includes 2 bedrooms, 2 bathrooms, a primary bedroom, and laundry; Unit B offers 1 bedroom, 1 bathroom, a basement, and separate private entry
