Updated
4109 Parkway, Waterford, MI 48328
For Sale
$240,000
Pending
Multifamily, 1 Story, Waterford Twp, MI
Property Size1,044 SF
Lot Size0.17 Acres
Days on Market56
Property Features for 4109 Parkway
General Information
Property type
Property subtype
Zoning
Bedrooms
Bathrooms
Full bathrooms
Rooms
Pets allowed
Subdivision
Elementary school district
Middle school district
High school district
Directions
Standard status
APN
Size
Lot size
Additional Details
Tenant in Place
Individually Metered Utilities
Taxes and HOA fees
Tax Description
Tax Annual Amount
Legal Description
Utilities
Heating system
Water source
Building Details
Year built
Floors in Building
Number of units
Building materials
Roof type
Architectural style
Listing Agency:
Keller Williams Paint Creek · Keller Williams Realty
Listed By:
Maya Hords · License #434043
(248) 609-8000
Added: Sep 15
Changed: Oct 23
Last Checked: Nov 9 at 5:06AM
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.
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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 / Yr
$13,819
Cap Rate
5.76%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
2
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
71
Businesses Nearby
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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
$210,800
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Oakland County, MI
Properties on Market for Duplexes in Oakland County
Vacancy Rate% for Multifamily in Midwest region
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
