20-Unit Apartment
For Sale
$3,995,000
425 Donovan St, South Lyon, MI 48178
Five buildings offer private exterior entrances, central air, and forced-air heat across the townhome-style residences.
Property Size20,656 SF
Price / SF$193.41
Days on Market30
Property Features for 425 Donovan St
General Information
Standard status
Active
Size
20,656 SF
Total Parking Spaces
40
Property subtype
Residential Income
Occupancy
97%
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
12 x 2BR/1BA (975 SF), 6 x 3BR/1BA (1,125 SF), 2 x 3BR/2BA (1,079 SF)
Multifamily Units
20
Taxes and HOA fees
Annual Taxes
$30,531
Building Details
Year Built
1960
Buildings
5
Listing Agency:
Greater Development LLC
(313) 209-2900
Listed By:
Brady Williams · License #6501413257
(360) 989-5395
Source:
Exprealty
Added: Sep 18
Changed: Oct 16
Last Checked: Oct 16 at 2:05PM
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 Greater Development LLC
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The 20-unit apartment community comprises five buildings totaling 20,656 SF. Its mix includes 12 two-bedroom, one-bath units at 975 SF each, six three-bedroom, one-bath units at 1,125 SF each, and two three-bedroom, two-bath units at 1,079 SF each. Every residence has a private exterior entrance, forced-air heat, and central air. The property was built in 1960 and has 40 on-site parking spaces.
Electric and gas are separately metered, with tenants paying those utilities directly; ownership pays for water and trash. At 97% occupancy, 19 of the 20 units are leased. The property is in South Lyon, near downtown, with access to US-23. Detroit is approximately 45–55 minutes away, and Ann Arbor is about 25–30 minutes away. The community is within the South Lyon Community Schools district.
Electric and gas are separately metered, with tenants paying those utilities directly; ownership pays for water and trash. At 97% occupancy, 19 of the 20 units are leased. The property is in South Lyon, near downtown, with access to US-23. Detroit is approximately 45–55 minutes away, and Ann Arbor is about 25–30 minutes away. The community is within the South Lyon Community Schools district.
Key Highlights
- 20 units in five buildings totaling 20,656 SF
- Unit mix: 12 two‑bedroom/one‑bath units at 975 SF; six three‑bedroom/one‑bath at 1,125 SF; two three‑bedroom/two‑bath at 1,079 SF
- 40 on‑site parking spaces; each residence has a private exterior entrance
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$253,371
Cap Rate
6.34%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,067,420
$5.1M
Cap Rate 7%
$3,619,586
$3.6M
Cap Rate 9%
$2,815,233
$2.8M
Market Conditions
NOI Build-Up for 20,656 SF
Gross rent
$480.9K $23.28/SF
− Vacancy
−$20.2K −$0.98/SF
EGI
$460.7K $22.30/SF
− OpEx
−$207.3K −$10.04/SF
NOI
$253.4K $12.27/SF
Area
Oakland County, MI
Vacancy
4.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,067,420
Cap Rate 7%
$3,619,586
Cap Rate 9%
$2,815,233
Alternative Uses
Best Use
Apartment 5plus
$3.62M
$3.17M – $4.22M
NOI $253,371 @ 7.0% cap · market cap 6.34%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.46M
$3.90M – $5.20M
NOI $311,873 @ 7.0% cap · market cap 7.81%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
20
Residential units
97%
Occupancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
524
Businesses Nearby
Explore this area
Business Placement
Demographics for 48178, MI
36,858
Population
14,402
Households
2.6
Avg Household Size
42
Median Age
53%
College-Educated
98%
High-School Grad
48.0 sq mi
ZIP Area
768
Density / Sq Mi
$130,781
Median Household Income
$70,253
Median Earnings
$1,231
Median Rent
$392,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Five buildings offer private exterior entrances, central air, and forced-air heat across the townhome-style residences.
Where is this apartment building located?
The property is located at 425 Donovan St South Lyon, MI.
What is the asking price?
The asking price for this property is $3,995,000.
What are key features of this property?
This property features: 20 units in five buildings totaling 20,656 SF; Unit mix: 12 two‑bedroom/one‑bath units at 975 SF; six three‑bedroom/one‑bath at 1,125 SF; two three‑bedroom/two‑bath at 1,079 SF; 40 on‑site parking spaces; each residence has a private exterior entrance
