28-Unit Apartment
For Sale
Contact for pricing
45437 Deshon St, Utica, MI 48317
Two-bedroom units feature granite countertops, stainless steel appliances, and private patios.
Property Size25,200 SF
Lot Size1.11 Acres
Price / SF$183.33
Days on Market8
Property Features for 45437 Deshon St
General Information
Standard status
Active
Size
25,200 SF
Class
C
Lot size
1.11 Acres
Property subtype
Multifamily
Zoning
COMM
Occupancy
93%
Investment Type
Value Add
Net Operating Income
$318,899
Additional Details
Highway Access
Yes
Multifamily Units
28
Amenities
granite countertops
stainless steel appliances
private patios
Building Details
Year Built
1971
Buildings
1
Units
28
Tenancy
Multi
Listing Agency:
The Jonna Group at Colliers International
Listed By:
Simon Jonna · License #MI 6501357188
(248) 226-1610
Source:
Crexi
Added: Aug 27
Changed: Sep 3
Last Checked: Sep 3 at 2:24AM
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 The Jonna Group at Colliers International
Investment Insights
Based on property information with market context.
Utica Manor is a 28-unit apartment property containing 25,200 square feet on 1.11 acres. Built in 1971, the community is configured with two-bedroom residences that include granite countertops, stainless steel appliances, and private patios. Current occupancy is 93%, with two vacant units and 13 month-to-month leases in place.
The property is located at 45437 Deshon St in Utica, Michigan, bordering Shelby Township and Sterling Heights. Direct access to the M-53 corridor connects the property with Rochester and Detroit. COMM zoning supports the existing apartment use, and the property is identified as ready for RUBS implementation to facilitate tenant utility billing.
The property is located at 45437 Deshon St in Utica, Michigan, bordering Shelby Township and Sterling Heights. Direct access to the M-53 corridor connects the property with Rochester and Detroit. COMM zoning supports the existing apartment use, and the property is identified as ready for RUBS implementation to facilitate tenant utility billing.
Key Highlights
- 28‑unit apartment property totaling 25,200 square feet
- 93% occupied with 2 vacant units
- Two‑bedroom layouts with granite countertops and stainless steel appliances
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
$236,657
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
5.12%
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%
$4,733,140
$4.7M
Cap Rate 7%
$3,380,814
$3.4M
Cap Rate 9%
$2,629,522
$2.6M
Market Conditions
NOI Build-Up for 25,200 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
$462.7K $18.36/SF
− Vacancy
−$32.4K −$1.29/SF
EGI
$430.3K $17.07/SF
− OpEx
−$193.6K −$7.68/SF
NOI
$236.7K $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%
$4,733,140
Cap Rate 7%
$3,380,814
Cap Rate 9%
$2,629,522
Alternative Uses
Best Use
Apartment 5plus
$3.38M
$2.96M – $3.94M
NOI $236,657 @ 7.0% cap · market cap 5.12%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.72M
$4.13M – $5.50M
NOI $330,249 @ 7.0% cap · market cap 7.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
28
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
894
Businesses Nearby
Explore this area
Business Placement
Demographics for 48317, MI
27,864
Population
12,936
Households
2.2
Avg Household Size
39
Median Age
32%
College-Educated
90%
High-School Grad
12.0 sq mi
ZIP Area
2,322
Density / Sq Mi
$72,465
Median Household Income
$41,895
Median Earnings
$1,227
Median Rent
$248,700
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 - Two-bedroom units feature granite countertops, stainless steel appliances, and private patios.
Where is this apartment building located?
The property is located at 45437 Deshon St Utica, MI.
What is the asking price?
The asking price for this property is $4,620,000.
What are key features of this property?
This property features: 28‑unit apartment property totaling 25,200 square feet; 93% occupied with 2 vacant units; Two‑bedroom layouts with granite countertops and stainless steel appliances
