New Construction Apartment
For Sale
Contact for pricing
502 - 558 Village Lane Milford, Milford, MI 48381
Thirteen modern residences feature private garages, flexible interior space, and contemporary finishes across a three-story configuration.
Property Size16,834 SF
Price / SF$187.12
Days on Market677
Property Features for 502 - 558 Village Lane Milford
General Information
Standard status
Active
Size
16,834 SF
Class
A
Property subtype
Multifamily
Zoning
R-1
Investment Type
Owner/User
Units
Multifamily Units
13
Parking per Unit
1.5
Building Details
Year Built
2025
Buildings
2
Stories
3
Units
9
Tenancy
Multi
Listing Agency:
365 Commercial Realty
Listed By:
Noor Kalasho · License #6505433879
Source:
Crexi
Added: Oct 25, 2024
Changed: Aug 31
Last Checked: Aug 30 at 12:41PM
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 365 Commercial Realty
Investment Insights
Based on property information with market context.
This apartment-building offering comprises Buildings 2 and 3 within the Uptown Village development at 502–558 Village Lane in Milford, Michigan. Completed in 2025, the property includes 13 newly constructed, three-story residences with 16,834 square feet of total property size. Each residence includes a 1.5-car basement garage, storage, and an office area. The main living level has an open kitchen, dining area, half-bath, living room, and outdoor deck. Upper-level accommodations include a primary suite with walk-in closet, a second bedroom, full bathroom, and laundry area. The attic level adds a third bedroom, playroom, or den, along with another bathroom and closet.
The property is zoned R-1 and is located in Milford. The surrounding area has a population of over 47,086 within a 5-mile radius. The development’s configuration offers a combination of residential unit count, private parking, storage, work-from-home space, and flexible additional living areas.
The property is zoned R-1 and is located in Milford. The surrounding area has a population of over 47,086 within a 5-mile radius. The development’s configuration offers a combination of residential unit count, private parking, storage, work-from-home space, and flexible additional living areas.
Key Highlights
- 13 newly constructed residences completed in 2025
- 16,834 square feet of total property size
- Three‑story layouts with attic‑level flexibility
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
$206,490
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
6.56%
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%
$4,129,800
$4.1M
Cap Rate 7%
$2,949,857
$2.9M
Cap Rate 9%
$2,294,333
$2.3M
Market Conditions
NOI Build-Up for 16,834 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
$391.9K $23.28/SF
− Vacancy
−$16.5K −$0.98/SF
EGI
$375.4K $22.30/SF
− OpEx
−$168.9K −$10.04/SF
NOI
$206.5K $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 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%
$4,129,800
Cap Rate 7%
$2,949,857
Cap Rate 9%
$2,294,333
Alternative Uses
Best Use
Apartment 5plus
$2.95M
$2.58M – $3.44M
NOI $206,490 @ 7.0% cap · market cap 6.56%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.63M
$3.18M – $4.24M
NOI $254,166 @ 7.0% cap · market cap 8.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
13
Residential units
Location Intelligence
Trade Area within ½ mile
671
Businesses Nearby
Explore this area
Business Placement
Demographics for 48381, MI
13,794
Population
5,588
Households
2.5
Avg Household Size
45
Median Age
45%
College-Educated
96%
High-School Grad
19.5 sq mi
ZIP Area
707
Density / Sq Mi
$103,156
Median Household Income
$61,929
Median Earnings
$1,146
Median Rent
$386,800
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 - Thirteen modern residences feature private garages, flexible interior space, and contemporary finishes across a three-story configuration.
Where is this apartment building located?
The property is located at 502 - 558 Village Lane Milford Milford, MI.
What is the asking price?
The asking price for this property is $3,150,000.
What are key features of this property?
This property features: 13 newly constructed residences completed in 2025; 16,834 square feet of total property size; Three‑story layouts with attic‑level flexibility
