Move-In Ready Condo with
For Sale
$133,000
5279 E 11 Mile, Warren, MI 48092
Charming 2-bedroom condo with basement, ready for immediate occupancy.
Property Size968 SF
Price / SF$137.40
Days on Market412
Property Features for 5279 E 11 Mile
General Information
Standard status
Active
Size
968 SF
Property subtype
Condominium
Amenities
Central A/C
Ceiling Fan(s)
Forced Air
Dishwasher
Disposal
Dryer
Humidifier
Range/Oven
Refrigerator
Washer
Building Details
Building Size
968 SF
Year Built
1990
Stories
1
Listing Agency:
Keller Williams Paint Creek
Listed By:
Danelle Munro · License #6501
(586) 206-4214
Source:
Kw
Added: Aug 17, 2025
Changed: Sep 22
Last Checked: Oct 1 at 10:27AM
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 Keller Williams Paint Creek
Investment Insights
Based on property information with market context.
This charming condo features 2 bedrooms and is move-in ready. The eat-in kitchen includes ample cabinet and counter space, along with a stove, refrigerator, disposal, and dishwasher. The large living room provides access to a private deck and outdoor space. The unit benefits from plenty of natural light. The bedrooms are spacious and offer lots of storage. A washer and dryer are included. The condo also features a full basement and central air. The property size is 968 square feet.
Key Highlights
- Move‑in ready condition.
- Enjoy central air conditioning.
- Full basement provides extra space.
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
$8,847
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
6.65%
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%
$176,940
$176.9K
Cap Rate 7%
$126,386
$126.4K
Cap Rate 9%
$98,300
$98.3K
Market Conditions
NOI Build-Up for 968 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
$17.1K $17.64/SF
− Vacancy
−$990 −$1.02/SF
EGI
$16.1K $16.62/SF
− OpEx
−$7.2K −$7.48/SF
NOI
$8.8K $9.14/SF
Area
Warren, MI
Vacancy
5.80%
Lease Rate
$17.64 /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%
$176,940
Cap Rate 7%
$126,386
Cap Rate 9%
$98,300
Alternative Uses
Best Use
Apartment 5plus
$126.4K
$110.6K – $147.5K
NOI $8,847 @ 7.0% cap · market cap 6.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$213.5K
$186.9K – $249.1K
NOI $14,948 @ 7.0% cap · market cap 11.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
136
Businesses Nearby
Explore this area
Business Placement
Demographics for 48092, MI
27,186
Population
11,052
Households
2.5
Avg Household Size
42
Median Age
27%
College-Educated
86%
High-School Grad
8.1 sq mi
ZIP Area
3,356
Density / Sq Mi
$71,761
Median Household Income
$40,174
Median Earnings
$1,186
Median Rent
$205,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Charming 2-bedroom condo with basement, ready for immediate occupancy.
Where is this apartment building located?
The property is located at 5279 E 11 Mile Warren, MI.
What is the asking price?
The asking price for this property is $133,000.
What are key features of this property?
This property features: Move‑in ready condition.; Enjoy central air conditioning.; Full basement provides extra space.
