Lakefront Multifamily
For Sale
$350,000
5826 ANDERSONVILLE Road, Waterford, MI 48329
MULTI_FAMILY - Colonial - Waterford Twp, MI
Property Size2,252 SF
Lot Size0.16 Acres
Price / SF$155.42
Days on Market642
Property Features for 5826 ANDERSONVILLE Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family,Office,Resid
Bedrooms
3
Bathrooms
4
Full bathrooms
3
Half bathrooms
2
Rooms
Bedroom 3, Bathroom 3, Bedroom 1, Bedroom 2, Bathroom 2, Bathroom 1
Parking
3
Pets allowed
Cats OK, Dogs OK
Subdivision
SOUTHWESTERN ADD
Elementary school district
Waterford
Middle school district
Waterford
High school district
Waterford
Directions
Dixie Hwy To Andersonville Rd West On North Side
Standard status
Active
APN
1304104013
Size
2,252 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
T3N, R9E, SEC 4 SOUTHWESTERN ADD NELY 17 FT OF LOT 16 & SWLY 22.5 FT OF LOT 17
Tax Annual Amount
7245
Legal Description
T3N, R9E, SEC 4 SOUTHWESTERN ADD NELY 17 FT OF LOT 16 & SWLY 22.5 FT OF LOT 17
Utilities
Heating system
Forced Air
Amenities
fireplace
art gallery
dock
Building Details
Year built
1928
Floors in Building
2
Number of units
3
Building materials
Brick, Wood
Roof type
Asphalt
Architectural style
Colonial
Listing Agency:
Coldwell Banker Metro Real Estate · Real Living
(248) 242-7282
Listed By:
Lance Shamoo · License #MI6501409601
(248) 242-7282
Added: Nov 18, 2024
Changed: Aug 3
Last Checked: Aug 22 at 1:06PM
MLS# 20240086808
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.
Investment Insights
Based on property information with market context.
This recently updated multifamily residence built in 1917 offers 5 bedrooms and 3 full bathrooms, along with 2 fireplaces. The property is described as having 3 official licensed rental status units, plus a business office with a small art gallery. Additional improvements include a 200-square-foot furnished cottage with a natural fireplace.
Set on private all-sports Van Norman Lake, the home includes a 32-foot custom built Mississippi river paddle boat and a custom dock. The site is located at 5826 ANDERSONVILLE Road, Waterford Twp, MI 48329 in a zoning designation of Multi-Family, Office, Resid.
With its licensed rental configuration and on-site lake amenities, the property presents a turnkey setup for buyers seeking a residential income and office-capable use within the existing multi-family zoning framework.
Set on private all-sports Van Norman Lake, the home includes a 32-foot custom built Mississippi river paddle boat and a custom dock. The site is located at 5826 ANDERSONVILLE Road, Waterford Twp, MI 48329 in a zoning designation of Multi-Family, Office, Resid.
With its licensed rental configuration and on-site lake amenities, the property presents a turnkey setup for buyers seeking a residential income and office-capable use within the existing multi-family zoning framework.
Key Highlights
- Multi‑family home with 5 bedrooms and 3 full baths, plus 2 fireplaces and a business office with a small art gallery
- Approx. 2,500 sq ft colonial home with brick and wood construction and forced‑air heating
- Asphalt roof; year built listed as 1928
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
$29,808
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
8.52%
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%
$596,160
$596.2K
Cap Rate 7%
$425,829
$425.8K
Cap Rate 9%
$331,200
$331.2K
Market Conditions
NOI Build-Up for 2,252 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
$44.6K $19.80/SF
− Vacancy
−$2.0K −$0.89/SF
EGI
$42.6K $18.91/SF
− OpEx
−$12.8K −$5.67/SF
NOI
$29.8K $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 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%
$596,160
Cap Rate 7%
$425,829
Cap Rate 9%
$331,200
Alternative Uses
Best Use
Multifamily LT 5
$425.8K
$372.6K – $496.8K
NOI $29,808 @ 7.0% cap · market cap 8.52%
Second Best
Apartment 5plus
$394.6K
$345.3K – $460.4K
NOI $27,624 @ 7.0% cap · market cap 7.89%
Theoretical Best
Specialty Retail
$485.7K
$425.0K – $566.7K
NOI $34,002 @ 7.0% cap · market cap 9.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
394
Businesses Nearby
Explore this area
Business Placement
Demographics for 48329, MI
24,391
Population
10,249
Households
2.4
Avg Household Size
45
Median Age
29%
College-Educated
94%
High-School Grad
10.3 sq mi
ZIP Area
2,368
Density / Sq Mi
$85,777
Median Household Income
$48,837
Median Earnings
$1,323
Median Rent
$245,800
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?
Triplex - Recently updated 1917 multifamily property on private all-sports Van Norman Lake with licensed rentals, office, and cottage.
Where is this triplex located?
The property is located at 5826 ANDERSONVILLE Road Waterford, MI.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Multi‑family home with 5 bedrooms and 3 full baths, plus 2 fireplaces and a business office with a small art gallery; Approx. 2,500 sq ft colonial home with brick and wood construction and forced‑air heating; Asphalt roof; year built listed as 1928
