Updated Multi-Unit Building with
For Sale
$1,389,000
624 Livernois St, Ferndale, MI 48220
Well-maintained building featuring six units, parking, and garage.
Property Size7,120 SF
Price / SF$195.08
Days on Market110
Property Features for 624 Livernois St
General Information
Standard status
Active
Size
7,120 SF
Property subtype
Commercial
Building Details
Year Built
1963
Listing Agency:
@properties Christie's Int'l R.E. Birmingham
(248) 421-7313
Listed By:
Susan M Lozano
(248) 421-7313
Source:
Elliman
Added: Apr 24
Changed: Jul 10
Last Checked: Aug 10 at 5:59AM
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 @properties Christie's Int'l R.E. Birmingham
Investment Insights
Based on property information with market context.
This well-maintained block structure building has undergone $500,000 in updates. The property features six units of varying sizes: Unit #100 is 470 sq ft, Unit #200 is 850 sq ft, Units #300 and #400 together total 2,200 sq ft, Unit #500 is 1,600 sq ft, and Unit #600 is 1,400 sq ft. The building also includes a large attached garage with approximately 600 sq ft and a 12' x 10' garage door. Ample storage is available for the units, and some units have been leased with longer-term leases. The property provides 20 parking spaces, with additional street parking available. The location is considered very bikeable and very walkable, with bike and walk scores of 80.
Key Highlights
- $500,000 in recent updates to the building.
- 20 parking spaces plus additional street parking.
- Six units of varying sizes, offering
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
$87,336
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
6.29%
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%
$1,746,720
$1.7M
Cap Rate 7%
$1,247,657
$1.2M
Cap Rate 9%
$970,400
$970.4K
Market Conditions
NOI Build-Up for 7,120 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
$165.8K $23.28/SF
− Vacancy
−$7.0K −$0.98/SF
EGI
$158.8K $22.30/SF
− OpEx
−$71.5K −$10.04/SF
NOI
$87.3K $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%
$1,746,720
Cap Rate 7%
$1,247,657
Cap Rate 9%
$970,400
Alternative Uses
Best Use
Apartment 5plus
$1.25M
$1.09M – $1.46M
NOI $87,336 @ 7.0% cap · market cap 6.29%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.54M
$1.34M – $1.79M
NOI $107,501 @ 7.0% cap · market cap 7.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,062
Businesses Nearby
Explore this area
Business Placement
Demographics for 48220, MI
21,564
Population
12,003
Households
1.8
Avg Household Size
37
Median Age
53%
College-Educated
96%
High-School Grad
4.4 sq mi
ZIP Area
4,901
Density / Sq Mi
$86,095
Median Household Income
$54,557
Median Earnings
$1,191
Median Rent
$229,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained building featuring six units, parking, and garage.
Where is this apartment building located?
The property is located at 624 Livernois St Ferndale, MI.
What is the asking price?
The asking price for this property is $1,389,000.
What are key features of this property?
This property features: $500,000 in recent updates to the building.; 20 parking spaces plus additional street parking.; Six units of varying sizes, offering
