Side-by-Side Duplex with Lake
For Sale
$185,000
639 Heights Rd, Lake Orion, MI 48362
Two-unit residential property with Lake Orion access and a slab foundation.
Property Size1,300 SF
Price / SF$142.31
Days on Market115
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Property Features for 639 Heights Rd
General Information
Standard status
Active
Size
1,300 SF
Property subtype
Residential Income
Property Condition
Severity
Repairs Needed
Evidence
significant updates and repairs throughout
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,760
Amenities
lake privileges
Listing Agency:
Liberty Way Realty
(248) 845-2669
Listed By:
James Gillen · License #6501345538
(248) 935-2309
Source:
Exprealty
Added: Jun 23
Changed: Oct 6
Last Checked: Oct 15 at 12:40AM
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 Liberty Way Realty
Investment Insights
Based on property information with market context.
This side-by-side duplex contains two residential units, with each unit configured as 2 bedrooms and 1 bathroom. The property totals 1,300 square feet and rests on a slab foundation.
The building requires significant updates and repairs throughout. Lake privileges to Lake Orion add a recreational feature for occupants and place the property within a lake-access community in Lake Orion, Michigan.
The building requires significant updates and repairs throughout. Lake privileges to Lake Orion add a recreational feature for occupants and place the property within a lake-access community in Lake Orion, Michigan.
Key Highlights
- Side‑by‑side duplex with 2 residential units
- Each unit includes 2 bedrooms and 1 bathroom
- 1,300 square feet of total property size
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,946
Cap Rate
8.62%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$318,920
$318.9K
Cap Rate 7%
$227,800
$227.8K
Cap Rate 9%
$177,178
$177.2K
Market Conditions
NOI Build-Up for 1,300 SF
Gross rent
$30.3K $23.28/SF
− Vacancy
−$1.3K −$0.98/SF
EGI
$29.0K $22.30/SF
− OpEx
−$13.0K −$10.04/SF
NOI
$15.9K $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 Rate 5%
$318,920
Cap Rate 7%
$227,800
Cap Rate 9%
$177,178
Alternative Uses
Best Use
Multifamily LT 5
$245.8K
$215.1K – $286.8K
NOI $17,207 @ 7.0% cap · market cap 9.30%
Second Best
Apartment 5plus
$227.8K
$199.3K – $265.8K
NOI $15,946 @ 7.0% cap · market cap 8.62%
Theoretical Best
Specialty Retail
$280.4K
$245.4K – $327.1K
NOI $19,628 @ 7.0% cap · market cap 10.61%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
111
Businesses Nearby
Explore this area
Business Placement
Demographics for 48362, MI
15,001
Population
6,428
Households
2.3
Avg Household Size
42
Median Age
44%
College-Educated
98%
High-School Grad
10.1 sq mi
ZIP Area
1,485
Density / Sq Mi
$108,667
Median Household Income
$51,826
Median Earnings
$1,095
Median Rent
$313,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with Lake Orion access and a slab foundation.
Where is this duplex located?
The property is located at 639 Heights Rd Lake Orion, MI.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: Side‑by‑side duplex with 2 residential units; Each unit includes 2 bedrooms and 1 bathroom; 1,300 square feet of total property size
