Washington Township Condo for
For Sale
$181,000
67976 Van Dyke #16, Washington, MI 48095
Affordable condo near Romeo with finished basement and serene views.
Property Size986 SF
Days on Market280
Property Features for 67976 Van Dyke #16
General Information
Standard status
Active
Size
986 SF
Property subtype
Condominium
Amenities
Ceiling Fan(s)
Central A/C
Forced Air
Dishwasher
Dryer
Range/Oven
Refrigerator
Washer
Building Details
Building Size
986 SF
Year Built
1970
Stories
1
Listing Agency:
Berkshire Hathaway HomeServices Kee Realty Wash
(586) 566-2200
Listed By:
Karen Betzing · License #6501387612
(586) 566-2200
Source:
Kw
Added: Nov 14, 2025
Changed: Aug 13
Last Checked: Aug 20 at 7:27PM
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 Berkshire Hathaway HomeServices Kee Realty Wash
Investment Insights
Based on property information with market context.
This Washington Township condo offers an affordable living option within walking distance of the Village of Romeo. As a desirable end unit, it is situated in a serene, park-like setting, providing views from both the condo and the patio. The interior features two bedrooms and one and a half baths. A finished room in the basement offers additional space suitable for a hangout area, workout room, or craft room. Sidewalks provide direct access into town, allowing for a short walk to the amenities of Romeo.
Key Highlights
- Walking distance to the Village of Romeo.
- Affordable Washington Twp. condo.
- Desirable end unit in a serene, park‑like setting with beautiful views.
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
$9,260
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
5.12%
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%
$185,200
$185.2K
Cap Rate 7%
$132,286
$132.3K
Cap Rate 9%
$102,889
$102.9K
Market Conditions
NOI Build-Up for 986 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
$18.1K $18.36/SF
− Vacancy
−$1.3K −$1.29/SF
EGI
$16.8K $17.07/SF
− OpEx
−$7.6K −$7.68/SF
NOI
$9.3K $9.39/SF
Area
Macomb County, MI
Vacancy
7.00%
Lease Rate
$18.36 /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%
$185,200
Cap Rate 7%
$132,286
Cap Rate 9%
$102,889
Alternative Uses
Best Use
Apartment 5plus
$132.3K
$115.8K – $154.3K
NOI $9,260 @ 7.0% cap · market cap 5.12%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$184.6K
$161.5K – $215.4K
NOI $12,922 @ 7.0% cap · market cap 7.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
14
Businesses Nearby
Explore this area
Business Placement
Demographics for 48095, MI
5,585
Population
2,086
Households
2.7
Avg Household Size
45
Median Age
36%
College-Educated
97%
High-School Grad
17.0 sq mi
ZIP Area
329
Density / Sq Mi
$121,713
Median Household Income
$52,726
Median Earnings
$796
Median Rent
$393,200
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 - Affordable condo near Romeo with finished basement and serene views.
Where is this apartment building located?
The property is located at 67976 Van Dyke #16 Washington, MI.
What is the asking price?
The asking price for this property is $181,000.
What are key features of this property?
This property features: Walking distance to the Village of Romeo.; Affordable Washington Twp. condo.; Desirable end unit in a serene, park‑like setting with beautiful views.
