16-Unit Apartment Building,
For Sale
$3,300,000
811 N Main St, Milford, MI 48381
Fully stabilized 16-unit community with identical one-bedroom, one-bath layouts and turnkey interior modernization for low-maintenance operations.
Property Size12,800 SF
Days on Market8
Property Features for 811 N Main St
General Information
Standard status
Active
Size
12,800 SF
Property subtype
Investment
Occupancy
100%
Units
Unit Mix
16 x 1BR/1BA
Multifamily Units
16
Additional Details
Gross Income
$283,764
Building Details
Building Size
12,800 SF
Year Built
1975
Buildings
2
Listing Agency:
(360) 989-5395
Listed By:
Brady Williams
(360) 989-5395
Source:
Elliman
Added: Jul 30
Changed: Jul 31
Last Checked: Aug 5 at 8:56AM
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 Brady Williams
Investment Insights
Based on property information with market context.
Milford Village Flats is a fully stabilized 16-unit multifamily community featuring two well-maintained residential buildings with an identical unit mix of one-bedroom, one-bath floor plans averaging 740 SF. The property is currently 100% occupied and is supported by over two dedicated parking spaces per unit.
The exterior and grounds have been materially upgraded over the last two years, including a brand-new roof, a fully milled and paved parking lot, updated property signage, and enhanced professional landscaping. Interior renovations include new cabinets, premium countertops, modern flooring, fresh paint, and updated contemporary fixtures.
Year built is 1975, and the community is located at 811 N Main St in Milford, Michigan.
The exterior and grounds have been materially upgraded over the last two years, including a brand-new roof, a fully milled and paved parking lot, updated property signage, and enhanced professional landscaping. Interior renovations include new cabinets, premium countertops, modern flooring, fresh paint, and updated contemporary fixtures.
Year built is 1975, and the community is located at 811 N Main St in Milford, Michigan.
Key Highlights
- 16‑unit multifamily community with two residential buildings
- Identical one‑bedroom, one‑bath layouts averaging 740 SF
- 100% occupancy
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $298.0k | $23.28 |
| − Vacancy | −$12.5k | −$0.98 |
| EGI | $285.5k | $22.30 |
| − OpEx | −$128.5k | −$10.04 |
| NOI | $157.0k | $12.27 |
12,800 SF · lease $23.28/SF/yr · vacancy 4.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.24M
$1.96M – $2.62M
NOI $157,008 @ 7.0% cap · market cap 4.76%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.76M
$2.42M – $3.22M
NOI $193,260 @ 7.0% cap · market cap 5.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
16
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
793
Businesses Nearby
Explore this area
Business Placement
Demographics for 48381, MI
13,794
Population
5,588
Households
2.5
Avg Household Size
45
Median Age
45%
College-Educated
96%
High-School Grad
19.5 sq mi
ZIP Area
707
Density / Sq Mi
$103,156
Median Household Income
$61,929
Median Earnings
$1,146
Median Rent
$386,800
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?
Apartment building - Fully stabilized 16-unit community with identical one-bedroom, one-bath layouts and turnkey interior modernization for low-maintenance operations.
Where is this apartment building located?
The property is located at 811 N Main St Milford, MI.
What is the asking price?
The asking price for this property is $3,300,000.
What are key features of this property?
This property features: 16‑unit multifamily community with two residential buildings; Identical one‑bedroom, one‑bath layouts averaging 740 SF; 100% occupancy
