16-Unit Apartment Building,
For Sale
$3,300,000
811 N Main Street, 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
Price / SF$257.81
Days on Market27
Property Features for 811 N Main Street
General Information
Standard status
Active
Size
12,800 SF
Total Parking Spaces
32
Property subtype
Residential Income
Zoning
Multi-Family
Occupancy
100%
Lease Term
Cash, Conventional
Units
Unit Mix
16 x 1BR/1BA
Multifamily Units
16
Additional Details
Gross Income
$283,764
Taxes and HOA fees
Annual Taxes
$15,344
Building Details
Building Size
12,800 SF
Year Built
1975
Buildings
2
Stories
1
Units
16
Listing Agency:
Greater Development LLC
(360) 989-5395
Listed By:
Brady Williams
(360) 989-5395
Source:
Sabudarealty
Added: Jul 29
Changed: Aug 23
Last Checked: Aug 23 at 7:43AM
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 Greater Development LLC
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
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
$157,008
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
4.76%
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%
$3,140,160
$3.1M
Cap Rate 7%
$2,242,971
$2.2M
Cap Rate 9%
$1,744,533
$1.7M
Market Conditions
NOI Build-Up for 12,800 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
$298.0K $23.28/SF
− Vacancy
−$12.5K −$0.98/SF
EGI
$285.5K $22.30/SF
− OpEx
−$128.5K −$10.04/SF
NOI
$157.0K $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%
$3,140,160
Cap Rate 7%
$2,242,971
Cap Rate 9%
$1,744,533
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
Property Profile
Current Use
Lease Details
16
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
665
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 Street 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
