15-Unit Multifamily
New
For Sale
$2,600,000
Pending
9295 Cedar Creek Ct, Swartz Creek, MI 48473
Individually parceled units offer private basements, attached garages, and tenant-paid utilities.
Property Size20,190 SF
Days on Market5
Property Features for 9295 Cedar Creek Ct
General Information
Standard status
Pending
Size
20,190 SF
Property subtype
Investment
Property Condition
Severity
Repairs Needed
Evidence
minimal updating needed
Units
Unit Mix
15 x 3BR/2.1BA
Multifamily Units
15
Parking per Unit
2.5
Taxes and HOA fees
Annual Taxes
$59,790
Building Details
Building Size
20,190 SF
Year Built
2010
Units
15
Listing Agency:
(313) 888-0315
Listed By:
Ahsan Tarar · License #6501431339
(313) 888-0315
Source:
Elliman
Added: Aug 26
Changed: Aug 30
Last Checked: Aug 30 at 1:22AM
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 Ahsan Tarar
Investment Insights
Based on property information with market context.
This 15-unit multifamily property in Swartz Creek, Michigan, was built in 2010 and includes 45 bedrooms. Each residence is configured with 3 bedrooms, 2.1 bathrooms, a private full basement, second-floor laundry, and a primary suite with its own bathroom. Every unit also includes an attached 2.5-car garage.
The units are individually parceled and separately metered, while tenants pay all utilities. The property currently operates without an HOA. These features support distinct ownership records and a straightforward operating structure across the portfolio. The site is rated Car-Dependent with a bikeScore of 41, described as Somewhat Bikeable.
The units are individually parceled and separately metered, while tenants pay all utilities. The property currently operates without an HOA. These features support distinct ownership records and a straightforward operating structure across the portfolio. The site is rated Car-Dependent with a bikeScore of 41, described as Somewhat Bikeable.
Key Highlights
- 15‑unit multifamily property with 45 bedrooms
- Built in 2010 with newer‑construction residences
- Each unit includes 3 bedrooms, 2.1 bathrooms, and a private full basement
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
$154,724
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
5.95%
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%
$3,094,480
$3.1M
Cap Rate 7%
$2,210,343
$2.2M
Cap Rate 9%
$1,719,156
$1.7M
Market Conditions
NOI Build-Up for 20,190 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 $14.76/SF
− Vacancy
−$16.7K −$0.83/SF
EGI
$281.3K $13.93/SF
− OpEx
−$126.6K −$6.27/SF
NOI
$154.7K $7.66/SF
Area
Genesee County, MI
Vacancy
5.60%
Lease Rate
$14.76 /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%
$3,094,480
Cap Rate 7%
$2,210,343
Cap Rate 9%
$1,719,156
Alternative Uses
Best Use
Apartment 5plus
$2.21M
$1.93M – $2.58M
NOI $154,724 @ 7.0% cap · market cap 5.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.25M
$3.72M – $4.96M
NOI $297,396 @ 7.0% cap · market cap 11.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15
Residential units
Location Intelligence
Trade Area within ½ mile
159
Businesses Nearby
Explore this area
Business Placement
Demographics for 48473, MI
22,035
Population
9,853
Households
2.2
Avg Household Size
45
Median Age
25%
College-Educated
95%
High-School Grad
56.2 sq mi
ZIP Area
392
Density / Sq Mi
$76,765
Median Household Income
$40,908
Median Earnings
$1,092
Median Rent
$191,700
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 - Individually parceled units offer private basements, attached garages, and tenant-paid utilities.
Where is this apartment building located?
The property is located at 9295 Cedar Creek Ct Swartz Creek, MI.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: 15‑unit multifamily property with 45 bedrooms; Built in 2010 with newer‑construction residences; Each unit includes 3 bedrooms, 2.1 bathrooms, and a private full basement
