Mixed-Use Building with
For Sale
$929,000
E 206 E Liberty Street Unit SourceFi, Milford, MI 48381
Two residential units occupy the second floor above a first-floor office layout.
Property Size4,800 SF
Price / SF$193.54
Days on Market73
Property Features for E 206 E Liberty Street Unit SourceFi
General Information
Standard status
Active
Size
4,800 SF
Property subtype
Industrial
Additional Details
Floor
First Floor
Multifamily Units
2
Amenities
3
Asphalt
6998
Building Details
Year Built
20
Buildings
1
Stories
2
Listing Agency:
RE/MAX Platinum-Hartland
(810) 691-2142
Listed By:
John Luke · License #6501229646
(810) 691-2142
Source:
Xome
Added: Jun 20
Changed: Aug 30
Last Checked: Aug 30 at 11:27PM
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 RE/MAX Platinum-Hartland
Investment Insights
Based on property information with market context.
This 4,800-square-foot mixed-use property combines office and residential components within one building. The first floor is arranged for office use, including an open reception and waiting area, along with trim and interior décor. Two residential units are positioned on the second floor, creating a clearly divided commercial and residential configuration.
The building is located on E Liberty Street in Milford, MI, approximately 1/2 block from the center of Milford Village. Its combination of first-floor office space and two upper-level residential units provides a distinct mixed-use layout in a walkable village setting.
The building is located on E Liberty Street in Milford, MI, approximately 1/2 block from the center of Milford Village. Its combination of first-floor office space and two upper-level residential units provides a distinct mixed-use layout in a walkable village setting.
Key Highlights
- 4,800‑square‑foot mixed‑use property
- First‑floor office space with open reception and waiting area
- Two residential units on the second floor
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
$58,878
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
6.34%
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%
$1,177,560
$1.2M
Cap Rate 7%
$841,114
$841.1K
Cap Rate 9%
$654,200
$654.2K
Market Conditions
NOI Build-Up for 4,800 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
$111.7K $23.28/SF
− Vacancy
−$4.7K −$0.98/SF
EGI
$107.1K $22.30/SF
− OpEx
−$48.2K −$10.04/SF
NOI
$58.9K $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 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%
$1,177,560
Cap Rate 7%
$841,114
Cap Rate 9%
$654,200
Alternative Uses
Best Use
Apartment 5plus
$841.1K
$736.0K – $981.3K
NOI $58,878 @ 7.0% cap · market cap 6.34%
Second Best
Mixed Use
$694.3K
$607.5K – $810.0K
NOI $48,600 @ 7.0% cap · market cap 5.23%
Theoretical Best
Specialty Retail
$1.04M
$905.9K – $1.21M
NOI $72,472 @ 7.0% cap · market cap 7.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
795
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two residential units occupy the second floor above a first-floor office layout.
Where is this mixed-use property located?
The property is located at E 206 E Liberty Street Unit SourceFi Milford, MI.
What is the asking price?
The asking price for this property is $929,000.
What are key features of this property?
This property features: 4,800‑square‑foot mixed‑use property; First‑floor office space with open reception and waiting area; Two residential units on the second floor
