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Airport Apartments 4144 Airport Rd 20 Unit Apartment Building $3,043,810 CAD ($152,191 CAD/Unit) 7.71% Cap Rate Waterford, MI 48329
Investment Highlights
- Value Add
- Spacious Property
- High Traffic Area
Executive Summary
Airport Road Apartments is a 20-unit multifamily community situated on Airport Road in Waterford, Michigan — a stable, in-demand submarket within Oakland County. The property consists of two single-story buildings totaling 11,500 square feet, originally constructed in 1954. All 20 units are one-bedroom, one-bathroom floor plans, offering a consistent and easily managed unit mix that appeals to a broad renter demographic. The property is currently operating at 90% occupancy with gross rental revenue exceeding $17,000 per month, reflecting strong baseline demand. Current rents range from $925 to $975 per month, while market comparables suggest rents of $995 to $1,095 per month are achievable — representing meaningful upside for a new owner willing to execute modest lease-up and repositioning. The current NOI stands at $169,594, supporting a 7.71% cap rate at the asking price of $2,200,000 ($110,000/unit).
Property Facts
| Price | $3,043,810 CAD | Building Class | C |
| Price Per Unit | $152,191 CAD | Lot Size | 1.54 AC |
| Sale Type | Investment | Building Size | 11,500 SF |
| Cap Rate | 7.71% | Average Occupancy | 100% |
| No. Units | 20 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1954 |
| Property Subtype | Apartment | Parking Ratio | 3.48/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | AI | ||
| Price | $3,043,810 CAD |
| Price Per Unit | $152,191 CAD |
| Sale Type | Investment |
| Cap Rate | 7.71% |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.54 AC |
| Building Size | 11,500 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1954 |
| Parking Ratio | 3.48/1,000 SF |
| Zoning | AI |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Disposal
- Heating
- Kitchen
- Refrigerator
- Oven
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 20 | - | - |
1 1
Fairly walkable
40/100
Exceptionally drivable
100/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 13-04-151-003 | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $849,154 CAD |
Property Taxes
Parcel Number
13-04-151-003
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$849,154 CAD
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Airport Apartments | 4144 Airport Rd
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