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$ 2,200,000
Est. payment /mo
New
4144 Airport RD Waterford Charter Township, MI 48329
20 Baths
11,500 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type MultiFamily
Listing Status Active
Purchase Type For Sale
Square Footage 11,500 sqft
Price per Sqft $191
Subdivision Suprvrs 19 - Waterford Township
MLS Listing ID 20261040546
Style AFrame
Full Baths 20
Year Built 1954
Lot Size 1.540 Acres
Acres 1.54
Property Sub-Type MultiFamily
Property Description
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). Tenants are responsible for gas and electric, while the landlord covers water and trash — a utility structure that keeps operating expenses predictable and limits exposure to utility inflation. Notably, each unit features its own individual furnace and air conditioning condenser, providing forced heat and central AC — a rare amenity in a property of this vintage and price point. This setup gives residents full control over their own comfort while eliminating the common landlord headache of shared HVAC systems, and serves as a genuine differentiator in lease-up and tenant retention. The construction is block framing on a slab foundation with wood frame exterior, providing a durable and low-maintenance building envelope.
Location
State MI
County Oakland
Area Area02131Waterfordtwp
Interior
Heating Forced Air, Natural Gas, Separate Meters
Fireplace No
Exterior
Pool None
View Y/N No
Garage false
Building
Foundation Slab
Sewer Public Sewer
Water Public
New Construction No
Schools
School District Waterford
Others
Senior Community false
Acceptable Financing Cash, Conventional, FHA
Listing Terms Cash, Conventional, FHA
Special Listing Condition ShortSaleNo, Standard
Pets Allowed Call
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Listed by Brady Williams of Greater Development LLC