Airport Road Apartments
Multifamily | 20 Units | $110,000/unit
Marketing 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.
Investment highlights
- Value-add opportunities are straightforward and well-supported by the local market. Implementing a modest water utility fee of $25 per unit monthly and pushing rents toward the $995 market rate would together add approximately $31,000 annually to NOI, bringing stabilized NOI to roughly $181,000 and supporting a pro forma cap rate of 8.23%.
- The units also feature generous closet space, creating a natural opportunity to add in-unit washer and dryer hookups — an upgrade that commands a meaningful rent premium in this submarket and significantly improves tenant quality and retention.
- Beyond the interiors, the property offers outdoor amenity space that is uncommon at this price point: each unit has access to a back patio overlooking a large shared yard, providing residents with usable outdoor space well-suited for families with children or pets.
- The broader comp set reinforces the pricing: similar 1BR-heavy multifamily properties in Oakland County have traded between $105,000 and $131,000 per unit over the past 18 months, with cap rates ranging from 5.56% to 7.50%. At $110,000 per unit, Airport Road Apartments represents a fairly priced opportunity with a clear path to enhanced returns.
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