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About the Listing 108969 - RC413257
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.
Listing Highlights
Status
Active
Days on Site
15
Property Type
Multi-Family
MLS ®
60998394
Year Built
1954
Total Square Footage
11,500
Lot/Acreage
1.54
County
Oakland
Neighborhood
Suprvrs 19 - Waterford Township
School District
Waterford School District
Interior Details
- Bedrooms: 0
- Bathrooms: 20 Full
- Appliances:
- Air Cond:
- Heating: Forced Air
- Fireplaces:
- Floor:
- Above Ground Sq Ft: 11500
- Below Ground Sq Ft: n/a
- Basement:
- Other:
- Water: Public Water
Exterior Details
- Garage Capacity: N/A
- Lot Dimensions: 249.58X243.77
- Zoning: Multi-Family
- Roof:
- Others:
- Sewer:
Financial Details
- Tax Amount: $32,807
- Taxes w/Assessments: N/A
- Tax/Property ID: N/A
- Tax Year: N/A
Payment Calculator
Monthly Payment
- in Principal and Interest
- in Taxes
Years
% Down Payment
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Questions About..
4144 Airport Waterford, MI 48329
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