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USAMIWaterford Charter TownshipSuprvrs 19 - Waterford Township4144 Airport Road
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4144 Airport Road, Waterford Charter Township, MI

House

For Sale

Listed price in listed location currency (USD).
$2,200,000

02030

MLS® 20261040546

  • Key Facts
  • Description
  • Map

Key Facts

Type Multi Family
Levels Residential Income
Size 11500 sqft
Garage 
Taxes $32,807
Days Active 0
Lot Size 
Approx. Age 1954
Avg. Price Per Sqft $191
MLS® Number 20261040546

Property Address: 4144 Airport Road, Waterford Charter Township, MI, 48329

Average square foot calculated using Size range provided by listing agent.

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.
MLS® Number20261040546
Laundry Level
Central VacNo
FireplaceNo
Acreage
Exterior
Garage
Approx. Age1954
Basement
Driveway
Garage Spaces
Heat
A/C
Heating Fuel

Extras

Price History

-End Date
Not Sold YetSold Price

For Sale

Jun 2, 2026List Date
$2,200,000List Price
  • Commute

Commute

Starting Address
Destination Address
4144 Airport Road, Waterford Charter Township, MI

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