Assisted Living
For Sale
$997,900
1114 1st Street, Wyandotte, MI 48192
Multifamily, 2 Story, Wyandotte, MI
Property Size3,100 SF
Lot Size0.36 Acres
Price / SF$321.90
Days on Market71
Property Features for 1114 1st Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Bedrooms
11
Bathrooms
5
Full bathrooms
4
Half bathrooms
1
Rooms
Bathroom 3, Bedroom 3, Bedroom 1, Bedroom 5, Bedroom 6, Bedroom 11, Bathroom 1, Bedroom 4, Bathroom 4, Bedroom 10, Basement, Bedroom 7, Bathroom 2, Bedroom 2, Bedroom 8, Bedroom 9
Parking
20
Interior features
Circuit Breakers, ENERGY STAR(R) Qualified Window(s)
Subdivision
Witkowski Sub
Elementary school district
Wyandotte
Middle school district
Wyandotte
High school district
Wyandotte
Directions
South off I75 on Southfield to Biddle, South on Biddle to Goodell to 1st
Standard status
Active
APN
57004140007000
Size
3,100 SF
Lot size
0.36 Acres
Taxes and HOA fees
Tax Description
06463 6464 LOTS 7 AND 8 I. WITKOWSKI SUB T3S R11E ALSO LOTS 11 AND 12 NOAH LEBLANCS BIDDLE AVE SUB T3S R11E L56 P87 WCR I. WITKOWSKI SUB T3S R11E, L40 P23 WCR
Tax Annual Amount
13993
Legal Description
06463 6464 LOTS 7 AND 8 I. WITKOWSKI SUB T3S R11E ALSO LOTS 11 AND 12 NOAH LEBLANCS BIDDLE AVE SUB T3S R11E L56 P87 WCR I. WITKOWSKI SUB T3S R11E, L40 P23 WCR
Utilities
Heating system
Forced Air
Water source
Public
Building Details
Year built
1950
Floors in Building
2
Number of units
11
Building materials
Brick
Roof type
Asphalt
Architectural style
Colonial
Listing Agency:
Keller Williams Paint Creek · Keller Williams Realty
(248) 609-8000
Listed By:
Patricia J Raymond · License #6502368307
(248) 649-7200
Added: Jun 12
Changed: Aug 19
Last Checked: Aug 21 at 8:06AM
MLS# 20261044302
Copyright © 2026 Realcomp Limited II. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Assisted living facility opportunity designed for adult foster care use. The two-story brick property includes a basement and is set up with 11 bedrooms, 12 beds, and 4 bathrooms. Recent improvements include a new kitchen, fresh paint, updated HVAC, and new windows. Additional interior features include circuit breakers and ENERGY STAR(R) qualified window(s). The home is heated with forced air and has an asphalt roof; public water is provided.
A 3-car detached garage and a large parking lot support day-to-day operations. The property is located in Wyandotte, Wayne County, Michigan, and is zoned Multi-Family.
The property is currently in the process of obtaining an operational license for a 7-12-bed facility. Buyer and buyer’s agent should verify all licensing, zoning, use requirements, room counts, and municipal/state approvals prior to closing.
A 3-car detached garage and a large parking lot support day-to-day operations. The property is located in Wyandotte, Wayne County, Michigan, and is zoned Multi-Family.
The property is currently in the process of obtaining an operational license for a 7-12-bed facility. Buyer and buyer’s agent should verify all licensing, zoning, use requirements, room counts, and municipal/state approvals prior to closing.
Key Highlights
- Two‑story brick assisted living facility with a basement
- 11 bedrooms, 12 beds, and 4 bathrooms
- Recent updates include a new kitchen, fresh paint, updated HVAC, and new windows
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$27,946
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.80%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$558,920
$558.9K
Cap Rate 7%
$399,229
$399.2K
Cap Rate 9%
$310,511
$310.5K
Market Conditions
NOI Build-Up for 3,100 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$53.9K $17.40/SF
− Vacancy
−$3.1K −$1.01/SF
EGI
$50.8K $16.39/SF
− OpEx
−$22.9K −$7.38/SF
NOI
$27.9K $9.01/SF
Area
Wayne County, MI
Vacancy
5.80%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$558,920
Cap Rate 7%
$399,229
Cap Rate 9%
$310,511
Alternative Uses
Best Use
Apartment 5plus
$399.2K
$349.3K – $465.8K
NOI $27,946 @ 7.0% cap · market cap 2.80%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$573.9K
$502.2K – $669.6K
NOI $40,176 @ 7.0% cap · market cap 4.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
217
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48192, MI
25,058
Population
11,441
Households
2.2
Avg Household Size
42
Median Age
21%
College-Educated
91%
High-School Grad
5.3 sq mi
ZIP Area
4,728
Density / Sq Mi
$67,846
Median Household Income
$42,999
Median Earnings
$995
Median Rent
$159,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Assisted living facility - Two-story brick assisted living facility with a basement, recent kitchen/HVAC/window updates, and a 3-car detached garage.
Where is this assisted living facility located?
The property is located at 1114 1st Street Wyandotte, MI.
What is the asking price?
The asking price for this property is $997,900.
What are key features of this property?
This property features: Two‑story brick assisted living facility with a basement; 11 bedrooms, 12 beds, and 4 bathrooms; Recent updates include a new kitchen, fresh paint, updated HVAC, and new windows
