Renovated Three-Unit
New
For Sale
$270,000
1187 Park, Lincoln Park, MI 48146
Multifamily, 3 Story, Lincoln Park, MI
Property Size1,868 SF
Price / SF$144.54
Days on Market2
Property Features for 1187 Park
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bedroom 4, Bedroom 5, Bathroom 3, Bedroom 3, Basement, Bathroom 1, Bathroom 2, Bedroom 2
Pets allowed
Call
Elementary school district
Lincoln Park
Middle school district
Lincoln Park
High school district
Lincoln Park
Directions
South on fort east on park
Subdivision
Lincoln Park
Standard status
Active
APN
45009020040000
Size
1,868 SF
Taxes and HOA fees
Tax Description
FG40 LOT 40 ALSO ADJ VAC ALLEY 9 FT WIDE THEECKS PARK CENTER SUB PC 43 L44 P60 WCR
Tax Annual Amount
2789
Legal Description
FG40 LOT 40 ALSO ADJ VAC ALLEY 9 FT WIDE THEECKS PARK CENTER SUB PC 43 L44 P60 WCR
Utilities
Heating system
Forced Air
Water source
Public
Building Details
Year built
1928
Floors in Building
3
Number of units
3
Building materials
Brick
Architectural style
Colonial
Listing Agency:
RE/MAX Leading Edge · RE/MAX International
(313) 277-7777
Listed By:
Charlotte Tumminello · License #6501431768
(734) 756-3997
Added: Sep 7
Changed: Sep 8
Last Checked: Sep 8 at 10:06AM
MLS# 20261071896
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.
This renovated brick triplex contains 1868 square feet and is arranged as two two-bedroom, one-bathroom apartments plus a one-bedroom, one-bathroom basement apartment. The property includes a basement, forced-air heating, public water, and Colonial architectural styling. Built in 1928, the building is zoned Residential and currently has all three units occupied.
Located at 1187 Park in Lincoln Park, Michigan, the property offers an established three-unit configuration in a residential setting. The existing layout provides separate apartments with a practical mix of bedroom counts, while completed renovations and brick construction define the building’s physical profile.
Located at 1187 Park in Lincoln Park, Michigan, the property offers an established three-unit configuration in a residential setting. The existing layout provides separate apartments with a practical mix of bedroom counts, while completed renovations and brick construction define the building’s physical profile.
Key Highlights
- Three‑unit configuration with two 2‑bedroom apartments and one 1‑bedroom basement apartment
- 1868 square feet across the triplex
- 100% occupied
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
$18,339
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
6.79%
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%
$366,780
$366.8K
Cap Rate 7%
$261,986
$262.0K
Cap Rate 9%
$203,767
$203.8K
Market Conditions
NOI Build-Up for 1,868 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
$28.0K $15.00/SF
− Vacancy
−$1.8K −$0.98/SF
EGI
$26.2K $14.03/SF
− OpEx
−$7.9K −$4.21/SF
NOI
$18.3K $9.82/SF
Area
Wayne County, MI
Vacancy
6.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$366,780
Cap Rate 7%
$261,986
Cap Rate 9%
$203,767
Alternative Uses
Best Use
Multifamily LT 5
$262.0K
$229.2K – $305.7K
NOI $18,339 @ 7.0% cap · market cap 6.79%
Second Best
Apartment 5plus
$240.6K
$210.5K – $280.7K
NOI $16,840 @ 7.0% cap · market cap 6.24%
Theoretical Best
Specialty Retail
$345.8K
$302.6K – $403.5K
NOI $24,209 @ 7.0% cap · market cap 8.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
627
Businesses Nearby
Explore this area
Business Placement
Demographics for 48146, MI
40,245
Population
15,874
Households
2.5
Avg Household Size
37
Median Age
11%
College-Educated
81%
High-School Grad
5.8 sq mi
ZIP Area
6,939
Density / Sq Mi
$57,183
Median Household Income
$36,886
Median Earnings
$972
Median Rent
$117,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Residential multifamily property with a two-bedroom and one-bedroom unit mix, basement space, and current full occupancy.
Where is this triplex located?
The property is located at 1187 Park Lincoln Park, MI.
What is the asking price?
The asking price for this property is $270,000.
What are key features of this property?
This property features: Three‑unit configuration with two 2‑bedroom apartments and one 1‑bedroom basement apartment; 1868 square feet across the triplex; 100% occupied
