Brick
New
For Sale
$325,000
30646 Krauter Street, Garden City, MI 48135
MULTI_FAMILY - Ranch - Garden City, MI
Property Size2,135 SF
Lot Size0.26 Acres
Price / SF$152.22
Days on Market5
Property Features for 30646 Krauter Street
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
Multi-Family
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 2, Bedroom 1, Bathroom 2, Bathroom 3, Bathroom 1
Subdivision
Folkers Garden City Acres 4
Elementary school district
Garden City
Middle school district
Garden City
High school district
Garden City
Directions
South on Merriman, turn East on Krauter St.
Standard status
Active
APN
35006020621002
Size
2,135 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Description
11E621B W 84.66 FT OF LOT 621 FOLKERS GARDEN CITY ACRES SUB NO. 4 T2S R9E L48 P5 WCR
Tax Annual Amount
5328
Legal Description
11E621B W 84.66 FT OF LOT 621 FOLKERS GARDEN CITY ACRES SUB NO. 4 T2S R9E L48 P5 WCR
Utilities
Heating system
Forced Air
Water source
Public
Amenities
in-unit washer/dryer hookups
Building Details
Year built
1972
Floors in Building
1
Number of units
3
Building materials
Brick
Architectural style
Ranch
Listing Agency:
Keller Williams Advantage · Keller Williams Realty
(248) 380-8800
Listed By:
Michelle Fortier
(248) 880-8591
Added: Aug 5
Changed: Aug 8
Last Checked: Aug 9 at 8:06AM
MLS# 20261059970
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 ranch-style triplex contains three one-bedroom, one-bath residences within a 2,135-square-foot building. Each unit measures approximately 712 square feet and includes washer and dryer hookups along with separate utilities. The property has a brick exterior, slab foundation, forced-air heating, and public water service.
Built in 1972, the building is positioned on a 0.26-acre corner lot and is zoned Multi-Family. All three units are occupied by month-to-month tenants. Showings are available by appointment only, and tenant privacy is requested.
Built in 1972, the building is positioned on a 0.26-acre corner lot and is zoned Multi-Family. All three units are occupied by month-to-month tenants. Showings are available by appointment only, and tenant privacy is requested.
Key Highlights
- Three 1‑bedroom, 1‑bath units, each approximately 712 sq. ft.
- 2,135‑square‑foot triplex on a 0.26‑acre corner lot
- Brick exterior with slab foundation and ranch architectural style
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
$20,960
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
6.45%
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%
$419,200
$419.2K
Cap Rate 7%
$299,429
$299.4K
Cap Rate 9%
$232,889
$232.9K
Market Conditions
NOI Build-Up for 2,135 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
$32.0K $15.00/SF
− Vacancy
−$2.1K −$0.98/SF
EGI
$29.9K $14.03/SF
− OpEx
−$9.0K −$4.21/SF
NOI
$21.0K $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%
$419,200
Cap Rate 7%
$299,429
Cap Rate 9%
$232,889
Alternative Uses
Best Use
Multifamily LT 5
$299.4K
$262.0K – $349.3K
NOI $20,960 @ 7.0% cap · market cap 6.45%
Second Best
Apartment 5plus
$275.0K
$240.6K – $320.8K
NOI $19,247 @ 7.0% cap · market cap 5.92%
Theoretical Best
Specialty Retail
$395.3K
$345.9K – $461.2K
NOI $27,670 @ 7.0% cap · market cap 8.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
378
Businesses Nearby
Explore this area
Business Placement
Demographics for 48135, MI
27,380
Population
11,395
Households
2.4
Avg Household Size
41
Median Age
15%
College-Educated
91%
High-School Grad
5.9 sq mi
ZIP Area
4,641
Density / Sq Mi
$64,396
Median Household Income
$39,987
Median Earnings
$991
Median Rent
$162,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Occupied ranch-style triplex with separate utilities, in-unit laundry hookups, and a corner-lot setting.
Where is this triplex located?
The property is located at 30646 Krauter Street Garden City, MI.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Three 1‑bedroom, 1‑bath units, each approximately 712 sq. ft.; 2,135‑square‑foot triplex on a 0.26‑acre corner lot; Brick exterior with slab foundation and ranch architectural style
