Monroe Multi-Unit Income
3778 N Custer, Monroe, MI 48162
Multi-Family - Monroe, MI
Property size:
5,532 SFLot size:
2.19 AcresPrice / SF:
$108/SF- Added:
- Mar 18, 2026
- Days on Market:
- 60
- Last Refresh:
- May 16 at 11:06 pm
Property Features for 3778 N Custer
General Information
- Property type
- Residential Multi Family
- Bedrooms
- 10
- Bathrooms
- 6
- Rooms
- Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
- Parking features
- Garage, Garage - Detached
- Basement Y/N
- 1
- Standard status
- Active
- APN
- 580794504701
- Size
- 5,532 SF
- Lot size
- 2.19 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 8874.88
Utilities
- Heating system
- Forced Air, Hot Water (Heating), Wall Furnace
Building Details
- Year built
- 1917
- Number of units
- 6
- Architectural style
- Other
Listing agent Erika Baehr License #6501332078 (734) 735-0937
Listing office Coldwell Banker Haynes R.E. in Monroe 15489 S. Telegraph Rd., MI (734) 242-8484
Listing date Mar 18, 2026
MLS# 50201871
Listing URL
Copyright © 2026 Southeastern Border Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- Significant income potential from six rental units and additional garage/office space.
- Recently updated Units 1‑5 with new paint, flooring, kitchens, and bathrooms.
- Unique historical property: the original Woodland Farms homestead with a renovated dairy barn.
- Stand‑alone 3‑bedroom home (Unit 6) included with full basement.
- Direct access to the Heritage Bike Trail and views of the River Raisin and farmland.
- Separate heating and electric for all units.
Overview
This multi-unit property, originally part of the Woodland Farms homestead, presents a unique investment opportunity. It includes a stand-alone 3-bedroom, 1-bath home with a full basement (Unit 6), along with five additional rental units. Units 1 through 3 feature full basements, while Units 4 and 5 offer single-floor living. The first five units have been updated with new paint, flooring, kitchens, and bathrooms. Each unit has separate heating and electric, with shared water expenses. Washer and dryer hookups are available in all units, with Units 4 and 5 sharing a utility room. The property also includes four garage spaces and an attached enclosed office area, offering additional rental or storage possibilities. A 38x175 dairy barn with a loft has new metal siding and an updated roof, presenting significant income potential for storage, event center, housing, or recreational rental facilities. The property is set in a peaceful location with views of the River Raisin and open farmland, and has direct access to the Heritage Bike Trail. The property size is 5532 square feet and the lot size is 2.19 acres.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$508.3K
NOI $45,743 @ 9.00% cap · cautious / downside scenario
Moderate
$653.5K
NOI $45,743 @ 7.00% cap · market / base-case scenario
Aggressive
$914.9K
NOI $45,743 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Apartment 5plus
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $88.3k | $15.96 |
| − Vacancy | −$5.1k | −$0.93 |
| EGI | $83.2k | $15.03 |
| − OpEx | −$37.4k | −$6.77 |
| NOI | $45.7k | $8.27 |
5,532 SF · lease $15.96/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Use Scenarios
Best Use
Apartment 5plus
$653.5K
$571.8K – $762.4K
NOI $45,743 @ 7.0% cap · market cap 7.64%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$5.71M
$4.99M – $6.66M
NOI $399,389 @ 7.0% cap · market cap 66.68%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Apartment buildings
Map
- City
- Monroe
- County
- Monroe
- State
- Michigan
- Longitude
- -83.4386
- Latitude
- 41.9636
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Multi-unit property with income potential and historical significance.
Where is this apartment building located?
The property is located at 3778 N Custer Monroe, MI.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Significant income potential from six rental units and additional garage/office space.; Recently updated Units 1‑5 with new paint, flooring, kitchens, and bathrooms.; Unique historical property: the original Woodland Farms homestead with a renovated dairy barn.
