Occupied Triplex with Detached
For Sale
$189,900
724 Laplaisance Road, Monroe, MI 48161
MULTIFAMILY, 2 Story, Monroe, MI
Property Size1,788 SF
Lot Size0.22 Acres
Price / SF$106.21
Days on Market47
Property Features for 724 Laplaisance Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bedroom 2, Bathroom 1, Bathroom 3, Bedroom 4, Bathroom 2, Bedroom 1, Bedroom 3, Bedroom 5
Appliances
Dishwasher, Dryer, Range/Oven, Refrigerator, Washer
Elementary school district
Monroe Public Schools
Middle school district
Monroe Public Schools
High school district
Monroe Public Schools
Subdivision
Monroe (58026)
Standard status
Active
Size
1,788 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Annual Amount
3281
Utilities
Heating system
Wall Furnace, Forced Air
Water source
Public
Building Details
Year built
1923
Floors in Building
2
Number of units
3
Architectural style
Other
Listing Agency:
Coldwell Banker Haynes R.E. in Monroe · Coldwell Banker Real Estate
(734) 242-8484
Listed By:
Charles Lemerand
(734) 731-0317
Added: Aug 12
Changed: Sep 12
Last Checked: Sep 27 at 4:06PM
MLS# 50218201
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.
Investment Insights
Based on property information with market context.
This triplex property contains a two-story duplex with distinct upper and lower residences, along with a separate one-bedroom home. The improvements total 1,788 square feet on a 0.22-acre parcel and include a detached two-car garage. The property was built in 1923 and is served by public water. Appliances include a range/oven, refrigerator, dishwasher, washer, and dryer, while heating is provided by wall furnaces and forced air.
Updates include siding installed on the duplex in 2022 and on the one-bedroom home in 2016, a sewer line repair completed in 2019, replacement windows and doors, and a newer garage door. All three units are occupied, and tenants pay utilities other than water. The duplex configuration also provides the physical layout for potential single-family conversion, as noted in the property information.
Updates include siding installed on the duplex in 2022 and on the one-bedroom home in 2016, a sewer line repair completed in 2019, replacement windows and doors, and a newer garage door. All three units are occupied, and tenants pay utilities other than water. The duplex configuration also provides the physical layout for potential single-family conversion, as noted in the property information.
Key Highlights
- Three occupied rental units: two within the duplex and one separate one‑bedroom home
- 1,788 square feet on a 0.22‑acre lot
- Two‑story duplex paired with a detached two‑car garage
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
$15,869
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
8.36%
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%
$317,380
$317.4K
Cap Rate 7%
$226,700
$226.7K
Cap Rate 9%
$176,322
$176.3K
Market Conditions
NOI Build-Up for 1,788 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
$24.2K $13.56/SF
− Vacancy
−$1.6K −$0.88/SF
EGI
$22.7K $12.68/SF
− OpEx
−$6.8K −$3.80/SF
NOI
$15.9K $8.88/SF
Area
Monroe County, MI
Vacancy
6.50%
Lease Rate
$13.56 /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%
$317,380
Cap Rate 7%
$226,700
Cap Rate 9%
$176,322
Alternative Uses
Best Use
Multifamily LT 5
$226.7K
$198.4K – $264.5K
NOI $15,869 @ 7.0% cap · market cap 8.36%
Second Best
Apartment 5plus
$211.2K
$184.8K – $246.4K
NOI $14,785 @ 7.0% cap · market cap 7.79%
Theoretical Best
Warehouse
$1.84M
$1.61M – $2.15M
NOI $129,087 @ 7.0% cap · market cap 67.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
578
Businesses Nearby
Explore this area
Business Placement
Demographics for 48161, MI
26,571
Population
12,015
Households
2.2
Avg Household Size
40
Median Age
19%
College-Educated
89%
High-School Grad
44.8 sq mi
ZIP Area
593
Density / Sq Mi
$65,517
Median Household Income
$40,184
Median Earnings
$955
Median Rent
$173,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Triplex - Three occupied rental units include a two-story duplex and a separate one-bedroom home.
Where is this triplex located?
The property is located at 724 Laplaisance Road Monroe, MI.
What is the asking price?
The asking price for this property is $189,900.
What are key features of this property?
This property features: Three occupied rental units: two within the duplex and one separate one‑bedroom home; 1,788 square feet on a 0.22‑acre lot; Two‑story duplex paired with a detached two‑car garage
