Four-Unit Colonial
For Sale
$528,500
999-997 Nottingham Street, Grosse Pointe Park, MI 48230
MULTIFAMILY, Grosse Pointe Park, MI
Property Size4,208 SF
Price / SF$125.59
Days on Market11
Property Features for 999-997 Nottingham Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Multi-Family
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bedroom 1, Bedroom 6, Bedroom 7, Bedroom 8, Bedroom 5, Bathroom 1, Bedroom 2, Basement, Bathroom 3, Bathroom 2, Bathroom 4, Bedroom 3
Patio and Porch features
Porch
Exterior features
Porch, Street Lights
Appliances
Dryer, Range/Oven, Refrigerator, Washer
Subdivision
Dennee &McAlisters Jeff Ave Riverview Park Sub.
Elementary school district
Grosse Pointe Public Schools
Middle school district
Grosse Pointe Public Schools
High school district
Grosse Pointe Public Schools
Standard status
Active
APN
3900901034002
Size
4,208 SF
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
8501
Utilities
Heating system
Hot Water(Heating), Other (Heating)
Cooling system
Window Unit(s)
Water source
Public
Amenities
Hardwood floors
efficient kitchens
formal dining rooms
full attic up for storage
stove, refrigerator
separate basement space with washer, dryer
lower units have their own porch
upper shares a large porch
Building Details
Year built
1926
Floors in Building
2
Number of units
4
Architectural style
Colonial
Listing Agency:
W.C. Collins Realty · Century 21 Real Estate
(586) 281-2211
Listed By:
Carol Z Koepplin · License #6501172749
(586) 215-5228
Added: Sep 14
Changed: Sep 21
Last Checked: Sep 24 at 5:06AM
MLS# 50221729
Copyright © 2026 Multiple Listing Service MiRealSource. 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 4208-square-foot Colonial property, built in 1926, contains four rented apartments with hardwood floors, efficient kitchens, formal dining rooms, and bedrooms positioned at the rear of each unit. Each apartment includes a stove and refrigerator, while individual basement areas provide a washer, dryer, boiler, hot water tank, and circuit-breaker electrical panels. The lower apartments have private porches, and the upper apartments share a larger porch. Window unit cooling and hot water heating are present throughout the property.
A four-car garage provides one space for each apartment, with an additional alley parking space. DTE dusk-to-dawn lighting serves the alley and side of the building. Tenants pay their own utilities. The property is located near freeways, bus lines, schools, shopping, restaurants, hospitals, and the Grosse Pointe Park Waterfront park in Grosse Pointe Park, Michigan.
A four-car garage provides one space for each apartment, with an additional alley parking space. DTE dusk-to-dawn lighting serves the alley and side of the building. Tenants pay their own utilities. The property is located near freeways, bus lines, schools, shopping, restaurants, hospitals, and the Grosse Pointe Park Waterfront park in Grosse Pointe Park, Michigan.
Key Highlights
- Four rented apartments in a 4208 SF Colonial property
- Built in 1926 with hardwood floors and formal dining rooms
- Separate basement areas include washers, dryers, boilers, hot water tanks, and circuit‑breaker panels
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
$41,312
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
7.82%
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%
$826,240
$826.2K
Cap Rate 7%
$590,171
$590.2K
Cap Rate 9%
$459,022
$459.0K
Market Conditions
NOI Build-Up for 4,208 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
$63.1K $15.00/SF
− Vacancy
−$4.1K −$0.98/SF
EGI
$59.0K $14.03/SF
− OpEx
−$17.7K −$4.21/SF
NOI
$41.3K $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%
$826,240
Cap Rate 7%
$590,171
Cap Rate 9%
$459,022
Alternative Uses
Best Use
Multifamily LT 5
$590.2K
$516.4K – $688.5K
NOI $41,312 @ 7.0% cap · market cap 7.82%
Second Best
Apartment 5plus
$541.9K
$474.2K – $632.3K
NOI $37,935 @ 7.0% cap · market cap 7.18%
Theoretical Best
Specialty Retail
$779.1K
$681.7K – $908.9K
NOI $54,536 @ 7.0% cap · market cap 10.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
584
Businesses Nearby
Explore this area
Business Placement
Demographics for 48230, MI
17,559
Population
7,369
Households
2.4
Avg Household Size
42
Median Age
73%
College-Educated
99%
High-School Grad
3.3 sq mi
ZIP Area
5,321
Density / Sq Mi
$131,155
Median Household Income
$65,716
Median Earnings
$1,451
Median Rent
$448,200
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?
Quadplex - Four occupied apartments feature individual basement areas, in-unit appliances, and shared access to laundry equipment.
Where is this quadplex located?
The property is located at 999-997 Nottingham Street Grosse Pointe Park, MI.
What is the asking price?
The asking price for this property is $528,500.
What are key features of this property?
This property features: Four rented apartments in a 4208 SF Colonial property; Built in 1926 with hardwood floors and formal dining rooms; Separate basement areas include washers, dryers, boilers, hot water tanks, and circuit‑breaker panels
