Three-Unit
New
For Sale
$249,900
109 South Ave, Mount Clemens, MI 48043
Separate entrances and individually metered gas and electric service distinguish the three residences.
Property Size1,498 SF
Price / SF$166.82
Days on Market2
Property Features for 109 South Ave
General Information
Standard status
Active
Size
1,498 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 1BR, 1 x 2BR
Multifamily Units
3
Additional Details
Gross Income
$26,460
Amenities
separate gas and electric meters
Building Details
Year Built
1899
Listing Agency:
Cornerstone Real Estate Co LLC
(810) 721-7398
Listed By:
Mark Schmansky
(248) 701-0207
Source:
Patientmoves
Added: Sep 26
Last Checked: Sep 26 at 3:24PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Cornerstone Real Estate Co LLC
Investment Insights
Based on property information with market context.
This 1,498-square-foot triplex contains three residences, each with a private entrance. Two lower-level units have one bedroom apiece, while the upper unit has two bedrooms. Gas and electric service is separately metered for each residence. The property was built in 1899.
Key Highlights
- Three units: two one‑bedroom residences below and one two‑bedroom residence above
- 1,498 square feet
- Separate entrance for each residence
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
$15,858
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
6.35%
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%
$317,160
$317.2K
Cap Rate 7%
$226,543
$226.5K
Cap Rate 9%
$176,200
$176.2K
Market Conditions
NOI Build-Up for 1,498 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
$24.3K $16.20/SF
− Vacancy
−$1.6K −$1.08/SF
EGI
$22.7K $15.12/SF
− OpEx
−$6.8K −$4.54/SF
NOI
$15.9K $10.59/SF
Area
Macomb County, MI
Vacancy
6.65%
Lease Rate
$16.20 /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%
$317,160
Cap Rate 7%
$226,543
Cap Rate 9%
$176,200
Alternative Uses
Best Use
Multifamily LT 5
$226.5K
$198.2K – $264.3K
NOI $15,858 @ 7.0% cap · market cap 6.35%
Second Best
Apartment 5plus
$201.0K
$175.9K – $234.5K
NOI $14,068 @ 7.0% cap · market cap 5.63%
Theoretical Best
Specialty Retail
$280.4K
$245.4K – $327.2K
NOI $19,631 @ 7.0% cap · market cap 7.86%
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
1,304
Businesses Nearby
Explore this area
Business Placement
Demographics for 48043, MI
15,665
Population
7,059
Households
2.2
Avg Household Size
41
Median Age
18%
College-Educated
88%
High-School Grad
4.1 sq mi
ZIP Area
3,821
Density / Sq Mi
$57,315
Median Household Income
$37,683
Median Earnings
$896
Median Rent
$169,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Triplex - Separate entrances and individually metered gas and electric service distinguish the three residences.
Where is this triplex located?
The property is located at 109 South Ave Mount Clemens, MI.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Three units: two one‑bedroom residences below and one two‑bedroom residence above; 1,498 square feet; Separate entrance for each residence
