Updated Three-Unit Multifamily
New
For Sale
$325,000
11472 E Lippincott Boulevard, Davison, MI 48423
Separately metered residences offer distinct layouts, outdoor areas, and recent major-system improvements.
Property Size3,085 SF
Lot Size5.00 Acres
Price / SF$105.35
Days on Market2
Property Features for 11472 E Lippincott Boulevard
General Information
Standard status
Active
Size
3,085 SF
Lot size
5.00 Acres
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Building Details
Year Built
1945
Listing Agency:
EXP Realty - Fenton
Listed By:
Jason White
(269) 600-4397
Source:
Premiermichiganhomesearch
Added: Sep 11
Last Checked: Aug 25 at 5:20AM
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 EXP Realty - Fenton
Investment Insights
Based on property information with market context.
This three-unit multifamily property occupies 5 acres and includes three residences, each configured with 2 bedrooms and 1 full bath. The lower unit has a full basement, enclosed front porch, large deck, and 2-car garage. The upper residence has a separate entrance, while the rear unit uses a Cape Cod-style layout with a private patio. A laundry area serving the upper and rear units is located below the stairs and remains unfinished.
Recent improvements include new furnaces, central A/C units, water heaters, and roof. The main and rear units have new flooring, and the rear unit also received new drywall and insulation. All units are separately metered. The upper unit is leased through November, and the rear unit is leased through June 2027. The property is located in Davison, Michigan.
Recent improvements include new furnaces, central A/C units, water heaters, and roof. The main and rear units have new flooring, and the rear unit also received new drywall and insulation. All units are separately metered. The upper unit is leased through November, and the rear unit is leased through June 2027. The property is located in Davison, Michigan.
Key Highlights
- Three‑unit property on 5 acres
- Each unit includes 2 bedrooms and 1 full bath
- Lower unit features a full basement, enclosed front porch, large deck, and 2‑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
$26,498
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
8.15%
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%
$529,960
$530.0K
Cap Rate 7%
$378,543
$378.5K
Cap Rate 9%
$294,422
$294.4K
Market Conditions
NOI Build-Up for 3,085 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
$40.0K $12.96/SF
− Vacancy
−$2.1K −$0.69/SF
EGI
$37.9K $12.27/SF
− OpEx
−$11.4K −$3.68/SF
NOI
$26.5K $8.59/SF
Area
Genesee County, MI
Vacancy
5.32%
Lease Rate
$12.96 /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%
$529,960
Cap Rate 7%
$378,543
Cap Rate 9%
$294,422
Alternative Uses
Best Use
Multifamily LT 5
$378.5K
$331.2K – $441.6K
NOI $26,498 @ 7.0% cap · market cap 8.15%
Second Best
Apartment 5plus
$337.7K
$295.5K – $394.0K
NOI $23,642 @ 7.0% cap · market cap 7.27%
Theoretical Best
Office A
$649.2K
$568.0K – $757.4K
NOI $45,442 @ 7.0% cap · market cap 13.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
4
Businesses Nearby
Explore this area
Business Placement
Demographics for 48423, MI
33,801
Population
15,248
Households
2.2
Avg Household Size
41
Median Age
25%
College-Educated
93%
High-School Grad
64.5 sq mi
ZIP Area
524
Density / Sq Mi
$64,096
Median Household Income
$40,463
Median Earnings
$953
Median Rent
$209,400
Median Home Value
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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 - Separately metered residences offer distinct layouts, outdoor areas, and recent major-system improvements.
Where is this triplex located?
The property is located at 11472 E Lippincott Boulevard Davison, 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‑unit property on 5 acres; Each unit includes 2 bedrooms and 1 full bath; Lower unit features a full basement, enclosed front porch, large deck, and 2‑car garage
