Renovated 3-Unit
New
For Sale
$270,000
1187 Park, Lincoln Park, MI 48146
Fully leased multifamily property with a two-bedroom and one-bedroom unit configuration, plus recent renovations and established occupancy.
Property Size2,368 SF
Price / SF$114.02
Days on Market5
Property Features for 1187 Park
General Information
Standard status
Active
Size
2,368 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Additional Details
Gross Income
$24,300
Building Details
Year Built
1928
Listing Agency:
Remax Central
(231) 775-1205
Listed By:
In Network Real Estate Group
(248) 655-7955
Source:
Innetworkrealestate
Added: Sep 9
Changed: Sep 13
Last Checked: Sep 13 at 7:46AM
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 Remax Central
Investment Insights
Based on property information with market context.
This 2,368-square-foot triplex contains two 2-bedroom, 1-bathroom apartments and a 1-bedroom, 1-bathroom basement apartment. The property was built in 1928 and has undergone recent renovations, leaving the building substantially improved for continued residential use. Water, gas, and electricity are paid by the owner.
Located at 1187 Park in Lincoln Park, Michigan, the property is 100% occupied, with tenants who have remained in place for more than 10 years. The established tenancy supports continuity of occupancy and reduces near-term turnover activity. The unit mix provides a practical configuration for a small multifamily asset, while completed renovation work limits the immediate need for substantial capital improvements.
Located at 1187 Park in Lincoln Park, Michigan, the property is 100% occupied, with tenants who have remained in place for more than 10 years. The established tenancy supports continuity of occupancy and reduces near-term turnover activity. The unit mix provides a practical configuration for a small multifamily asset, while completed renovation work limits the immediate need for substantial capital improvements.
Key Highlights
- 2,368 SF triplex with two 2‑bedroom units and one 1‑bedroom basement apartment
- 100% occupied with tenants in place for more than 10 years
- Recently renovated, with renovation work completed during current ownership
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
$23,248
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
8.61%
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%
$464,960
$465.0K
Cap Rate 7%
$332,114
$332.1K
Cap Rate 9%
$258,311
$258.3K
Market Conditions
NOI Build-Up for 2,368 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
$35.5K $15.00/SF
− Vacancy
−$2.3K −$0.98/SF
EGI
$33.2K $14.03/SF
− OpEx
−$10.0K −$4.21/SF
NOI
$23.2K $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%
$464,960
Cap Rate 7%
$332,114
Cap Rate 9%
$258,311
Alternative Uses
Best Use
Multifamily LT 5
$332.1K
$290.6K – $387.5K
NOI $23,248 @ 7.0% cap · market cap 8.61%
Second Best
Apartment 5plus
$305.0K
$266.8K – $355.8K
NOI $21,347 @ 7.0% cap · market cap 7.91%
Theoretical Best
Specialty Retail
$438.4K
$383.6K – $511.5K
NOI $30,689 @ 7.0% cap · market cap 11.37%
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
627
Businesses Nearby
Explore this area
Business Placement
Demographics for 48146, MI
40,245
Population
15,874
Households
2.5
Avg Household Size
37
Median Age
11%
College-Educated
81%
High-School Grad
5.8 sq mi
ZIP Area
6,939
Density / Sq Mi
$57,183
Median Household Income
$36,886
Median Earnings
$972
Median Rent
$117,400
Median Home Value
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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 - Fully leased multifamily property with a two-bedroom and one-bedroom unit configuration, plus recent renovations and established occupancy.
Where is this triplex located?
The property is located at 1187 Park Lincoln Park, MI.
What is the asking price?
The asking price for this property is $270,000.
What are key features of this property?
This property features: 2,368 SF triplex with two 2‑bedroom units and one 1‑bedroom basement apartment; 100% occupied with tenants in place for more than 10 years; Recently renovated, with renovation work completed during current ownership
