Triplex with Basement
For Sale
$260,000
1187 Park, Lincoln Park, MI 48146
Multifamily, 3 Story, Lincoln Park, MI
Property Size1,868 SF
Price / SF$139.19
Days on Market48
Property Features for 1187 Park
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bathroom 1, Bedroom 4, Bathroom 3, Bathroom 2, Bedroom 2, Bedroom 5, Bedroom 1, Basement
Pets allowed
Call
Elementary school district
Lincoln Park
Middle school district
Lincoln Park
High school district
Lincoln Park
Directions
South on fort east on park
Subdivision
Lincoln Park
Standard status
Active
APN
45009020040000
Size
1,868 SF
Taxes and HOA fees
Tax Description
FG40 LOT 40 ALSO ADJ VAC ALLEY 9 FT WIDE THEECKS PARK CENTER SUB PC 43 L44 P60 WCR
Tax Annual Amount
2789
Legal Description
FG40 LOT 40 ALSO ADJ VAC ALLEY 9 FT WIDE THEECKS PARK CENTER SUB PC 43 L44 P60 WCR
Utilities
Heating system
Forced Air
Water source
Public
Building Details
Year built
1928
Floors in Building
3
Number of units
3
Building materials
Brick
Architectural style
Colonial
Listing Agency:
RE/MAX Leading Edge · RE/MAX International
(313) 277-7777
Listed By:
Charlotte Tumminello
(734) 756-3997
Added: Sep 7
Changed: Oct 22
Last Checked: Oct 24 at 5:06PM
MLS# 20261071896
Copyright © 2026 Realcomp Limited II. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
Built in 1928, this 1,868-square-foot brick triplex contains two two-bedroom, one-bathroom apartments and a legal one-bedroom, one-bathroom basement apartment. The building has forced-air heating and public water, and the zoning is Residential.
All three apartments are occupied. Recent work includes a new furnace, a newer water heater, gas line repairs, replacement stoves and refrigerators, and a complete renovation of the one-bedroom apartment. Kitchen flooring was also improved.
All three apartments are occupied. Recent work includes a new furnace, a newer water heater, gas line repairs, replacement stoves and refrigerators, and a complete renovation of the one-bedroom apartment. Kitchen flooring was also improved.
Key Highlights
- Three occupied apartments: two 2‑bedroom, 1‑bathroom units and one legal 1‑bedroom, 1‑bathroom basement unit
- 1,868 square feet; brick construction; built in 1928
- 7.7% in‑place cap rate and 9.2% potential cap rate
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,339
Cap Rate
7.05%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$366,780
$366.8K
Cap Rate 7%
$261,986
$262.0K
Cap Rate 9%
$203,767
$203.8K
Market Conditions
NOI Build-Up for 1,868 SF
Gross rent
$28.0K $15.00/SF
− Vacancy
−$1.8K −$0.98/SF
EGI
$26.2K $14.03/SF
− OpEx
−$7.9K −$4.21/SF
NOI
$18.3K $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 Rate 5%
$366,780
Cap Rate 7%
$261,986
Cap Rate 9%
$203,767
Alternative Uses
Best Use
Multifamily LT 5
$262.0K
$229.2K – $305.7K
NOI $18,339 @ 7.0% cap · market cap 7.05%
Second Best
Apartment 5plus
$240.6K
$210.5K – $280.7K
NOI $16,840 @ 7.0% cap · market cap 6.48%
Theoretical Best
Specialty Retail
$345.8K
$302.6K – $403.5K
NOI $24,209 @ 7.0% cap · market cap 9.31%
Zoning and permitted uses should be independently verified with authorities.
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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
Frequently Asked Questions
What type of property is this?
Triplex - The fully occupied property contains three apartments with a mix of one- and two-bedroom layouts.
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 $260,000.
What are key features of this property?
This property features: Three occupied apartments: two 2‑bedroom, 1‑bathroom units and one legal 1‑bedroom, 1‑bathroom basement unit; 1,868 square feet; brick construction; built in 1928; 7.7% in‑place cap rate and 9.2% potential cap rate
