Lincoln Park Multifamily
1380 COUNCIL Avenue Lincoln Park, MI 48146
For Sale
$499,000
8,000 SQFT building in prime Lincoln Park location.
Property Size8,378 SF
Lot Size0.35 Acres
Price / SF$59.56
Days on Market620
Property Features for 1380 COUNCIL Avenue
General Information
- Standard status
- Active
- Size
- 8,378 SF
- Lot size
- 0.35 Acres
- Property subtype
- Commercial/Industrial
Building Details
- Year Built
- 1952
Listing Agency:
XPI Realty
(313) 502-1118
Listed By:
Osama Kaid · License #6501442356
(313) 502-1118
Source:
Exitrealty
Added: Nov 14, 2024
Changed: Jul 10
Last Checked: Jul 26 at 4:34PM
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 XPI Realty
Investment Insights
Based on property information with market context.
Located in Lincoln Park, this 8,000 SQFT building presents an opportunity for investors or developers. The property is suitable for group homes, medical clinics, or an apartment building. The property is being sold as is.
Key Highlights
- 8,000 SQFT Building
- Prime Lincoln Park Location
- Perfect for Group Homes, Medical Clinic, or Apartment Building
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $50.3k | $6.00 |
| − Vacancy | −$11.8k | −$1.41 |
| EGI | $38.5k | $4.59 |
| − OpEx | −$9.6k | −$1.15 |
| NOI | $28.8k | $3.44 |
8,378 SF · lease $6.00/SF/yr · vacancy 23.50% · expense 25.00%
Alternative Uses
Best Use
Healthcare Medical
$1.26M
$1.10M – $1.47M
NOI $88,226 @ 7.0% cap · market cap 17.68%
Second Best
Office B
$412.0K
$360.5K – $480.7K
NOI $28,841 @ 7.0% cap · market cap 5.78%
Theoretical Best
Specialty Retail
$1.55M
$1.36M – $1.81M
NOI $108,579 @ 7.0% cap · market cap 21.76%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Medical Office Space
Similar Off Market Nearby
- Dix Animal Hospital — 1127 Dix Hwy, Lincoln Park, MI 48146
- Shahid Rehman - Dix Animal Hospital — 1127 Dix Hwy, Lincoln Park, MI 48146
- Abdul Waheed Nizamani - Dix Animal Hospital — 1127 Dix Hwy, Lincoln Park, MI 48146
- Rajbir Chadha - Dix Animal Hospital — 1127 Dix Hwy, Lincoln Park, MI 48146
FAQs
What type of property is this?
Medical Office Space - 8,000 SQFT building in prime Lincoln Park location.
Where is this medical office space located?
The property is located at 1380 COUNCIL Avenue Lincoln Park, MI.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 8,000 SQFT Building; Prime Lincoln Park Location; Perfect for Group Homes, Medical Clinic, or Apartment Building
