Two-Story 8-Unit Apartment
For Sale
$894,800
1870 Saint Johns Blvd, Lincoln Park, MI 48146
8 two-bedroom units in a two-story building with basement laundry and a large parking lot.
Property Size7,800 SF
Days on Market39
Property Features for 1870 Saint Johns Blvd
General Information
Standard status
Active
Size
7,800 SF
Property subtype
Commercial
Occupancy
100%
Additional Details
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$19,530
Amenities
on-site laundry
huge parking lot
Building Details
Building Size
7,800 SF
Year Built
1973
Stories
2
Units
8
Tenancy
Multi
Listing Agency:
Century 21 Curran & Oberski
(313) 203-8214
Listed By:
Bill M Darwich · License #6501241447
(313) 203-8214
Source:
Elliman
Added: Jul 13
Changed: Aug 10
Last Checked: Aug 20 at 8:40AM
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 Century 21 Curran & Oberski
Investment Insights
Based on property information with market context.
This is an 8-unit, two-story apartment building with 100% tenant occupancy. Each unit includes two bedrooms, a living room, kitchen, dining area, and a bathroom. The property also has a basement with on-site laundry and a large parking lot. Tenants pay their own electric, while heat and water are included in the rent.
The building is described as being very close to shops, restaurants, and schools.
All information provided is approximate.
The building is described as being very close to shops, restaurants, and schools.
All information provided is approximate.
Key Highlights
- 8‑unit, two‑story apartment building built in 1973, all units are 2‑bedroom layouts
- 100% tenant occupied, with each unit featuring 2 bedrooms, living room, kitchen, dining area and bathroom
- Basement includes on‑site laundry facilities
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
$70,317
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
7.86%
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%
$1,406,340
$1.4M
Cap Rate 7%
$1,004,529
$1.0M
Cap Rate 9%
$781,300
$781.3K
Market Conditions
NOI Build-Up for 7,800 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
$135.7K $17.40/SF
− Vacancy
−$7.9K −$1.01/SF
EGI
$127.8K $16.39/SF
− OpEx
−$57.5K −$7.38/SF
NOI
$70.3K $9.01/SF
Area
Wayne County, MI
Vacancy
5.80%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
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%
$1,406,340
Cap Rate 7%
$1,004,529
Cap Rate 9%
$781,300
Alternative Uses
Best Use
Apartment 5plus
$1.00M
$879.0K – $1.17M
NOI $70,317 @ 7.0% cap · market cap 7.86%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.44M
$1.26M – $1.68M
NOI $101,088 @ 7.0% cap · market cap 11.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
264
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 8 two-bedroom units in a two-story building with basement laundry and a large parking lot.
Where is this apartment building located?
The property is located at 1870 Saint Johns Blvd Lincoln Park, MI.
What is the asking price?
The asking price for this property is $894,800.
What are key features of this property?
This property features: 8‑unit, two‑story apartment building built in 1973, all units are 2‑bedroom layouts; 100% tenant occupied, with each unit featuring 2 bedrooms, living room, kitchen, dining area and bathroom; Basement includes on‑site laundry facilities
