Three-Unit Residential Income
For Sale
$264,800
1432 Charter St, Lincoln Park, MI 48146
Three residential units with separate utility meters, all currently leased with long-term tenants in place.
Property Size1,632 SF
Days on Market48
Property Features for 1432 Charter St
General Information
Standard status
Active
Size
1,632 SF
Property subtype
Investment
Occupancy
100%
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$4,673
Building Details
Building Size
1,632 SF
Year Built
1957
Units
3
Tenancy
Multi
Listing Agency:
Century 21 Curran & Oberski
(313) 203-8209
Listed By:
Dave W Abdallah · License #6501241447
(313) 203-8209
Source:
Elliman
Added: Jul 4
Changed: Aug 10
Last Checked: Aug 20 at 10:42AM
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 three-unit multifamily residential income property includes bedroom, living room, dining area, and bathroom in each unit. Each unit has its own separate utility meters, with water included in the rental price. The property is currently described as fully leased with long-term tenants in place, and new tours should be coordinated to avoid disturbing tenants.
The asset is located at 1432 Charter St in Lincoln Park, MI. The provided walk, bike, and transit scores indicate somewhat walkable and somewhat bikeable conditions, with more limited transit.
All figures and data are approximate as provided.
The asset is located at 1432 Charter St in Lincoln Park, MI. The provided walk, bike, and transit scores indicate somewhat walkable and somewhat bikeable conditions, with more limited transit.
All figures and data are approximate as provided.
Key Highlights
- 3‑unit multifamily building built in 1957
- 100% leased out with long‑term tenants in place (do not disturb tenants)
- Each unit includes a bedroom, living room, dining area, and bathroom
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
$16,022
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
6.05%
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%
$320,440
$320.4K
Cap Rate 7%
$228,886
$228.9K
Cap Rate 9%
$178,022
$178.0K
Market Conditions
NOI Build-Up for 1,632 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
$24.5K $15.00/SF
− Vacancy
−$1.6K −$0.98/SF
EGI
$22.9K $14.03/SF
− OpEx
−$6.9K −$4.21/SF
NOI
$16.0K $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%
$320,440
Cap Rate 7%
$228,886
Cap Rate 9%
$178,022
Alternative Uses
Best Use
Multifamily LT 5
$228.9K
$200.3K – $267.0K
NOI $16,022 @ 7.0% cap · market cap 6.05%
Second Best
Apartment 5plus
$210.2K
$183.9K – $245.2K
NOI $14,712 @ 7.0% cap · market cap 5.56%
Theoretical Best
Specialty Retail
$302.2K
$264.4K – $352.5K
NOI $21,151 @ 7.0% cap · market cap 7.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
437
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?
Triplex - Three residential units with separate utility meters, all currently leased with long-term tenants in place.
Where is this triplex located?
The property is located at 1432 Charter St Lincoln Park, MI.
What is the asking price?
The asking price for this property is $264,800.
What are key features of this property?
This property features: 3‑unit multifamily building built in 1957; 100% leased out with long‑term tenants in place (do not disturb tenants); Each unit includes a bedroom, living room, dining area, and bathroom
