Three-Unit Apartment
For Sale
$279,000
22911 Hayes Ave, Eastpointe, MI 48021
Well-maintained three-unit apartment building with updated interiors, basement laundry, and three off-street parking spaces.
Property Size1,826 SF
Days on Market110
Property Features for 22911 Hayes Ave
General Information
Standard status
Active
Size
1,826 SF
Total Parking Spaces
3
Property subtype
Investment
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,732
Building Details
Building Size
1,826 SF
Year Built
1938
Units
3
Tenancy
Multi
Listing Agency:
Jim Saros Real Estate Services
Listed By:
James B Saros · License #6501398798
(313) 886-9030
Source:
Elliman
Added: Jun 19
Changed: Oct 5
Last Checked: Oct 5 at 5:08PM
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 Jim Saros Real Estate Services
Investment Insights
Based on property information with market context.
This well-maintained three-unit apartment building is configured with one first-floor 2-bedroom, 1-bath unit and an upstairs 1-bedroom, 1-bath unit, along with a studio unit that is currently tenant-occupied. Recent interior improvements include a brand new kitchen and updated bathroom in the first-floor unit, along with updated kitchen and bathroom finishes in the upstairs unit. The property also features all new flooring, paint, and window shades.
Building systems and conveniences include replacement windows, a new water heater, separate electrical service with circuit breakers for each unit, and common laundry facilities in the basement. The building is serviced by one furnace, and the lot provides three off-street parking spaces. Showings are available for the two vacant units, with access to the occupied studio unit provided upon an accepted offer.
Building systems and conveniences include replacement windows, a new water heater, separate electrical service with circuit breakers for each unit, and common laundry facilities in the basement. The building is serviced by one furnace, and the lot provides three off-street parking spaces. Showings are available for the two vacant units, with access to the occupied studio unit provided upon an accepted offer.
Key Highlights
- 1938‑built 3‑unit apartment building with projected total monthly rents of $2,850
- Studio unit is tenant‑occupied at $800/month for immediate rental income
- First‑floor unit offers 2 beds, 1 full bath with a brand new kitchen and updated bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,330
Cap Rate
6.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$386,600
$386.6K
Cap Rate 7%
$276,143
$276.1K
Cap Rate 9%
$214,778
$214.8K
Market Conditions
NOI Build-Up for 1,826 SF
Gross rent
$29.6K $16.20/SF
− Vacancy
−$2.0K −$1.08/SF
EGI
$27.6K $15.12/SF
− OpEx
−$8.3K −$4.54/SF
NOI
$19.3K $10.59/SF
Area
Macomb County, MI
Vacancy
6.65%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$386,600
Cap Rate 7%
$276,143
Cap Rate 9%
$214,778
Alternative Uses
Best Use
Multifamily LT 5
$276.1K
$241.6K – $322.2K
NOI $19,330 @ 7.0% cap · market cap 6.93%
Second Best
Apartment 5plus
$245.0K
$214.4K – $285.8K
NOI $17,148 @ 7.0% cap · market cap 6.15%
Theoretical Best
Specialty Retail
$341.9K
$299.1K – $398.8K
NOI $23,930 @ 7.0% cap · market cap 8.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
538
Businesses Nearby
Explore this area
Business Placement
Demographics for 48021, MI
34,244
Population
14,124
Households
2.4
Avg Household Size
37
Median Age
15%
College-Educated
89%
High-School Grad
5.1 sq mi
ZIP Area
6,715
Density / Sq Mi
$58,196
Median Household Income
$35,836
Median Earnings
$1,335
Median Rent
$129,100
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 - Well-maintained three-unit apartment building with updated interiors, basement laundry, and three off-street parking spaces.
Where is this triplex located?
The property is located at 22911 Hayes Ave Eastpointe, MI.
What is the asking price?
The asking price for this property is $279,000.
What are key features of this property?
This property features: 1938‑built 3‑unit apartment building with projected total monthly rents of $2,850; Studio unit is tenant‑occupied at $800/month for immediate rental income; First‑floor unit offers 2 beds, 1 full bath with a brand new kitchen and updated bathroom
