Three-Unit Residential Income
335 POPLAR Street Wyandotte, MI 48192
For Sale
$255,000
Pending
Three-unit building with two one-bedroom units, one two-bedroom unit, off-street parking, and updated boiler heat.
Property Size1,496 SF
Days on Market762
Property Features for 335 POPLAR Street
General Information
Standard status
Pending
Size
1,496 SF
Property subtype
Multi Family
Building Details
Year Built
1893
Listing Agency:
Real Estate One-Southgate
(734) 284-5400
Listed By:
Sheri Fricke · License #6501224528
(734) 284-5400
Source:
Exitrealty
Added: Jun 26, 2024
Changed: Jul 23
Last Checked: Jul 27 at 2:59AM
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 Real Estate One-Southgate
Investment Insights
Based on property information with market context.
This three-unit residential income property includes one two-bedroom unit and two one-bedroom units. The building has a full basement with laundry appliances and storage for tenants, and appliances are provided in all units. Parking is available off street for all three units, and there is an oversized two-car garage plus an additional shed. Tenants currently pay electrical, while the landlord pays gas and water. The boiler heat has been updated, and there is a newer water tank.
The property is located close to a hospital, schools, parks, and Downtown Wyandotte. Two of the units are currently leased with long-term tenants.
With on-site parking serving all units and a garage that tenants do not currently utilize, the property offers additional onsite utility as part of the existing setup.
The property is located close to a hospital, schools, parks, and Downtown Wyandotte. Two of the units are currently leased with long-term tenants.
With on-site parking serving all units and a garage that tenants do not currently utilize, the property offers additional onsite utility as part of the existing setup.
Key Highlights
- 1893‑built 3‑unit property with one 2‑bedroom unit and two 1‑bedroom units
- Off‑street parking for all three units; tenants currently do not use the oversized 2‑car garage
- Full basement includes laundry appliances and tenant storage
Financial Insights For Multifamily LT 5
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 | $22.4k | $15.00 |
| − Vacancy | −$1.5k | −$0.98 |
| EGI | $21.0k | $14.03 |
| − OpEx | −$6.3k | −$4.21 |
| NOI | $14.7k | $9.82 |
1,496 SF · lease $15.00/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$209.8K
$183.6K – $244.8K
NOI $14,687 @ 7.0% cap · market cap 5.76%
Second Best
Apartment 5plus
$192.7K
$168.6K – $224.8K
NOI $13,486 @ 7.0% cap · market cap 5.29%
Theoretical Best
Specialty Retail
$277.0K
$242.4K – $323.1K
NOI $19,388 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit building with two one-bedroom units, one two-bedroom unit, off-street parking, and updated boiler heat.
Where is this triplex located?
The property is located at 335 POPLAR Street Wyandotte, MI.
What is the asking price?
The asking price for this property is $255,000.
What are key features of this property?
This property features: 1893‑built 3‑unit property with one 2‑bedroom unit and two 1‑bedroom units; Off‑street parking for all three units; tenants currently do not use the oversized 2‑car garage; Full basement includes laundry appliances and tenant storage
