Fully Renovated Brick
For Sale
$699,000
3643 Lincoln St, Detroit, MI 48208
Fully renovated 1880 Victorian brick triplex with updated systems and multiple balconies plus a rear wood deck.
Property Size2,900 SF
Days on Market60
Property Features for 3643 Lincoln St
General Information
Standard status
Active
Size
2,900 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$1,671
Amenities
deck
balcony
backyard
Building Details
Building Size
2,900 SF
Year Built
1880
Stories
3
Units
3
Construction
Victorian brick
Tenancy
Multi
Listing Agency:
O'Connor Realty Detroit, LLC
(313) 378-4270
Listed By:
Randall S Fogelman · License #6501278483
(313) 378-4270
Source:
Elliman
Added: Jun 23
Changed: Aug 7
Last Checked: Aug 21 at 10:40AM
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 O'Connor Realty Detroit, LLC
Investment Insights
Based on property information with market context.
This fully renovated 1880 Victorian brick triplex blends original character with modern upgrades. The property includes up-to-date electrical, plumbing, and HVAC in each unit, along with a new slate roof with pure copper accents and gutters. Interiors feature high ceilings, tall Italianate windows, curved double interior doors, and dark wood trim in portions of the building, while each unit includes beautifully updated bathrooms and new windows throughout. The second- and third-floor apartments offer open-plan and balcony elements, and the third-floor unit includes coved ceilings and a walkout balcony. Half of the basement has been smartened up to create a practical bonus unit with exposed brick walls.
The property is located on a lively block within walking distance of Downtown and is one block from Scripps Park, which hosts live music, movies, and activities during the summer.
A spacious rear wood deck overlooks a large backyard, providing outdoor space for tenants or residents.
The property is located on a lively block within walking distance of Downtown and is one block from Scripps Park, which hosts live music, movies, and activities during the summer.
A spacious rear wood deck overlooks a large backyard, providing outdoor space for tenants or residents.
Key Highlights
- Fully renovated 1880 Victorian brick triplex with new windows and updated bathrooms throughout
- Up‑to‑date electrical, plumbing, and HVAC in each unit
- New slate roof with pure copper accents, plus copper gutters
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
$33,143
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
4.74%
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%
$662,860
$662.9K
Cap Rate 7%
$473,471
$473.5K
Cap Rate 9%
$368,256
$368.3K
Market Conditions
NOI Build-Up for 2,900 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
$50.5K $17.40/SF
− Vacancy
−$3.1K −$1.07/SF
EGI
$47.3K $16.33/SF
− OpEx
−$14.2K −$4.90/SF
NOI
$33.1K $11.43/SF
Area
Detroit, MI
Vacancy
6.17%
Lease Rate
$17.40 /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%
$662,860
Cap Rate 7%
$473,471
Cap Rate 9%
$368,256
Alternative Uses
Best Use
Multifamily LT 5
$473.5K
$414.3K – $552.4K
NOI $33,143 @ 7.0% cap · market cap 4.74%
Second Best
Apartment 5plus
$434.6K
$380.3K – $507.1K
NOI $30,423 @ 7.0% cap · market cap 4.35%
Theoretical Best
Office A
$639.8K
$559.8K – $746.4K
NOI $44,783 @ 7.0% cap · market cap 6.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
770
Businesses Nearby
Explore this area
Business Placement
Demographics for 48208, MI
8,090
Population
5,226
Households
1.5
Avg Household Size
37
Median Age
27%
College-Educated
79%
High-School Grad
3.2 sq mi
ZIP Area
2,528
Density / Sq Mi
$29,742
Median Household Income
$39,526
Median Earnings
$842
Median Rent
$186,700
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 - Fully renovated 1880 Victorian brick triplex with updated systems and multiple balconies plus a rear wood deck.
Where is this triplex located?
The property is located at 3643 Lincoln St Detroit, MI.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Fully renovated 1880 Victorian brick triplex with new windows and updated bathrooms throughout; Up‑to‑date electrical, plumbing, and HVAC in each unit; New slate roof with pure copper accents, plus copper gutters
