Triplex With Separate
New
For Sale
$295,000
4355 LAPEER Rd, Burton, MI 48509
Three-unit property combines a primary residence with two one-bedroom apartments and separately metered systems.
Property Size2,800 SF
Days on Market3
Property Features for 4355 LAPEER Rd
General Information
Standard status
Active
Size
2,800 SF
Property subtype
Investment
Units
Unit Mix
1 x 3BR/2BA (1400 sq ft), 1 x 1BR (750 sq ft), 1 x 1BR (600 sq ft)
Multifamily Units
3
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$2,973
Amenities
fenced yard
handicap accessible bathroom
Building Details
Building Size
2,800 SF
Year Built
1929
Buildings
1
Units
3
Listing Agency:
American Associates REALTORS
(810) 955-4898
Listed By:
Sally A Newland · License #6501306655
(810) 955-4898
Source:
Elliman
Added: Aug 14
Changed: Aug 15
Last Checked: Aug 15 at 3:40AM
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 American Associates REALTORS
Investment Insights
Based on property information with market context.
This 1929 triplex includes a 1,400-square-foot main residence with three bedrooms and two baths, including one handicap-accessible bath. Two additional one-bedroom apartments measure 750 square feet and 600 square feet. Each unit has its own furnace, electrical box, and meter, and both apartments are currently rented. The layout may also be converted back to a single-family configuration.
The property sits on just under an acre at 4355 LAPEER Rd in Burton, Michigan, and backs up to Kelly Park. Exterior features include a fenced backyard and a 2.5-car garage with a loft and a built-on 6x10 storage addition. The main residence and apartment arrangement supports on-site occupancy alongside separate rental units.
The property sits on just under an acre at 4355 LAPEER Rd in Burton, Michigan, and backs up to Kelly Park. Exterior features include a fenced backyard and a 2.5-car garage with a loft and a built-on 6x10 storage addition. The main residence and apartment arrangement supports on-site occupancy alongside separate rental units.
Key Highlights
- Three‑unit layout with 1,400‑square‑foot main residence and two one‑bedroom apartments
- Apartment sizes are 750 square feet and 600 square feet
- Separate meters, electrical boxes, and furnaces for all 3 units
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
$24,050
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
8.15%
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%
$481,000
$481.0K
Cap Rate 7%
$343,571
$343.6K
Cap Rate 9%
$267,222
$267.2K
Market Conditions
NOI Build-Up for 2,800 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
$36.3K $12.96/SF
− Vacancy
−$1.9K −$0.69/SF
EGI
$34.4K $12.27/SF
− OpEx
−$10.3K −$3.68/SF
NOI
$24.1K $8.59/SF
Area
Genesee County, MI
Vacancy
5.32%
Lease Rate
$12.96 /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%
$481,000
Cap Rate 7%
$343,571
Cap Rate 9%
$267,222
Alternative Uses
Best Use
Multifamily LT 5
$343.6K
$300.6K – $400.8K
NOI $24,050 @ 7.0% cap · market cap 8.15%
Second Best
Apartment 5plus
$306.5K
$268.2K – $357.6K
NOI $21,457 @ 7.0% cap · market cap 7.27%
Theoretical Best
Office A
$589.2K
$515.6K – $687.4K
NOI $41,244 @ 7.0% cap · market cap 13.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
149
Businesses Nearby
Explore this area
Business Placement
Demographics for 48509, MI
9,568
Population
4,166
Households
2.3
Avg Household Size
44
Median Age
16%
College-Educated
91%
High-School Grad
8.8 sq mi
ZIP Area
1,087
Density / Sq Mi
$64,385
Median Household Income
$35,417
Median Earnings
$1,061
Median Rent
$127,700
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 - Three-unit property combines a primary residence with two one-bedroom apartments and separately metered systems.
Where is this triplex located?
The property is located at 4355 LAPEER Rd Burton, MI.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Three‑unit layout with 1,400‑square‑foot main residence and two one‑bedroom apartments; Apartment sizes are 750 square feet and 600 square feet; Separate meters, electrical boxes, and furnaces for all 3 units
