Victorian Four-Unit
For Sale
$559,000
Pending
2715 BIDDLE Avenue, Wyandotte, MI 48192
Fully leased residential property with furnished units, shared laundry, basement storage, and tenant parking.
Property Size5,604 SF
Days on Market541
Property Features for 2715 BIDDLE Avenue
General Information
Standard status
Pending
Size
5,604 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$6,765
Building Details
Year Built
1882
Listing Agency:
Van Esley Real Estate Inc
(734) 459-7570
Listed By:
Sandra Dimovich · License #6501401836
(734) 459-7570
Source:
Exitrealty
Added: Mar 10, 2025
Changed: Aug 30
Last Checked: Aug 31 at 4:40PM
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 Van Esley Real Estate Inc
Investment Insights
Based on property information with market context.
Built in 1882, this Victorian-style quadplex contains four residential units within a 5,604-square-foot property. Each unit measures approximately 1,100 square feet and includes two bedrooms, a living room, dining room, full bathroom, appliances, and some hardwood flooring. All four units are currently leased.
Shared amenities include a laundry room with coin-operated washer and dryer, a common basement with exterior walk-in access, and additional storage. One unit also includes a private basement. Tenant parking is provided through a parking pad and additional front-side driveway spaces. The property is in Downtown Wyandotte and is walkable to Bishop Park.
Shared amenities include a laundry room with coin-operated washer and dryer, a common basement with exterior walk-in access, and additional storage. One unit also includes a private basement. Tenant parking is provided through a parking pad and additional front-side driveway spaces. The property is in Downtown Wyandotte and is walkable to Bishop Park.
Key Highlights
- Four leased units, each approximately 1,100 sq ft with 2 bedrooms
- 5,604‑square‑foot property built in 1882
- Victorian‑style building with some hardwood floors
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
$50,520
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
9.04%
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%
$1,010,400
$1.0M
Cap Rate 7%
$721,714
$721.7K
Cap Rate 9%
$561,333
$561.3K
Market Conditions
NOI Build-Up for 5,604 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
$97.5K $17.40/SF
− Vacancy
−$5.7K −$1.01/SF
EGI
$91.9K $16.39/SF
− OpEx
−$41.3K −$7.38/SF
NOI
$50.5K $9.01/SF
Area
Wayne County, MI
Vacancy
5.80%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
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%
$1,010,400
Cap Rate 7%
$721,714
Cap Rate 9%
$561,333
Alternative Uses
Best Use
Multifamily LT 5
$786.0K
$687.7K – $917.0K
NOI $55,017 @ 7.0% cap · market cap 9.84%
Second Best
Apartment 5plus
$721.7K
$631.5K – $842.0K
NOI $50,520 @ 7.0% cap · market cap 9.04%
Theoretical Best
Specialty Retail
$1.04M
$907.9K – $1.21M
NOI $72,628 @ 7.0% cap · market cap 12.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,071
Businesses Nearby
Explore this area
Business Placement
Demographics for 48192, MI
25,058
Population
11,441
Households
2.2
Avg Household Size
42
Median Age
21%
College-Educated
91%
High-School Grad
5.3 sq mi
ZIP Area
4,728
Density / Sq Mi
$67,846
Median Household Income
$42,999
Median Earnings
$995
Median Rent
$159,700
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?
Quadplex - Fully leased residential property with furnished units, shared laundry, basement storage, and tenant parking.
Where is this quadplex located?
The property is located at 2715 BIDDLE Avenue Wyandotte, MI.
What is the asking price?
The asking price for this property is $559,000.
What are key features of this property?
This property features: Four leased units, each approximately 1,100 sq ft with 2 bedrooms; 5,604‑square‑foot property built in 1882; Victorian‑style building with some hardwood floors
