Four-Unit Apartment
For Sale
$480,000
2430-2436 Fort Park Blvd, Lincoln Park, MI 48146
Four two-bedroom residences include individual boilers and tenant parking at a corner multifamily property.
Property Size4,000 SF
Price / SF$120
Days on Market689
Property Features for 2430-2436 Fort Park Blvd
General Information
Standard status
Active
Size
4,000 SF
Class
B
Property subtype
Multifamily
Units
Unit Mix
4 x 2BR
Multifamily Units
4
Additional Details
Road Access
Yes
Building Details
Building Size
4,000 SF
Year Built
1960
Buildings
1
Stories
2
Listing Agency:
Thomas A. Duke Company
Listed By:
Steven R. Valli · License #6501291516
(248) 476-3700
Source:
Cpix.resimplifi
Added: Oct 14, 2024
Changed: Aug 30
Last Checked: Aug 30 at 7:17PM
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 Thomas A. Duke Company
Investment Insights
Based on property information with market context.
This quadplex contains four apartment units, with a two-bedroom layout in each residence. The building encompasses 4,000 square feet and was constructed in 1960. Individual boilers serve the units, and parking is available for tenants.
The property occupies the northwest corner of Fort Park Blvd and Champaign Rd in Lincoln Park, Michigan. Its configuration provides a straightforward four-unit multifamily format with consistent unit layouts across the building.
The property occupies the northwest corner of Fort Park Blvd and Champaign Rd in Lincoln Park, Michigan. Its configuration provides a straightforward four-unit multifamily format with consistent unit layouts across the building.
Key Highlights
- Four apartment units, each configured with 2 bedrooms
- 4,000 square feet of multifamily building area
- Individual boilers serving each unit
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
$39,270
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
8.18%
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%
$785,400
$785.4K
Cap Rate 7%
$561,000
$561.0K
Cap Rate 9%
$436,333
$436.3K
Market Conditions
NOI Build-Up for 4,000 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
$60.0K $15.00/SF
− Vacancy
−$3.9K −$0.98/SF
EGI
$56.1K $14.03/SF
− OpEx
−$16.8K −$4.21/SF
NOI
$39.3K $9.82/SF
Area
Wayne County, MI
Vacancy
6.50%
Lease Rate
$15.00 /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%
$785,400
Cap Rate 7%
$561,000
Cap Rate 9%
$436,333
Alternative Uses
Best Use
Multifamily LT 5
$561.0K
$490.9K – $654.5K
NOI $39,270 @ 7.0% cap · market cap 8.18%
Second Best
Apartment 5plus
$515.1K
$450.8K – $601.0K
NOI $36,060 @ 7.0% cap · market cap 7.51%
Theoretical Best
Specialty Retail
$740.6K
$648.0K – $864.0K
NOI $51,840 @ 7.0% cap · market cap 10.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
581
Businesses Nearby
Explore this area
Business Placement
Demographics for 48146, MI
40,245
Population
15,874
Households
2.5
Avg Household Size
37
Median Age
11%
College-Educated
81%
High-School Grad
5.8 sq mi
ZIP Area
6,939
Density / Sq Mi
$57,183
Median Household Income
$36,886
Median Earnings
$972
Median Rent
$117,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four two-bedroom residences include individual boilers and tenant parking at a corner multifamily property.
Where is this quadplex located?
The property is located at 2430-2436 Fort Park Blvd Lincoln Park, MI.
What is the asking price?
The asking price for this property is $480,000.
What are key features of this property?
This property features: Four apartment units, each configured with 2 bedrooms; 4,000 square feet of multifamily building area; Individual boilers serving each unit
