Fully Leased Triplex with
For Sale
$335,000
15105 Maplewood Ave, Eastpointe, MI 48021
Fully occupied three-story brick triplex with separately metered units, shared laundry, and a detached 3-car garage.
Property Size3,817 SF
Price / SF$255.73
Days on Market51
Property Features for 15105 Maplewood Ave
General Information
Standard status
Active
Size
3,817 SF
Total Parking Spaces
3
Property subtype
Investment
Occupancy
100%
Financials
Cap Rate
7.5%
Business Included
Yes
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$9,096
Building Details
Building Size
3,817 SF
Year Built
1928
Year Renovated
2017
Stories
3
Units
3
Tenancy
Multi
Listing Agency:
(313) 410-8445
Listed By:
Christian Draheim · License #6501405395
(313) 410-8445
Source:
Elliman
Added: Jun 22
Changed: Aug 8
Last Checked: Aug 10 at 5:21AM
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 Christian Draheim
Investment Insights
Based on property information with market context.
This fully occupied, income-producing triplex is housed in a historic three-story brick building with three separately leased units. The property includes a three-bedroom, one-bath unit and two one-bedroom, one-bath units. Units are separately metered, and tenants pay electric. Rent covers heat-gas, water-sewer, snow removal, trash, and yard maintenance, with a single furnace and water heater servicing all units via a programmable thermostat. A partially finished basement provides a shared laundry facility, a half bath for landlord/property manager use, and four storage rooms. Updates completed by the prior owner include a new roof, windows, and furnace (2017–2018), plus new exterior doors and a water heater (2020–2021).
Unit 1 includes a private four-seasons room with leaded glass windows and abundant natural light. Unit 2 offers a private balcony, and the third-level loft with original leaded glass windows provides flexibility for future finishing. The detached 3-car garage is currently vacant.
The triplex includes an active Rental Certificate and comes with key appliance and equipment items, including all kitchen appliances, three washer/dryer sets, three window AC units, and related components. Units 1 and 3 are Section 8, and the building is sold with the existing tenant leases in place.
Unit 1 includes a private four-seasons room with leaded glass windows and abundant natural light. Unit 2 offers a private balcony, and the third-level loft with original leaded glass windows provides flexibility for future finishing. The detached 3-car garage is currently vacant.
The triplex includes an active Rental Certificate and comes with key appliance and equipment items, including all kitchen appliances, three washer/dryer sets, three window AC units, and related components. Units 1 and 3 are Section 8, and the building is sold with the existing tenant leases in place.
Key Highlights
- Fully occupied, income‑producing 3‑unit triplex in a historic three‑story brick building (built 1928).
- Unit mix: one 3BR/1BA (1,310 SF) plus two 1BR/1BA units; all units leased and separately metered.
- Monthly rent totals $3,929 for nearly $46,000 annual gross income with a 7.5% cap rate.
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
$13,868
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
4.14%
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%
$277,360
$277.4K
Cap Rate 7%
$198,114
$198.1K
Cap Rate 9%
$154,089
$154.1K
Market Conditions
NOI Build-Up for 1,310 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
$21.2K $16.20/SF
− Vacancy
−$1.4K −$1.08/SF
EGI
$19.8K $15.12/SF
− OpEx
−$5.9K −$4.54/SF
NOI
$13.9K $10.59/SF
Area
Macomb County, MI
Vacancy
6.65%
Lease Rate
$16.20 /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%
$277,360
Cap Rate 7%
$198,114
Cap Rate 9%
$154,089
Alternative Uses
Best Use
Multifamily LT 5
$198.1K
$173.4K – $231.1K
NOI $13,868 @ 7.0% cap · market cap 4.14%
Second Best
Apartment 5plus
$175.7K
$153.8K – $205.0K
NOI $12,302 @ 7.0% cap · market cap 3.67%
Theoretical Best
Specialty Retail
$245.3K
$214.6K – $286.1K
NOI $17,168 @ 7.0% cap · market cap 5.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
568
Businesses Nearby
Explore this area
Business Placement
Demographics for 48021, MI
34,244
Population
14,124
Households
2.4
Avg Household Size
37
Median Age
15%
College-Educated
89%
High-School Grad
5.1 sq mi
ZIP Area
6,715
Density / Sq Mi
$58,196
Median Household Income
$35,836
Median Earnings
$1,335
Median Rent
$129,100
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 occupied three-story brick triplex with separately metered units, shared laundry, and a detached 3-car garage.
Where is this triplex located?
The property is located at 15105 Maplewood Ave Eastpointe, MI.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: Fully occupied, income‑producing 3‑unit triplex in a historic three‑story brick building (built 1928).; Unit mix: one 3BR/1BA (1,310 SF) plus two 1BR/1BA units; all units leased and separately metered.; Monthly rent totals $3,929 for nearly $46,000 annual gross income with a 7.5% cap rate.
