Updated Three-Unit
New
For Sale
$875,000
156 N Worth St, Birmingham, MI 48009
Multi-residential property with separate garages, refreshed interiors, outdoor living areas, and a lower-level walk-out residence.
Property Size4,204 SF
Days on Market2
Property Features for 156 N Worth St
General Information
Standard status
Active
Size
4,204 SF
Total Parking Spaces
3
Property subtype
Investment
Zoning
Multi-Res
Property Condition
Severity
Minor
Evidence
room for further renovations
Units
Unit Mix
2 x 1BR, 1 x 2BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$13,894
Amenities
landscaped backyard
balcony
patio
stainless steel appliances
granite counter tops
fireplace
island kitchen
Building Details
Building Size
4,204 SF
Year Built
1924
Units
3
Listing Agency:
TippinsLuxe Realty
(248) 463-8366
Listed By:
Jodi Tippins
(248) 463-8366
Source:
Elliman
Added: Aug 15
Changed: Aug 16
Last Checked: Aug 16 at 6:48AM
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 TippinsLuxe Realty
Investment Insights
Based on property information with market context.
This 1924 triplex contains three independent residences: two one-bedroom units with new balconies and one two-bedroom unit with a lower-level walk-out. The larger residence includes a fireplace, kitchen island, and an additional lower-level kitchen. Improvements include new carpet, stainless steel appliances, granite countertops, a new full bath in the lower level, updated separate garages, landscaping, and new patio areas.
The property is zoned Multi-Res and is located at 156 N Worth St in Birmingham, Michigan, within walking distance of downtown Birmingham. Dining, shopping, entertainment, parks, and the downtown area are identified as nearby amenities. The source information also indicates potential conversion to a single-family residence, subject to applicable requirements.
The property is zoned Multi-Res and is located at 156 N Worth St in Birmingham, Michigan, within walking distance of downtown Birmingham. Dining, shopping, entertainment, parks, and the downtown area are identified as nearby amenities. The source information also indicates potential conversion to a single-family residence, subject to applicable requirements.
Key Highlights
- Three‑unit configuration with two one‑bedroom residences and one two‑bedroom residence
- 1924 construction with updates to interiors, garages, landscaping, balconies, and patios
- Three separate car garages, one assigned to 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
$55,645
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
6.36%
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%
$1,112,900
$1.1M
Cap Rate 7%
$794,929
$794.9K
Cap Rate 9%
$618,278
$618.3K
Market Conditions
NOI Build-Up for 4,204 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
$83.2K $19.80/SF
− Vacancy
−$3.7K −$0.89/SF
EGI
$79.5K $18.91/SF
− OpEx
−$23.8K −$5.67/SF
NOI
$55.6K $13.24/SF
Area
Oakland County, MI
Vacancy
4.50%
Lease Rate
$19.80 /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%
$1,112,900
Cap Rate 7%
$794,929
Cap Rate 9%
$618,278
Alternative Uses
Best Use
Multifamily LT 5
$794.9K
$695.6K – $927.4K
NOI $55,645 @ 7.0% cap · market cap 6.36%
Second Best
Apartment 5plus
$736.7K
$644.6K – $859.5K
NOI $51,567 @ 7.0% cap · market cap 5.89%
Theoretical Best
Specialty Retail
$906.8K
$793.4K – $1.06M
NOI $63,474 @ 7.0% cap · market cap 7.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
3,331
Businesses Nearby
Explore this area
Business Placement
Demographics for 48009, MI
21,817
Population
10,333
Households
2.1
Avg Household Size
43
Median Age
77%
College-Educated
99%
High-School Grad
5.0 sq mi
ZIP Area
4,363
Density / Sq Mi
$152,443
Median Household Income
$84,415
Median Earnings
$1,891
Median Rent
$712,000
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 - Multi-residential property with separate garages, refreshed interiors, outdoor living areas, and a lower-level walk-out residence.
Where is this triplex located?
The property is located at 156 N Worth St Birmingham, MI.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Three‑unit configuration with two one‑bedroom residences and one two‑bedroom residence; 1924 construction with updates to interiors, garages, landscaping, balconies, and patios; Three separate car garages, one assigned to each unit
