Turnkey Renovated
For Sale
$349,900
1561 W Grand Blvd, Detroit, MI 48208
Fully renovated triplex with modern kitchens and quartz-updated bathrooms, offering three independently leased units.
Property Size2,662 SF
Price / SF$131.44
Days on Market107
Property Features for 1561 W Grand Blvd
General Information
Standard status
Active
Size
2,662 SF
Property subtype
Residential Income
Additional Details
Highway Access
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$1,563
Building Details
Tenancy
Multi
Listing Agency:
EXP Realty Birmingham
(248) 686-0024
Listed By:
Paul Mychalowych · License #6506042081
(248) 935-2754
Source:
Exprealty
Added: May 27
Changed: Sep 8
Last Checked: Sep 10 at 11:36AM
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 EXP Realty Birmingham
Investment Insights
Based on property information with market context.
This turnkey, fully renovated triplex is set up as three separate units. Updates include renovated kitchens with quartz countertops and updated cabinetry, along with remodeled bathrooms featuring quartz surfaces and contemporary fixtures.
The property is located at 1561 W Grand Blvd in Detroit, with convenience to Downtown Detroit, New Center, Henry Ford Hospital, Wayne State University, and major freeway access.
With all three units updated with modern finishes, the current occupancy includes the second-floor unit leased at $1,200 per month, while the first- and third-floor units are described with projected rents of $1,300 and $800 per month, respectively. Buyer and Buyer's Agent to verify all information (BATVAI).
The property is located at 1561 W Grand Blvd in Detroit, with convenience to Downtown Detroit, New Center, Henry Ford Hospital, Wayne State University, and major freeway access.
With all three units updated with modern finishes, the current occupancy includes the second-floor unit leased at $1,200 per month, while the first- and third-floor units are described with projected rents of $1,300 and $800 per month, respectively. Buyer and Buyer's Agent to verify all information (BATVAI).
Key Highlights
- Fully renovated 3‑unit triplex built in 1912 with three independently leased units
- Modernized interiors include renovated kitchens with quartz countertops and updated cabinetry
- Remodeled bathrooms with quartz surfaces and contemporary fixtures
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
$30,423
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
8.69%
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%
$608,460
$608.5K
Cap Rate 7%
$434,614
$434.6K
Cap Rate 9%
$338,033
$338.0K
Market Conditions
NOI Build-Up for 2,662 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
$46.3K $17.40/SF
− Vacancy
−$2.9K −$1.07/SF
EGI
$43.5K $16.33/SF
− OpEx
−$13.0K −$4.90/SF
NOI
$30.4K $11.43/SF
Area
Detroit, MI
Vacancy
6.17%
Lease Rate
$17.40 /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%
$608,460
Cap Rate 7%
$434,614
Cap Rate 9%
$338,033
Alternative Uses
Best Use
Multifamily LT 5
$434.6K
$380.3K – $507.1K
NOI $30,423 @ 7.0% cap · market cap 8.69%
Second Best
Apartment 5plus
$398.9K
$349.1K – $465.4K
NOI $27,926 @ 7.0% cap · market cap 7.98%
Theoretical Best
Office A
$587.2K
$513.8K – $685.1K
NOI $41,107 @ 7.0% cap · market cap 11.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
440
Businesses Nearby
Explore this area
Business Placement
Demographics for 48208, MI
8,090
Population
5,226
Households
1.5
Avg Household Size
37
Median Age
27%
College-Educated
79%
High-School Grad
3.2 sq mi
ZIP Area
2,528
Density / Sq Mi
$29,742
Median Household Income
$39,526
Median Earnings
$842
Median Rent
$186,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Triplex - Fully renovated triplex with modern kitchens and quartz-updated bathrooms, offering three independently leased units.
Where is this triplex located?
The property is located at 1561 W Grand Blvd Detroit, MI.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Fully renovated 3‑unit triplex built in 1912 with three independently leased units; Modernized interiors include renovated kitchens with quartz countertops and updated cabinetry; Remodeled bathrooms with quartz surfaces and contemporary fixtures
