Turnkey Renovated
1561 W Grand Blvd, Detroit, MI 48208
For Sale
$349,900
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 Market167
Property Features for 1561 W Grand Blvd
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Highway Access
Additional Details
Multifamily Units
Taxes and HOA fees
Annual Taxes
Building Details
Tenancy
Listing Agency:
EXP Realty Birmingham
(248) 686-0024
Listed By:
Paul Mychalowych · License #6506042081
(248) 935-2754
Source:
Exprealty
Added: May 27
Changed: Oct 26
Last Checked: Nov 8 at 6:51AM
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
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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 / Yr
$30,423
Cap Rate
8.69%
Suggested Prices Based on Cap Rates
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
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 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.
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Open Analytics
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
$186,700
Median Home Value
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Market
Average Price Trend$/SF for Triplexes in Detroit, MI
Properties on Market for Triplexes in Detroit
Vacancy Rate% for Multifamily in Midwest region
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
