6-Unit Apartment
162 Burke Street, River Rouge, MI 48218
For Sale
$350,000
Coin-operated laundry serves residents and generates additional income.
Property Size2,692 SF
Price / SF$130.01
Days on Market150
Property Features for 162 Burke Street
General Information
Standard status
Size
Property subtype
Zoning
Occupancy
Additional Details
Multifamily Units
Tenant in Place
Taxes and HOA fees
Annual Taxes
Amenities
coin-operated laundry
Building Details
Building Size
Year Built
Stories
Units
Listing Agency:
Real Estate One-Southgate
(734) 284-5400
Listed By:
Steffanie Jozsa · License #6501337144
(734) 771-0038
Source:
Carterassociatesrealty
Added: Jun 13
Changed: Nov 7
Last Checked: Nov 8 at 1:38PM
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 Real Estate One-Southgate
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Investment Insights
Based on property information with market context.
This 2,692-square-foot apartment property contains six units and was built in 1957. Several apartments have remodeled kitchens and bathrooms. Coin-operated laundry is also on site, and the property is fully occupied.
Located at 162 Burke Street in River Rouge, the property is zoned Multi-Family.
Located at 162 Burke Street in River Rouge, the property is zoned Multi-Family.
Key Highlights
- Six‑unit apartment property totals 2,692 square feet
- Fully occupied
- Several units have remodeled kitchens and bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,268
Cap Rate
6.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$485,360
$485.4K
Cap Rate 7%
$346,686
$346.7K
Cap Rate 9%
$269,644
$269.6K
Market Conditions
NOI Build-Up for 2,692 SF
Gross rent
$46.8K $17.40/SF
− Vacancy
−$2.7K −$1.01/SF
EGI
$44.1K $16.39/SF
− OpEx
−$19.9K −$7.38/SF
NOI
$24.3K $9.01/SF
Area
Wayne County, MI
Vacancy
5.80%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$485,360
Cap Rate 7%
$346,686
Cap Rate 9%
$269,644
Alternative Uses
Best Use
Apartment 5plus
$346.7K
$303.4K – $404.5K
NOI $24,268 @ 7.0% cap · market cap 6.93%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$498.4K
$436.1K – $581.5K
NOI $34,888 @ 7.0% cap · market cap 9.97%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
287
Businesses Nearby
Explore this area
Business Placement
Demographics for 48218, MI
7,271
Population
3,466
Households
2.1
Avg Household Size
34
Median Age
7%
College-Educated
78%
High-School Grad
2.2 sq mi
ZIP Area
3,305
Density / Sq Mi
$32,683
Median Household Income
$32,246
Median Earnings
$759
Median Rent
$56,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Apartment buildings in Wayne County, MI
Properties on Market for Apartment buildings in Wayne County
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Coin-operated laundry serves residents and generates additional income.
Where is this apartment building located?
The property is located at 162 Burke Street River Rouge, MI.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Six‑unit apartment property totals 2,692 square feet; Fully occupied; Several units have remodeled kitchens and bathrooms
