Renovated Triplex with Private
New
For Sale
$509,900
171 DAVIS St, Wyandotte, MI 48192
Individual utility meters, heating and cooling equipment, and laundry serve each apartment independently.
Property Size2,832 SF
Days on Market6
Property Features for 171 DAVIS St
General Information
Standard status
Active
Size
2,832 SF
Property subtype
Investment
Occupancy
100%
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Multifamily Units
3
Individually Metered Utilities
unspecified utilities
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$7,104
Amenities
private outdoor deck
in-unit laundry
assigned parking
central A/C
Building Details
Building Size
2,832 SF
Year Built
1880
Buildings
1
Units
3
Tenancy
Multi
Listing Agency:
New Michigan Realty
Listed By:
Michael C Seifert
(844) 639-6424
Source:
Elliman
Added: Oct 23
Changed: Oct 26
Last Checked: Oct 28 at 8:10AM
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 New Michigan Realty
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Investment Insights
Based on property information with market context.
Built in 1880, this triplex contains three renovated apartments, all currently leased. Each unit has its own furnace, central A/C, electric water heater, circuit breaker panel, and private laundry. Utility service is separately metered, with additional landlord electric and gas meters serving the property.
Interior improvements include updated kitchens with new cabinetry, backsplashes, and countertops, along with remodeled bathrooms, vinyl flooring, recessed lighting, updated doors, and fresh paint. Energy-efficient windows are installed throughout, and each kitchen has an externally vented range hood. The apartments also include private outdoor decks.
The property has a Certificate of Occupancy from the City of Wyandotte and is registered as a rental. A rear parking pad has assigned, signed spaces for the units. The current management team is willing to continue managing the building or assist with a transition for the first 60 days at no cost.
Interior improvements include updated kitchens with new cabinetry, backsplashes, and countertops, along with remodeled bathrooms, vinyl flooring, recessed lighting, updated doors, and fresh paint. Energy-efficient windows are installed throughout, and each kitchen has an externally vented range hood. The apartments also include private outdoor decks.
The property has a Certificate of Occupancy from the City of Wyandotte and is registered as a rental. A rear parking pad has assigned, signed spaces for the units. The current management team is willing to continue managing the building or assist with a transition for the first 60 days at no cost.
Key Highlights
- Three renovated apartments, all currently leased
- Certificate of Occupancy issued by the City of Wyandotte; registered as a rental
- Each apartment has its own furnace, central A/C, electric water heater, circuit breaker panel, and laundry
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,803
Cap Rate
5.45%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$556,060
$556.1K
Cap Rate 7%
$397,186
$397.2K
Cap Rate 9%
$308,922
$308.9K
Market Conditions
NOI Build-Up for 2,832 SF
Gross rent
$42.5K $15.00/SF
− Vacancy
−$2.8K −$0.98/SF
EGI
$39.7K $14.03/SF
− OpEx
−$11.9K −$4.21/SF
NOI
$27.8K $9.82/SF
Area
Wayne County, MI
Vacancy
6.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$556,060
Cap Rate 7%
$397,186
Cap Rate 9%
$308,922
Alternative Uses
Best Use
Multifamily LT 5
$397.2K
$347.5K – $463.4K
NOI $27,803 @ 7.0% cap · market cap 5.45%
Second Best
Apartment 5plus
$364.7K
$319.1K – $425.5K
NOI $25,530 @ 7.0% cap · market cap 5.01%
Theoretical Best
Specialty Retail
$524.3K
$458.8K – $611.7K
NOI $36,703 @ 7.0% cap · market cap 7.20%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
439
Businesses Nearby
Explore this area
Business Placement
Demographics for 48192, MI
25,058
Population
11,441
Households
2.2
Avg Household Size
42
Median Age
21%
College-Educated
91%
High-School Grad
5.3 sq mi
ZIP Area
4,728
Density / Sq Mi
$67,846
Median Household Income
$42,999
Median Earnings
$995
Median Rent
$159,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - Individual utility meters, heating and cooling equipment, and laundry serve each apartment independently.
Where is this triplex located?
The property is located at 171 DAVIS St Wyandotte, MI.
What is the asking price?
The asking price for this property is $509,900.
What are key features of this property?
This property features: Three renovated apartments, all currently leased; Certificate of Occupancy issued by the City of Wyandotte; registered as a rental; Each apartment has its own furnace, central A/C, electric water heater, circuit breaker panel, and laundry
