Four-Unit Multifamily
For Sale
$375,000
Pending
2172 Philomene Blvd, Lincoln Park, MI 48146
Fully leased property with two-bedroom units, shared laundry, and separate utility metering.
Property Size3,040 SF
Days on Market63
Property Features for 2172 Philomene Blvd
General Information
Standard status
Pending
Size
3,040 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Utilities to Site
Yes
Amenities
on-site laundry
parking lot
Building Details
Year Built
1987
Buildings
1
Tenancy
Multi
Listing Agency:
KW Professionals
Listed By:
Jeff Glover · License #6501317808
(734) 459-4700
Source:
Metrodetroithomeguide
Added: Aug 13
Changed: Oct 10
Last Checked: Oct 12 at 7:52PM
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 KW Professionals
Investment Insights
Based on property information with market context.
Built in 1987, this approximately 3,040-square-foot quadplex contains four residential units. Each apartment includes two bedrooms, a living room, dining area, and bathroom. On-site laundry serves the property, while a shared parking lot and additional front parking support resident use.
The building is 100% leased with long-term tenants in place. Each unit has its own utility meter, with water included in the rental price. Located at 2172 Philomene Blvd in Lincoln Park, Michigan, the property offers an established multifamily configuration with separately metered apartments and shared site amenities.
The building is 100% leased with long-term tenants in place. Each unit has its own utility meter, with water included in the rental price. Located at 2172 Philomene Blvd in Lincoln Park, Michigan, the property offers an established multifamily configuration with separately metered apartments and shared site amenities.
Key Highlights
- Four‑unit building totaling 3,040 SF
- 100% leased with long‑term tenants in place
- Each unit includes 2 bedrooms, living room, dining area, and bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,845
Cap Rate
7.96%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$596,900
$596.9K
Cap Rate 7%
$426,357
$426.4K
Cap Rate 9%
$331,611
$331.6K
Market Conditions
NOI Build-Up for 3,040 SF
Gross rent
$45.6K $15.00/SF
− Vacancy
−$3.0K −$0.98/SF
EGI
$42.6K $14.03/SF
− OpEx
−$12.8K −$4.21/SF
NOI
$29.8K $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%
$596,900
Cap Rate 7%
$426,357
Cap Rate 9%
$331,611
Alternative Uses
Best Use
Multifamily LT 5
$426.4K
$373.1K – $497.4K
NOI $29,845 @ 7.0% cap · market cap 7.96%
Second Best
Apartment 5plus
$391.5K
$342.6K – $456.8K
NOI $27,405 @ 7.0% cap · market cap 7.31%
Theoretical Best
Specialty Retail
$562.8K
$492.5K – $656.6K
NOI $39,398 @ 7.0% cap · market cap 10.51%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
558
Businesses Nearby
Explore this area
Business Placement
Demographics for 48146, MI
40,245
Population
15,874
Households
2.5
Avg Household Size
37
Median Age
11%
College-Educated
81%
High-School Grad
5.8 sq mi
ZIP Area
6,939
Density / Sq Mi
$57,183
Median Household Income
$36,886
Median Earnings
$972
Median Rent
$117,400
Median Home Value
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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?
Quadplex - Fully leased property with two-bedroom units, shared laundry, and separate utility metering.
Where is this quadplex located?
The property is located at 2172 Philomene Blvd Lincoln Park, MI.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Four‑unit building totaling 3,040 SF; 100% leased with long‑term tenants in place; Each unit includes 2 bedrooms, living room, dining area, and bathroom
