Ranch Quadplex with Separate
New
For Sale
$360,000
2172 Philomene Boulevard, Lincoln Park, MI 48146
MULTI_FAMILY - Ranch - Lincoln Park, MI
Property Size3,040 SF
Lot Size0.23 Acres
Price / SF$118.42
Days on Market3
Property Features for 2172 Philomene Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
Multi-Family,Residential
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bedroom 3, Bathroom 3, Bedroom 8, Bedroom 7, Bedroom 2, Bathroom 4, Bedroom 4, Bedroom 1, Bedroom 6, Bathroom 1, Bathroom 2
Pets allowed
Yes
Subdivision
Loire Lawn Sub
Elementary school district
Lincoln Park
Middle school district
Lincoln Park
High school district
Lincoln Park
Directions
S of Southfield & W of Dixie Hwy
Standard status
Active
APN
45010040154000
Size
3,040 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Description
GJ154 TO 156 LOTS 154 TO 156 INCL LOIRE LAWN SUB PC 43 L44 P65 WCR
Tax Annual Amount
5924
Legal Description
GJ154 TO 156 LOTS 154 TO 156 INCL LOIRE LAWN SUB PC 43 L44 P65 WCR
Utilities
Heating system
Forced Air
Cooling system
Window Unit(s)
Water source
Public
Amenities
on-site laundry
Building Details
Year built
1987
Floors in Building
1
Number of units
4
Building materials
Brick, Vinyl
Roof type
Asphalt
Architectural style
Ranch
Listing Agency:
KW Professionals · Keller Williams Realty
(734) 459-4700
Listed By:
Jeff Glover · License #6501317808
(734) 259-1100
Added: Aug 13
Changed: Aug 15
Last Checked: Aug 15 at 6:06AM
MLS# 20261064037
Copyright © 2026 Realcomp Limited II. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,040-square-foot ranch-style quadplex contains four residential units, each arranged with two bedrooms, a living room, dining area, and bathroom. On-site laundry serves the property, while forced-air heating, window-unit cooling, brick and vinyl construction, and an asphalt roof are among the existing improvements. The building was constructed in 1987 and sits on a 0.23-acre lot.
All four units are leased, with long-term tenants in place. Each apartment has its own utility meter, while water is shared and included in the rental charge. Residents have access to a large shared parking area and additional parking along the front of the building. The property is zoned Multi-Family,Residential and is located at 2172 Philomene Boulevard in Lincoln Park, Michigan.
All four units are leased, with long-term tenants in place. Each apartment has its own utility meter, while water is shared and included in the rental charge. Residents have access to a large shared parking area and additional parking along the front of the building. The property is zoned Multi-Family,Residential and is located at 2172 Philomene Boulevard in Lincoln Park, Michigan.
Key Highlights
- Four‑unit multifamily building with 3,040 square feet
- Each unit includes 2 bedrooms, a living room, dining area, and bathroom
- 100% leased with long‑term tenants in place
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
$29,845
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
8.29%
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%
$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
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
$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 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%
$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 8.29%
Second Best
Apartment 5plus
$391.5K
$342.6K – $456.8K
NOI $27,405 @ 7.0% cap · market cap 7.61%
Theoretical Best
Specialty Retail
$562.8K
$492.5K – $656.6K
NOI $39,398 @ 7.0% cap · market cap 10.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
673
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Fully leased four-unit property with two-bedroom layouts, on-site laundry, and shared parking.
Where is this quadplex located?
The property is located at 2172 Philomene Boulevard Lincoln Park, MI.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: Four‑unit multifamily building with 3,040 square feet; Each unit includes 2 bedrooms, a living room, dining area, and bathroom; 100% leased with long‑term tenants in place
