Triplex with Radiant-Heat
For Sale
$355,000
2302 1st St, Wyandotte, MI 48192
Three distinct residences include a studio, a two-bedroom apartment, and a finished lower-level unit.
Property Size2,666 SF
Days on Market9
Property Features for 2302 1st St
General Information
Standard status
Active
Size
2,666 SF
Property subtype
Investment
Units
Unit Mix
1 x studio, 1 x 2BR, 1 x 1BR
Multifamily Units
3
Additional Details
Gross Income
$30,120
Taxes and HOA fees
Annual Taxes
$6,054
Amenities
detached garage
fully fenced yard
dog kennel
trailer storage area
Building Details
Building Size
2,666 SF
Year Built
1899
Units
3
Listing Agency:
Options Realty LLC
Listed By:
Samantha Thomas · License #6501378599
(313) 283-9346
Source:
Elliman
Added: Oct 20
Changed: Oct 26
Last Checked: Oct 28 at 9:08AM
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 Options Realty LLC
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Investment Insights
Based on property information with market context.
Built in 1899, this triplex contains three rental residences: an upper-level studio, a main-floor two-bedroom apartment with an open kitchen and dining area plus a sunroom, and a finished lower level with a bedroom, kitchenette, living area, shared space, and storage. All units share a furnace, air-conditioning system, and hot water tank. The property underwent a substantial interior renovation approximately 18 years ago, including roof and window work. Month-to-month leases are in place.
A detached garage adds a separate set of improvements, including soundproofing, in-floor radiant heat, a kitchenette, restroom, and shower. The outdoor space includes a fenced yard, established landscaping, trailer storage, and a dog enclosure with a doghouse and turf. The property occupies a corner lot across from a hospital and within walking distance of downtown Wyandotte, restaurants, shopping, and waterfront attractions.
A detached garage adds a separate set of improvements, including soundproofing, in-floor radiant heat, a kitchenette, restroom, and shower. The outdoor space includes a fenced yard, established landscaping, trailer storage, and a dog enclosure with a doghouse and turf. The property occupies a corner lot across from a hospital and within walking distance of downtown Wyandotte, restaurants, shopping, and waterfront attractions.
Key Highlights
- Three rental units: an upper‑level studio, two‑bedroom main‑floor apartment, and finished lower‑level unit
- Detached garage has soundproofing, in‑floor radiant heat, kitchenette, restroom, and shower
- Built in 1899; extensive renovation approximately 18 years ago included the roof and windows
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,173
Cap Rate
7.37%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$523,460
$523.5K
Cap Rate 7%
$373,900
$373.9K
Cap Rate 9%
$290,811
$290.8K
Market Conditions
NOI Build-Up for 2,666 SF
Gross rent
$40.0K $15.00/SF
− Vacancy
−$2.6K −$0.98/SF
EGI
$37.4K $14.03/SF
− OpEx
−$11.2K −$4.21/SF
NOI
$26.2K $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%
$523,460
Cap Rate 7%
$373,900
Cap Rate 9%
$290,811
Alternative Uses
Best Use
Multifamily LT 5
$373.9K
$327.2K – $436.2K
NOI $26,173 @ 7.0% cap · market cap 7.37%
Second Best
Apartment 5plus
$343.3K
$300.4K – $400.6K
NOI $24,034 @ 7.0% cap · market cap 6.77%
Theoretical Best
Specialty Retail
$493.6K
$431.9K – $575.9K
NOI $34,551 @ 7.0% cap · market cap 9.73%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
871
Businesses Nearby
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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 - Three distinct residences include a studio, a two-bedroom apartment, and a finished lower-level unit.
Where is this triplex located?
The property is located at 2302 1st St Wyandotte, MI.
What is the asking price?
The asking price for this property is $355,000.
What are key features of this property?
This property features: Three rental units: an upper‑level studio, two‑bedroom main‑floor apartment, and finished lower‑level unit; Detached garage has soundproofing, in‑floor radiant heat, kitchenette, restroom, and shower; Built in 1899; extensive renovation approximately 18 years ago included the roof and windows
