Six-Unit Apartment
For Sale
$625,000
26 Wabash St, Milan, MI 48160
Shared laundry, on-site parking, and recent building updates support practical day-to-day operations.
Property Size3,657 SF
Days on Market8
Property Features for 26 Wabash St
General Information
Standard status
Active
Size
3,657 SF
Property subtype
Investment
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$9,824
Amenities
Common Laundry
Building Details
Building Size
3,657 SF
Year Built
1900
Year Renovated
2023
Units
6
Listing Agency:
Remerica Hometown III
Listed By:
Christo V Karapatsakis · License #6501294146
(734) 459-9898
Source:
Elliman
Added: Sep 29
Last Checked: Oct 5 at 7:15PM
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 Remerica Hometown III
Investment Insights
Based on property information with market context.
Built in 1900, this apartment property contains six units, each with a bathroom. Shared laundry is located within the building, and on-site parking is available. The property underwent a substantial renovation in 2023, including work to the studs, new furnaces, vinyl siding, a roof, vinyl flooring, and bathrooms.
Key Highlights
- Six apartment units, each with a bathroom
- 2023 renovation included work to the studs, new furnaces, vinyl siding, roof, vinyl flooring, and new bathrooms
- Shared laundry inside the building
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,239
Cap Rate
4.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$604,780
$604.8K
Cap Rate 7%
$431,986
$432.0K
Cap Rate 9%
$335,989
$336.0K
Market Conditions
NOI Build-Up for 3,657 SF
Gross rent
$58.4K $15.96/SF
− Vacancy
−$3.4K −$0.93/SF
EGI
$55.0K $15.03/SF
− OpEx
−$24.7K −$6.77/SF
NOI
$30.2K $8.27/SF
Area
Monroe County, MI
Vacancy
5.80%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$604,780
Cap Rate 7%
$431,986
Cap Rate 9%
$335,989
Alternative Uses
Best Use
Apartment 5plus
$432.0K
$378.0K – $504.0K
NOI $30,239 @ 7.0% cap · market cap 4.84%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.77M
$3.30M – $4.40M
NOI $264,021 @ 7.0% cap · market cap 42.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
269
Businesses Nearby
Explore this area
Business Placement
Demographics for 48160, MI
14,097
Population
5,224
Households
2.7
Avg Household Size
41
Median Age
30%
College-Educated
91%
High-School Grad
77.9 sq mi
ZIP Area
181
Density / Sq Mi
$99,383
Median Household Income
$40,170
Median Earnings
$1,097
Median Rent
$251,800
Median Home Value
Check the figures for this property
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?
Apartment building - Shared laundry, on-site parking, and recent building updates support practical day-to-day operations.
Where is this apartment building located?
The property is located at 26 Wabash St Milan, MI.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Six apartment units, each with a bathroom; 2023 renovation included work to the studs, new furnaces, vinyl siding, roof, vinyl flooring, and new bathrooms; Shared laundry inside the building
