6-Unit Apartment
New
For Sale
$625,000
26 Wabash Street, Milan, MI 48160
Multifamily, 2 Story, Milan, MI
Property Size3,657 SF
Lot Size0.24 Acres
Price / SF$170.91
Days on Market2
Property Features for 26 Wabash Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family,Residential
Bedrooms
7
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 3, Bedroom 5, Bathroom 6, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 6, Bathroom 3, Basement, Bathroom 4, Bathroom 5, Bedroom 4, Bathroom 2, Bedroom 7
Parking
18
Pets allowed
Call
Interior features
Circuit Breakers, Laundry Facility
Subdivision
Suprvrs 3 - Milan
Elementary school district
Milan
Middle school district
Milan
High school district
Milan
Directions
Main Street, left on Wabash
Standard status
Active
APN
191935454020
Size
3,657 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Description
TRF 6-10-96 *OLD SID - 19 19-180-033-00 MI 20-32 THE E'LY 144 FT OF LOT 33, THE W'LY BOUNDRY OF SAID 144FT BEING PARALLEL TO THE E'LY BOUNDRY OF LOT 33 SUPERVISOR'S PLAT NO. 3.
Tax Annual Amount
9824
Legal Description
TRF 6-10-96 *OLD SID - 19 19-180-033-00 MI 20-32 THE E'LY 144 FT OF LOT 33, THE W'LY BOUNDRY OF SAID 144FT BEING PARALLEL TO THE E'LY BOUNDRY OF LOT 33 SUPERVISOR'S PLAT NO. 3.
Utilities
Heating system
Forced Air
Water source
Public
Amenities
common laundry
Building Details
Year built
1900
Floors in Building
2
Number of units
6
Building materials
Vinyl
Roof type
Asphalt
Architectural style
Colonial
Listing Agency:
Remerica Hometown III
(734) 459-9898
Listed By:
Christo V Karapatsakis · License #6501294146
(734) 216-9333
Added: Sep 28
Last Checked: Sep 29 at 6:06AM
MLS# 20261078011
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.
Built in 1900, this 3,657-square-foot apartment property contains six units and a shared laundry facility. A 2023 update included work to the studs, along with new furnaces, bathrooms, vinyl flooring, vinyl siding and a roof. The property has forced-air heating and an asphalt roof, and occupies a 0.24-acre parcel in Milan, Michigan.
Multi-family and residential zoning is listed for the property. Public water service and on-site parking are also noted.
Multi-family and residential zoning is listed for the property. Public water service and on-site parking are also noted.
Key Highlights
- Six apartment units in a 3,657‑square‑foot building
- 2023 renovation included work to the studs, new furnaces, bathrooms, flooring, siding and roof
- Common laundry facility in the building
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
$30,239
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
4.84%
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%
$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
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
$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 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%
$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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Open Analytics
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - A 2023 renovation brought new furnaces, bathrooms, flooring, vinyl siding and a roof.
Where is this apartment building located?
The property is located at 26 Wabash Street 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 in a 3,657‑square‑foot building; 2023 renovation included work to the studs, new furnaces, bathrooms, flooring, siding and roof; Common laundry facility in the building
