6-Unit Apartment
26 Wabash Street, Milan, MI 48160
For Sale
$625,000
Multifamily, 2 Story, Milan, MI
Property Size3,657 SF
Lot Size0.24 Acres
Price / SF$170.91
Days on Market47
Property Features for 26 Wabash Street
General Information
Property type
Property subtype
Zoning
Bedrooms
Bathrooms
Full bathrooms
Rooms
Parking
Pets allowed
Interior features
Subdivision
Elementary school district
Middle school district
High school district
Directions
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Description
Tax Annual Amount
Legal Description
Utilities
Heating system
Water source
Amenities
common laundry
Building Details
Year built
Floors in Building
Number of units
Building materials
Roof type
Architectural style
Listing Agency:
Remerica Hometown III
Listed By:
Christo V Karapatsakis · License MI #6501294146
(734) 459-9898
Added: Sep 28
Changed: Nov 12
Last Checked: Nov 13 at 11:06PM
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.
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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 / 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
Office A
$812.1K
$710.6K – $947.4K
NOI $56,846 @ 7.0% cap · market cap 9.10%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
269
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in Midwest region
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
