Four-Unit Residential Income
29019 Sheeks Flat Rock, MI 48134
For Sale
Contact for pricing
Fully leased four-unit building with individually metered utilities and recent unit improvements.
Property Size2,179 SF
Price / SF$160.17
Days on Market58
Property Features for 29019 Sheeks
General Information
- Standard status
- Active
- Size
- 2,179 SF
- Property subtype
- Multifamily
Listing Agency:
Gerdom Realty & Investment
(248) 242-6766
Listed By:
Michael Murphy · License #6501389134
Source:
Crexi
Added: May 27
Changed: Jul 10
Last Checked: Jul 21 at 1:59PM
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 Gerdom Realty & Investment
Investment Insights
Based on property information with market context.
This four-unit residential income property offers a straightforward 1-bedroom, 1-bathroom layout in each unit. The building is fully leased. Three of the four units have received recent renovations, including new paint, flooring, kitchen and bathroom updates, light fixtures, and insulation. An estimated $50,000 in improvements have been completed over the past year, including a new furnace on one unit.
The property is located in Flat Rock within walking distance to downtown Flat Rock. Shopping, dining, and parks are nearby, and the drive to major routes is described as minutes away, with I-75 and I-275 accessible.
For tenants, the design supports self-managed living with gas and electric separately metered to each unit. From an ownership standpoint, common area expenses and water are paid by the landlord, while tenant responsibility covers their own gas and electric. This configuration can be a practical fit for an investor seeking a small multifamily asset with recent interior updates.
The property is located in Flat Rock within walking distance to downtown Flat Rock. Shopping, dining, and parks are nearby, and the drive to major routes is described as minutes away, with I-75 and I-275 accessible.
For tenants, the design supports self-managed living with gas and electric separately metered to each unit. From an ownership standpoint, common area expenses and water are paid by the landlord, while tenant responsibility covers their own gas and electric. This configuration can be a practical fit for an investor seeking a small multifamily asset with recent interior updates.
Key Highlights
- 4‑unit multi‑family building, fully leased
- Each unit has 1 bedroom and 1 bathroom
- 3 of 4 units recently remodeled with new paint, flooring, kitchens, bathrooms, light fixtures, and insulation
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $32.7k | $15.00 |
| − Vacancy | −$2.1k | −$0.98 |
| EGI | $30.6k | $14.03 |
| − OpEx | −$9.2k | −$4.21 |
| NOI | $21.4k | $9.82 |
2,179 SF · lease $15.00/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$305.6K
$267.4K – $356.5K
NOI $21,392 @ 7.0% cap · market cap 6.13%
Second Best
Apartment 5plus
$280.6K
$245.6K – $327.4K
NOI $19,644 @ 7.0% cap · market cap 5.63%
Theoretical Best
Specialty Retail
$403.4K
$353.0K – $470.7K
NOI $28,240 @ 7.0% cap · market cap 8.09%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
FAQs
What type of property is this?
Quadplex - Fully leased four-unit building with individually metered utilities and recent unit improvements.
Where is this quadplex located?
The property is located at 29019 Sheeks Flat Rock, MI.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: 4‑unit multi‑family building, fully leased; Each unit has 1 bedroom and 1 bathroom; 3 of 4 units recently remodeled with new paint, flooring, kitchens, bathrooms, light fixtures, and insulation
