Remodeled Four-Unit
New
For Sale
$335,999
29019 Sheeks Blvd, Flat Rock, MI 48134
Fully leased quadplex with updated interiors in three units and separate gas and electric metering.
Property Size2,197 SF
Price / SF$152.94
Days on Market7
Property Features for 29019 Sheeks Blvd
General Information
Standard status
Active
Size
2,197 SF
Property subtype
Multifamily
Zoning
R-1C
Occupancy
100%
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Building Details
Building Size
2,197 SF
Tenancy
Multi
Listing Agency:
Gerdom Realty & Investment
(248) 520-0524
Listed By:
Michael Murphy · License #6501389134
(248) 520-0524
Source:
Cpix.resimplifi
Added: Aug 24
Changed: Aug 30
Last Checked: Aug 30 at 5:10AM
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 2,197-square-foot quadplex contains four one-bedroom, one-bath units and is fully leased. Three apartments have received recent updates, including new paint, flooring, kitchens, bathrooms, light fixtures, and insulation. One unit also has a new furnace.
Gas and electric service is separately metered and paid by the tenants. The landlord covers common-area expenses and water. The property is within walking distance of downtown Flat Rock, shopping, dining, and parks, with I-75 and I-275 accessible within minutes. R-1C zoning applies.
Gas and electric service is separately metered and paid by the tenants. The landlord covers common-area expenses and water. The property is within walking distance of downtown Flat Rock, shopping, dining, and parks, with I-75 and I-275 accessible within minutes. R-1C zoning applies.
Key Highlights
- Four fully leased units, each with 1 bedroom and 1 bathroom
- 2,197 SF quadplex
- Three units recently updated with new paint, flooring, kitchens, bathrooms, light fixtures, and insulation
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
$21,569
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
6.42%
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%
$431,380
$431.4K
Cap Rate 7%
$308,129
$308.1K
Cap Rate 9%
$239,656
$239.7K
Market Conditions
NOI Build-Up for 2,197 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
$33.0K $15.00/SF
− Vacancy
−$2.1K −$0.98/SF
EGI
$30.8K $14.03/SF
− OpEx
−$9.2K −$4.21/SF
NOI
$21.6K $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 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%
$431,380
Cap Rate 7%
$308,129
Cap Rate 9%
$239,656
Alternative Uses
Best Use
Multifamily LT 5
$308.1K
$269.6K – $359.5K
NOI $21,569 @ 7.0% cap · market cap 6.42%
Second Best
Apartment 5plus
$282.9K
$247.6K – $330.1K
NOI $19,806 @ 7.0% cap · market cap 5.89%
Theoretical Best
Specialty Retail
$406.8K
$355.9K – $474.6K
NOI $28,473 @ 7.0% cap · market cap 8.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
306
Businesses Nearby
Explore this area
Business Placement
Demographics for 48134, MI
23,829
Population
9,579
Households
2.5
Avg Household Size
41
Median Age
25%
College-Educated
93%
High-School Grad
18.5 sq mi
ZIP Area
1,288
Density / Sq Mi
$88,821
Median Household Income
$49,050
Median Earnings
$1,106
Median Rent
$252,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully leased quadplex with updated interiors in three units and separate gas and electric metering.
Where is this quadplex located?
The property is located at 29019 Sheeks Blvd Flat Rock, MI.
What is the asking price?
The asking price for this property is $335,999.
What are key features of this property?
This property features: Four fully leased units, each with 1 bedroom and 1 bathroom; 2,197 SF quadplex; Three units recently updated with new paint, flooring, kitchens, bathrooms, light fixtures, and insulation
