River-View
For Sale
$310,000
3042 S Custer Road, Monroe, MI 48161
Fully leased four-unit property with separate gas and electric metering and on-site garage parking.
Property Size2,530 SF
Lot Size0.50 Acres
Days on Market30
Property Features for 3042 S Custer Road
General Information
Standard status
Active
Size
2,530 SF
Total Parking Spaces
5
Lot size
0.50 Acres
Property subtype
Residential Income
Occupancy
100%
Additional Details
Gross Income
$39,540
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$4,943
Amenities
coin-operated laundry
Building Details
Building Size
2,530 SF
Year Built
9999
Buildings
1
Stories
2
Units
4
Tenancy
Multi
Listing Agency:
Wiens And Roth Real Estate - Lambertville
(419) 344-7132
Listed By:
Jennifer MacLeod
(419) 344-7132
Source:
Carolbollo
Added: Jul 14
Changed: Aug 3
Last Checked: Aug 11 at 2:40PM
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 Wiens And Roth Real Estate - Lambertville
Investment Insights
Based on property information with market context.
This four-unit residential income property sits on approximately 0.50 acres and overlooks a river. The building is fully occupied, with leases extending through Summer 2027. Separate gas and electric meters serve each apartment, while on-site parking includes 3 detached garage spaces and 2 additional enclosed garage spaces. A coin-operated laundry provides an additional income stream.
Recent work includes premium exterior paint, façade upgrades, a remodeled bathroom and sunroom in Apartment 2, vinyl plank flooring in Apartments 1-3, and fresh paint in Apartment 1. One long-term resident helps with lawn care, snow removal, and routine property maintenance, reducing the owner’s ongoing responsibilities.
Recent work includes premium exterior paint, façade upgrades, a remodeled bathroom and sunroom in Apartment 2, vinyl plank flooring in Apartments 1-3, and fresh paint in Apartment 1. One long-term resident helps with lawn care, snow removal, and routine property maintenance, reducing the owner’s ongoing responsibilities.
Key Highlights
- Four‑unit property on approximately 0.50 acres with river views
- Fully occupied with leases in place through Summer 2027
- Separate gas and electric meters for each unit
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
$22,454
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
7.24%
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%
$449,080
$449.1K
Cap Rate 7%
$320,771
$320.8K
Cap Rate 9%
$249,489
$249.5K
Market Conditions
NOI Build-Up for 2,530 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
$34.3K $13.56/SF
− Vacancy
−$2.2K −$0.88/SF
EGI
$32.1K $12.68/SF
− OpEx
−$9.6K −$3.80/SF
NOI
$22.5K $8.88/SF
Area
Monroe County, MI
Vacancy
6.50%
Lease Rate
$13.56 /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%
$449,080
Cap Rate 7%
$320,771
Cap Rate 9%
$249,489
Alternative Uses
Best Use
Multifamily LT 5
$320.8K
$280.7K – $374.2K
NOI $22,454 @ 7.0% cap · market cap 7.24%
Second Best
Apartment 5plus
$298.9K
$261.5K – $348.7K
NOI $20,920 @ 7.0% cap · market cap 6.75%
Theoretical Best
Warehouse
$2.61M
$2.28M – $3.04M
NOI $182,656 @ 7.0% cap · market cap 58.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
51
Businesses Nearby
Explore this area
Business Placement
Demographics for 48161, MI
26,571
Population
12,015
Households
2.2
Avg Household Size
40
Median Age
19%
College-Educated
89%
High-School Grad
44.8 sq mi
ZIP Area
593
Density / Sq Mi
$65,517
Median Household Income
$40,184
Median Earnings
$955
Median Rent
$173,200
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 four-unit property with separate gas and electric metering and on-site garage parking.
Where is this quadplex located?
The property is located at 3042 S Custer Road Monroe, MI.
What is the asking price?
The asking price for this property is $310,000.
What are key features of this property?
This property features: Four‑unit property on approximately 0.50 acres with river views; Fully occupied with leases in place through Summer 2027; Separate gas and electric meters for each unit
