Brick Three-Unit
New
For Sale
$350,000
30646 Krauter St, Garden City, MI 48135
Brick multifamily property with separate utilities and in-unit laundry hookups.
Property Size2,135 SF
Days on Market2
Property Features for 30646 Krauter St
General Information
Standard status
Active
Size
2,135 SF
Property subtype
Investment
Occupancy
100%
Units
Unit Mix
3 x 1BR/1BA
Multifamily Units
3
Additional Details
Average Monthly Rent
$850
Taxes and HOA fees
Annual Taxes
$5,328
Amenities
in-unit washer/dryer hookups
Building Details
Building Size
2,135 SF
Year Built
1972
Buildings
1
Units
3
Construction
brick
Tenancy
Multi
Listing Agency:
Keller Williams Realty Novi Market Center
(248) 880-8591
Listed By:
Michelle Fortier
(248) 880-8591
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 9 at 6:27AM
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 Keller Williams Realty Novi Market Center
Investment Insights
Based on property information with market context.
This triplex includes three one-bedroom, one-bath residences, each measuring approximately 712 square feet. The building features a brick exterior, slab foundation, separate utilities for each unit, and washer and dryer hookups within the residences. A large corner lot supports the property, which was built in 1972.
The asset is located at 30646 Krauter St in Garden City, Michigan. All three units are occupied by long-term, month-to-month tenants. Property access is available by appointment, with showings conducted in a manner that respects current occupants.
The asset is located at 30646 Krauter St in Garden City, Michigan. All three units are occupied by long-term, month-to-month tenants. Property access is available by appointment, with showings conducted in a manner that respects current occupants.
Key Highlights
- Three 1‑bedroom, 1‑bath units, each approximately 712 sq. ft.
- Brick exterior with slab foundation
- Separate utilities 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
$20,960
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
5.99%
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%
$419,200
$419.2K
Cap Rate 7%
$299,429
$299.4K
Cap Rate 9%
$232,889
$232.9K
Market Conditions
NOI Build-Up for 2,135 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
$32.0K $15.00/SF
− Vacancy
−$2.1K −$0.98/SF
EGI
$29.9K $14.03/SF
− OpEx
−$9.0K −$4.21/SF
NOI
$21.0K $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%
$419,200
Cap Rate 7%
$299,429
Cap Rate 9%
$232,889
Alternative Uses
Best Use
Multifamily LT 5
$299.4K
$262.0K – $349.3K
NOI $20,960 @ 7.0% cap · market cap 5.99%
Second Best
Apartment 5plus
$275.0K
$240.6K – $320.8K
NOI $19,247 @ 7.0% cap · market cap 5.50%
Theoretical Best
Specialty Retail
$395.3K
$345.9K – $461.2K
NOI $27,670 @ 7.0% cap · market cap 7.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
597
Businesses Nearby
Explore this area
Business Placement
Demographics for 48135, MI
27,380
Population
11,395
Households
2.4
Avg Household Size
41
Median Age
15%
College-Educated
91%
High-School Grad
5.9 sq mi
ZIP Area
4,641
Density / Sq Mi
$64,396
Median Household Income
$39,987
Median Earnings
$991
Median Rent
$162,400
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?
Triplex - Brick multifamily property with separate utilities and in-unit laundry hookups.
Where is this triplex located?
The property is located at 30646 Krauter St Garden City, MI.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Three 1‑bedroom, 1‑bath units, each approximately 712 sq. ft.; Brick exterior with slab foundation; Separate utilities for each unit
