Three-Unit Triplex with Tenant-Occupied
For Sale
$249,000
Pending
309 Melbourne Street, Detroit, MI 48202
MULTI_FAMILY - Detroit, MI
Property Size1,884 SF
Lot Size0.11 Acres
Days on Market151
Property Features for 309 Melbourne Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Basement, Bedroom 2, Bathroom 1, Bathroom 2, Bedroom 1, Bathroom 3, Bedroom 3
Patio and Porch features
Porch
Exterior features
Fenced Yard, Porch
Fencing
Fenced
Appliances
Range/Oven, Refrigerator
Subdivision
Mc Laughlin Bros Sub Of Lt 8
Elementary school district
Detroit City School District
Middle school district
Detroit City School District
High school district
Detroit City School District
Standard status
Pending
APN
01002481
Size
1,884 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
2274
Utilities
Heating system
Forced Air
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1915
Number of units
3
Listing Agency:
Lucido and Associates, Inc
(313) 882-1010
Listed By:
Matthew Jankowski · License #6501377313
(313) 995-3587
Added: Mar 3
Changed: Aug 1
Last Checked: Aug 1 at 11:06PM
MLS# 50200604
Copyright © 2026 Multiple Listing Service MiRealSource. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-unit triplex at 309 Melbourne Street in Detroit offers a tenant-occupied, income-focused setup. Two of the three units are currently tenant-occupied, and the third unit’s lease recently lapsed on March 1. The property is described as having newer finishes throughout, helping minimize up-front capital expenditures. Exterior features include a fenced yard and porch.
Built in 1915, the property totals 1,884 square feet on a 0.11-acre lot. Utilities include public water. Heating is forced air, and cooling is provided via window unit(s). Appliances listed include a range/oven and refrigerator.
With its existing three-unit configuration and current occupancy status, this property is positioned for an investor looking to add a smaller multi-family asset within a cash-flow-oriented structure.
Built in 1915, the property totals 1,884 square feet on a 0.11-acre lot. Utilities include public water. Heating is forced air, and cooling is provided via window unit(s). Appliances listed include a range/oven and refrigerator.
With its existing three-unit configuration and current occupancy status, this property is positioned for an investor looking to add a smaller multi-family asset within a cash-flow-oriented structure.
Key Highlights
- Two of three units are tenant‑occupied; third lease lapsed March 1
- 1,884 SF three‑unit triplex on a 0.11‑acre lot
- Built in 1915 with fenced yard and porch
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 | $32.8k | $17.40 |
| − Vacancy | −$2.0k | −$1.07 |
| EGI | $30.8k | $16.33 |
| − OpEx | −$9.2k | −$4.90 |
| NOI | $21.5k | $11.43 |
1,884 SF · lease $17.40/SF/yr · vacancy 6.17% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$307.6K
$269.1K – $358.9K
NOI $21,531 @ 7.0% cap · market cap 8.65%
Second Best
Apartment 5plus
$282.3K
$247.1K – $329.4K
NOI $19,764 @ 7.0% cap · market cap 7.94%
Theoretical Best
Office A
$415.6K
$363.7K – $484.9K
NOI $29,093 @ 7.0% cap · market cap 11.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,721
Businesses Nearby
Explore this area
Business Placement
Demographics for 48202, MI
17,260
Population
10,078
Households
1.7
Avg Household Size
32
Median Age
38%
College-Educated
91%
High-School Grad
3.4 sq mi
ZIP Area
5,076
Density / Sq Mi
$36,536
Median Household Income
$31,725
Median Earnings
$894
Median Rent
$193,700
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 - Three-unit triplex with a fenced yard and porch on public water; two units are tenant-occupied and the third lease lapsed March 1.
Where is this triplex located?
The property is located at 309 Melbourne Street Detroit, MI.
What is the asking price?
The asking price for this property is $249,000.
What are key features of this property?
This property features: Two of three units are tenant‑occupied; third lease lapsed March 1; 1,884 SF three‑unit triplex on a 0.11‑acre lot; Built in 1915 with fenced yard and porch
