Apartment Building with Historic
For Sale
$599,000
3778 N Custer Road, Monroe, MI 48162
MULTI_FAMILY - Monroe, MI
Property Size5,532 SF
Lot Size2.19 Acres
Price / SF$108.28
Days on Market162
Property Features for 3778 N Custer Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
10
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 3, Bedroom 4, Bathroom 3, Basement, Bathroom 6, Bedroom 1, Bedroom 7, Bathroom 1, Bathroom 4, Bedroom 2, Bedroom 6, Bathroom 2, Bedroom 10, Bedroom 8, Bedroom 9, Bedroom 5, Bathroom 5
Subdivision
Woodland Farms
Elementary school district
Monroe Public Schools
Middle school district
Monroe Public Schools
High school district
Monroe Public Schools
Standard status
Active
Size
5,532 SF
Lot size
2.19 Acres
Taxes and HOA fees
Tax Annual Amount
8875
Utilities
Heating system
Forced Air, Hot Water(Heating), Wall Furnace
Water source
Public
Building Details
Year built
1917
Number of units
6
Listing Agency:
Coldwell Banker Haynes R.E. in Monroe · Coldwell Banker Real Estate
(734) 242-8484
Listed By:
Erika Baehr · License #6501332078
(734) 735-0937
Added: Mar 18
Changed: Aug 3
Last Checked: Aug 26 at 7:06AM
MLS# 50201871
Copyright © 2026 Southeastern Border Association of REALTORS®. 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 apartment building property includes a stand-alone 3 bedroom, 1 bath home with a full basement (Unit 6) plus five additional rental units. Units 1 through 3 feature full basements, while Units 4 and 5 provide single-floor living. Units 1 through 5 have been recently updated with paint, flooring, kitchens, and bathrooms. Each unit has separate heating and electric, with shared water expenses. All units include washer/dryer hook ups, and Units 4 and 5 share a utility room.
The property also includes four garage spaces with an attached enclosed office area that can support additional rental or storage use. A historic 38x175 dairy barn with loft features new metal siding and an updated roof. The setting offers views of the River Raisin in front and open farmland behind, with direct access to the newly extended Heritage Bike Trail from the front of the property.
Built in 1917, the property has 2.19 acres and 5,532 square feet, with public water service. Heating includes hot water (heating), wall furnace, and forced air.
The property also includes four garage spaces with an attached enclosed office area that can support additional rental or storage use. A historic 38x175 dairy barn with loft features new metal siding and an updated roof. The setting offers views of the River Raisin in front and open farmland behind, with direct access to the newly extended Heritage Bike Trail from the front of the property.
Built in 1917, the property has 2.19 acres and 5,532 square feet, with public water service. Heating includes hot water (heating), wall furnace, and forced air.
Key Highlights
- 2.19‑acre apartment building with 5,532 SF, built in 1917
- Stand‑alone 3‑bedroom, 1‑bath home with full basement (Unit 6) plus five additional rental units
- Units 1‑3 have full basements; Units 4‑5 are single‑floor living
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
$45,743
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
7.64%
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%
$914,860
$914.9K
Cap Rate 7%
$653,471
$653.5K
Cap Rate 9%
$508,256
$508.3K
Market Conditions
NOI Build-Up for 5,532 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
$88.3K $15.96/SF
− Vacancy
−$5.1K −$0.93/SF
EGI
$83.2K $15.03/SF
− OpEx
−$37.4K −$6.77/SF
NOI
$45.7K $8.27/SF
Area
Monroe County, MI
Vacancy
5.80%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
45.00%
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%
$914,860
Cap Rate 7%
$653,471
Cap Rate 9%
$508,256
Alternative Uses
Best Use
Apartment 5plus
$653.5K
$571.8K – $762.4K
NOI $45,743 @ 7.0% cap · market cap 7.64%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$5.71M
$4.99M – $6.66M
NOI $399,389 @ 7.0% cap · market cap 66.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
42
Businesses Nearby
Explore this area
Business Placement
Demographics for 48162, MI
29,156
Population
12,698
Households
2.3
Avg Household Size
43
Median Age
24%
College-Educated
91%
High-School Grad
57.5 sq mi
ZIP Area
507
Density / Sq Mi
$68,801
Median Household Income
$41,678
Median Earnings
$912
Median Rent
$192,200
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?
Apartment building - Apartment building with six rental units, separate utilities, and a renovated dairy barn with loft plus attached office space.
Where is this apartment building located?
The property is located at 3778 N Custer Road Monroe, MI.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 2.19‑acre apartment building with 5,532 SF, built in 1917; Stand‑alone 3‑bedroom, 1‑bath home with full basement (Unit 6) plus five additional rental units; Units 1‑3 have full basements; Units 4‑5 are single‑floor living
