Fully Occupied Four-Unit Income
For Sale
$319,900
Pending
4077 Columbus St, Wayne, MI 48184
Four fully occupied one-bedroom units with on-site parking offer an income-producing residential investment opportunity.
Property Size2,336 SF
Days on Market54
Property Features for 4077 Columbus St
General Information
Standard status
Pending
Size
2,336 SF
Property subtype
Investment
Occupancy
100%
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$6,522
Building Details
Building Size
2,336 SF
Year Built
1963
Units
4
Tenancy
Multi
Listing Agency:
Keller Williams Legacy
(313) 926-2200
Listed By:
Robert Kabbani · License #6506045187
(313) 926-2200
Source:
Elliman
Added: Jun 17
Changed: Aug 8
Last Checked: Aug 9 at 8:03AM
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 Legacy
Investment Insights
Based on property information with market context.
This four-unit income property is well maintained and currently fully occupied. The building contains four 1-bedroom, 1-bath units, configured to provide separate residential spaces within a single multifamily structure. The property also includes ample on-site parking and sits on a spacious lot.
Located in Wayne, the property is positioned for convenient everyday access, with nearby shopping, dining, parks, and schools. Major highways are also close by, supporting practical commuting and easy access for tenants and guests.
For investors seeking a turnkey residential income asset, the current occupancy provides the basis for immediate rental income rather than requiring unit-by-unit leasing. Each unit is a 1-bedroom, 1-bath layout, which can be a straightforward fit for a range of tenant needs while keeping the overall property configuration consistent across the building.
Located in Wayne, the property is positioned for convenient everyday access, with nearby shopping, dining, parks, and schools. Major highways are also close by, supporting practical commuting and easy access for tenants and guests.
For investors seeking a turnkey residential income asset, the current occupancy provides the basis for immediate rental income rather than requiring unit-by-unit leasing. Each unit is a 1-bedroom, 1-bath layout, which can be a straightforward fit for a range of tenant needs while keeping the overall property configuration consistent across the building.
Key Highlights
- Fully occupied four‑unit property with immediate rental income (all four units currently occupied).
- Four 1‑bedroom, 1‑bath units in a multi‑family building built in 1963.
- On‑site parking available for residents.
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
$22,934
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
7.17%
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%
$458,680
$458.7K
Cap Rate 7%
$327,629
$327.6K
Cap Rate 9%
$254,822
$254.8K
Market Conditions
NOI Build-Up for 2,336 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
$35.0K $15.00/SF
− Vacancy
−$2.3K −$0.98/SF
EGI
$32.8K $14.03/SF
− OpEx
−$9.8K −$4.21/SF
NOI
$22.9K $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%
$458,680
Cap Rate 7%
$327,629
Cap Rate 9%
$254,822
Alternative Uses
Best Use
Multifamily LT 5
$327.6K
$286.7K – $382.2K
NOI $22,934 @ 7.0% cap · market cap 7.17%
Second Best
Apartment 5plus
$300.8K
$263.2K – $351.0K
NOI $21,059 @ 7.0% cap · market cap 6.58%
Theoretical Best
Specialty Retail
$432.5K
$378.4K – $504.6K
NOI $30,275 @ 7.0% cap · market cap 9.46%
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
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
564
Businesses Nearby
Explore this area
Business Placement
Demographics for 48184, MI
17,776
Population
7,739
Households
2.3
Avg Household Size
40
Median Age
16%
College-Educated
88%
High-School Grad
7.2 sq mi
ZIP Area
2,469
Density / Sq Mi
$54,572
Median Household Income
$36,548
Median Earnings
$924
Median Rent
$142,400
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?
Quadplex - Four fully occupied one-bedroom units with on-site parking offer an income-producing residential investment opportunity.
Where is this quadplex located?
The property is located at 4077 Columbus St Wayne, MI.
What is the asking price?
The asking price for this property is $319,900.
What are key features of this property?
This property features: Fully occupied four‑unit property with immediate rental income (all four units currently occupied).; Four 1‑bedroom, 1‑bath units in a multi‑family building built in 1963.; On‑site parking available for residents.
