12-Unit Ranch Multifamily
For Sale
$1,100,000
4222 DROUILLARD ST, Lincoln Park, MI 48146
12-unit ranch complex of four adjacent buildings, each unit has private entrance and separate utilities.
Property Size7,133 SF
Price / SF$154.21
Days on Market43
Property Features for 4222 DROUILLARD ST
General Information
Standard status
Active
Size
7,133 SF
Property subtype
Industrial
Occupancy
100%
Additional Details
Multifamily Units
12
Amenities
3
Asphalt
50108
Building Details
Year Built
19
Tenancy
Multi
Listing Agency:
Century 21 Curran & Oberski
(313) 715-2020
Listed By:
Bill Darwich · License #6501368264
(313) 715-2020
Source:
Xome
Added: Jun 28
Changed: Aug 8
Last Checked: Aug 8 at 4:20AM
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 Century 21 Curran & Oberski
Investment Insights
Based on property information with market context.
This 12-unit ranch-style multifamily complex is arranged as four individual buildings, each with three units. Residents have private entrances, and the property features separate utilities for all units. Some units have been updated, and the complex includes a newer roof and a newer parking lot. Owner-paid water supports the operating setup, and a common laundry area is located in one of the buildings. The property is currently 100% leased.
The four buildings are next to each other and include addresses: 4222 Drouillard Street, 4228 Drouillard Street, and 4234 Drouillard Street in Lincoln Park, along with 1404 Brest in Southgate. The property is described as a short walk to nearby restaurants and shops.
With all units separately metered and accessed via private entrances, the layout is designed for tenant privacy and straightforward day-to-day operations.
The four buildings are next to each other and include addresses: 4222 Drouillard Street, 4228 Drouillard Street, and 4234 Drouillard Street in Lincoln Park, along with 1404 Brest in Southgate. The property is described as a short walk to nearby restaurants and shops.
With all units separately metered and accessed via private entrances, the layout is designed for tenant privacy and straightforward day-to-day operations.
Key Highlights
- 12‑unit ranch‑style multifamily complex made up of four adjacent buildings (3 units per building)
- Each unit has a private entrance and separate utilities
- 100% leased and includes an on‑site common laundry room in one building
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
$64,304
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
5.85%
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%
$1,286,080
$1.3M
Cap Rate 7%
$918,629
$918.6K
Cap Rate 9%
$714,489
$714.5K
Market Conditions
NOI Build-Up for 7,133 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
$124.1K $17.40/SF
− Vacancy
−$7.2K −$1.01/SF
EGI
$116.9K $16.39/SF
− OpEx
−$52.6K −$7.38/SF
NOI
$64.3K $9.01/SF
Area
Wayne County, MI
Vacancy
5.80%
Lease Rate
$17.40 /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%
$1,286,080
Cap Rate 7%
$918,629
Cap Rate 9%
$714,489
Alternative Uses
Best Use
Apartment 5plus
$918.6K
$803.8K – $1.07M
NOI $64,304 @ 7.0% cap · market cap 5.85%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.32M
$1.16M – $1.54M
NOI $92,444 @ 7.0% cap · market cap 8.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
537
Businesses Nearby
Explore this area
Business Placement
Demographics for 48146, MI
40,245
Population
15,874
Households
2.5
Avg Household Size
37
Median Age
11%
College-Educated
81%
High-School Grad
5.8 sq mi
ZIP Area
6,939
Density / Sq Mi
$57,183
Median Household Income
$36,886
Median Earnings
$972
Median Rent
$117,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - 12-unit ranch complex of four adjacent buildings, each unit has private entrance and separate utilities.
Where is this apartment building located?
The property is located at 4222 DROUILLARD ST Lincoln Park, MI.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 12‑unit ranch‑style multifamily complex made up of four adjacent buildings (3 units per building); Each unit has a private entrance and separate utilities; 100% leased and includes an on‑site common laundry room in one building
