12-Unit Ranch-Style Apartment
For Sale
$1,100,000
4222 Drouillard St, Lincoln Park, MI 48146
Ranch-style apartments feature private entrances, selective updates, separate utilities, and shared laundry facilities.
Property Size7,133 SF
Lot Size0.92 Acres
Price / SF$154.21
Days on Market45
Property Features for 4222 Drouillard St
General Information
Standard status
Active
Size
7,133 SF
Net Rentable
8,400 SF
Total Parking Spaces
14
Lot size
0.92 Acres
Zoning
R4
Occupancy
100%
Net Operating Income
$109,382
Property Condition
Severity
Repairs Needed
Evidence
updated
Financials
Asking Price
$1,899,000
Cap Rate
5.76%
Gross Income
$190,656
Gross Rent Multiplier
9.96
Average Monthly Rent
$1,324
Units
Unit Mix
12 x 2BR/1BA
Multifamily Units
12
Amenities
Laundry
Private Entrance
Building Details
Year Built
1956
Year Renovated
2024
Buildings
4
Stories
1
Construction
ranch style
Listing Agency:
Century 21 Curran & Oberski
(313) 715-2020
Listed By:
Bill M Darwich · License #6501368264
Source:
Katie-k
Added: Jul 17
Changed: Aug 29
Last Checked: Aug 25 at 4:57AM
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 multifamily property includes 12 ranch-style apartments arranged across four individual buildings, with three units in each building. Every residence has a private entrance, while some units have been updated. Property improvements include a newer parking lot and newer roof. Utilities are separately metered, with the owner paying water. One building contains a shared laundry area.
The complex is 100% leased and sits a short walk from restaurants, shops, and other everyday services. The sale includes the four adjacent buildings at 4222 Drouillard, 4228 Drouillard, 4234 Drouillard, and 1404 Brest. The configuration provides a compact multifamily layout with separate building entries and shared laundry service.
The complex is 100% leased and sits a short walk from restaurants, shops, and other everyday services. The sale includes the four adjacent buildings at 4222 Drouillard, 4228 Drouillard, 4234 Drouillard, and 1404 Brest. The configuration provides a compact multifamily layout with separate building entries and shared laundry service.
Key Highlights
- 12‑unit multifamily complex across four individual buildings
- Three apartments per building, with private entrances for each unit
- 100% leased
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
Property Profile
Current Use
Lease Details
12
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
652
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Ranch-style apartments feature private entrances, selective updates, separate utilities, and shared laundry facilities.
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 multifamily complex across four individual buildings; Three apartments per building, with private entrances for each unit; 100% leased
