12-Unit Ranch-Style Apartment
For Sale
$1,100,000
4222 Drouillard Street, Lincoln Park, MI 48146
Four low-rise buildings offer private-entry units, separate utilities, and shared laundry facilities.
Property Size7,133 SF
Price / SF$154.21
Days on Market41
Property Features for 4222 Drouillard Street
General Information
Standard status
Active
Size
7,133 SF
Property subtype
Commercial
Zoning
Multi-Family
Occupancy
100%
Lease Term
Cash, Conventional
Additional Details
Multifamily Units
12
Taxes and HOA fees
Annual Taxes
$5,736
Amenities
common laundry
Building Details
Building Size
7,133 SF
Year Built
1956
Buildings
4
Stories
1
Units
12
Construction
ranch style
Listing Agency:
Century 21 Curran & Oberski
(313) 203-8214
Listed By:
Bill M Darwich · License #6501368264
(313) 203-8214
Source:
Sabudarealty
Added: Jun 29
Changed: Aug 3
Last Checked: Aug 8 at 12:29PM
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 contains 12 units across four individual ranch-style buildings, with three units in each building. The 7,133-square-foot complex was built in 1956 and provides a private entrance for every unit. Some apartments have received updates, while the property also includes a newer parking lot and newer roof. Utilities are separately metered, with water paid by the owner, and one building includes common laundry facilities.
The property is zoned Multi-Family and is reported as 100% leased. The four buildings are identified at 4222 Drouillard Street, 4228 Drouillard Street, 4234 Drouillard Street, and 1404 Brest. Restaurants, shops, and other services are described as being within a short walk.
The property is zoned Multi-Family and is reported as 100% leased. The four buildings are identified at 4222 Drouillard Street, 4228 Drouillard Street, 4234 Drouillard Street, and 1404 Brest. Restaurants, shops, and other services are described as being within a short walk.
Key Highlights
- 12 units arranged as four buildings with three units per building
- 7,133‑square‑foot multifamily complex built in 1956
- Private entrance provided for each unit
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
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Four low-rise buildings offer private-entry units, separate utilities, and shared laundry facilities.
Where is this apartment building located?
The property is located at 4222 Drouillard Street 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 units arranged as four buildings with three units per building; 7,133‑square‑foot multifamily complex built in 1956; Private entrance provided for each unit
