Triplex With Separate
For Sale
$295,000
Pending
4355 LAPEER Rd, Burton, MI 48509
Three-unit property combines a primary residence with two one-bedroom apartments and separately metered systems.
Property Size2,800 SF
Days on Market54
Property Features for 4355 LAPEER Rd
General Information
Standard status
Pending
Size
2,800 SF
Property subtype
Investment
Units
Unit Mix
1 x 3BR/2BA (1400 sq ft), 1 x 1BR (750 sq ft), 1 x 1BR (600 sq ft)
Multifamily Units
3
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$2,973
Amenities
fenced yard
handicap accessible bathroom
Building Details
Building Size
2,800 SF
Year Built
1929
Buildings
1
Units
3
Listing Agency:
American Associates REALTORS
Listed By:
Sally A Newland · License #6501306655
(810) 955-4898
Source:
Elliman
Added: Aug 14
Changed: Sep 22
Last Checked: Oct 5 at 6:08PM
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 American Associates REALTORS
Investment Insights
Based on property information with market context.
This 1929 triplex includes a 1,400-square-foot main residence with three bedrooms and two baths, including one handicap-accessible bath. Two additional one-bedroom apartments measure 750 square feet and 600 square feet. Each unit has its own furnace, electrical box, and meter, and both apartments are currently rented. The layout may also be converted back to a single-family configuration.
The property sits on just under an acre at 4355 LAPEER Rd in Burton, Michigan, and backs up to Kelly Park. Exterior features include a fenced backyard and a 2.5-car garage with a loft and a built-on 6x10 storage addition. The main residence and apartment arrangement supports on-site occupancy alongside separate rental units.
The property sits on just under an acre at 4355 LAPEER Rd in Burton, Michigan, and backs up to Kelly Park. Exterior features include a fenced backyard and a 2.5-car garage with a loft and a built-on 6x10 storage addition. The main residence and apartment arrangement supports on-site occupancy alongside separate rental units.
Key Highlights
- Three‑unit layout with 1,400‑square‑foot main residence and two one‑bedroom apartments
- Apartment sizes are 750 square feet and 600 square feet
- Separate meters, electrical boxes, and furnaces for all 3 units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,050
Cap Rate
8.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$481,000
$481.0K
Cap Rate 7%
$343,571
$343.6K
Cap Rate 9%
$267,222
$267.2K
Market Conditions
NOI Build-Up for 2,800 SF
Gross rent
$36.3K $12.96/SF
− Vacancy
−$1.9K −$0.69/SF
EGI
$34.4K $12.27/SF
− OpEx
−$10.3K −$3.68/SF
NOI
$24.1K $8.59/SF
Area
Genesee County, MI
Vacancy
5.32%
Lease Rate
$12.96 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$481,000
Cap Rate 7%
$343,571
Cap Rate 9%
$267,222
Alternative Uses
Best Use
Multifamily LT 5
$343.6K
$300.6K – $400.8K
NOI $24,050 @ 7.0% cap · market cap 8.15%
Second Best
Apartment 5plus
$306.5K
$268.2K – $357.6K
NOI $21,457 @ 7.0% cap · market cap 7.27%
Theoretical Best
Office A
$589.2K
$515.6K – $687.4K
NOI $41,244 @ 7.0% cap · market cap 13.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
258
Businesses Nearby
Explore this area
Business Placement
Demographics for 48509, MI
9,568
Population
4,166
Households
2.3
Avg Household Size
44
Median Age
16%
College-Educated
91%
High-School Grad
8.8 sq mi
ZIP Area
1,087
Density / Sq Mi
$64,385
Median Household Income
$35,417
Median Earnings
$1,061
Median Rent
$127,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit property combines a primary residence with two one-bedroom apartments and separately metered systems.
Where is this triplex located?
The property is located at 4355 LAPEER Rd Burton, MI.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Three‑unit layout with 1,400‑square‑foot main residence and two one‑bedroom apartments; Apartment sizes are 750 square feet and 600 square feet; Separate meters, electrical boxes, and furnaces for all 3 units
