Triplex With Separate
For Sale
$295,000
4355 LAPEER Road, Burton, MI 48509
MULTI_FAMILY - Other - Burton, MI
Property Size2,800 SF
Lot Size0.78 Acres
Price / SF$105.36
Days on Market9
Property Features for 4355 LAPEER Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family,Residential
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bedroom 1, Bathroom 2, Bathroom 4, Basement, Bedroom 5, Bathroom 3, Bedroom 3, Bedroom 4, Bathroom 1
Pets allowed
Yes
Exterior features
Fenced
Fencing
Fenced
Subdivision
SUBURBAN HOMESITES
Elementary school district
Bentley
Middle school district
Bentley
High school district
Bentley
Directions
Located between Center and Genesee Rd.
Standard status
Active
APN
5915552021
Size
2,800 SF
Lot size
0.78 Acres
Taxes and HOA fees
Tax Description
LOT 21 SUBURBAN HOMESITES
Tax Annual Amount
2973
Legal Description
LOT 21 SUBURBAN HOMESITES
Utilities
Heating system
Forced Air
Cooling system
Central Air, Window Unit(s)
Water source
Well
Amenities
fenced in back yard
Building Details
Year built
1929
Floors in Building
2
Number of units
3
Building materials
Vinyl
Roof type
Asphalt
Architectural style
Other
Listing Agency:
American Associates Inc
(810) 750-3333
Listed By:
Sally A Newland · License #6501306655
(810) 955-4898
Added: Aug 6
Changed: Aug 14
Last Checked: Aug 14 at 11:06PM
MLS# 20261064281
Copyright © 2026 Realcomp Limited II. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,800-square-foot triplex combines a 1,400-square-foot main residence with two one-bedroom apartments measuring 750 and 600 square feet. The primary unit includes three bedrooms and two bathrooms, including one handicap-accessible bath. Each unit has its own meter, electrical box, and furnace, while cooling is provided by central air and window units. The property also includes a basement and vinyl exterior construction dating to 1929.
Set on 0.78 acres, the property features a fenced backyard and a 2.5-car garage with a loft. A 6-by-10-foot addition at the rear of the garage provides additional storage, and the site backs up to Kelly Park. Two of the apartments are currently rented, and the layout can be converted back into a single-family residence. Zoning is Multi-Family,Residential, with well water serving the property.
Set on 0.78 acres, the property features a fenced backyard and a 2.5-car garage with a loft. A 6-by-10-foot addition at the rear of the garage provides additional storage, and the site backs up to Kelly Park. Two of the apartments are currently rented, and the layout can be converted back into a single-family residence. Zoning is Multi-Family,Residential, with well water serving the property.
Key Highlights
- 2,800‑square‑foot triplex with 1,400‑square‑foot main unit plus 750- and 600‑square‑foot apartments
- Three separate meters, electrical boxes, and furnaces—one for each unit
- Two one‑bedroom apartments are currently rented
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
$24,050
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
8.15%
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%
$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
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
$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 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%
$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
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
149
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit residential property with individually metered spaces, private furnaces, and flexible owner-occupant or rental use.
Where is this triplex located?
The property is located at 4355 LAPEER Road 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: 2,800‑square‑foot triplex with 1,400‑square‑foot main unit plus 750- and 600‑square‑foot apartments; Three separate meters, electrical boxes, and furnaces—one for each unit; Two one‑bedroom apartments are currently rented
