Well-Kept 4-Unit Residential Income
For Sale
$549,995
Pending
440 Robbe Ave, Belleville, MI 48111
Four well-maintained units with patios, attached garages, and tenant-paid water and trash utilities.
Property Size3,840 SF
Days on Market48
Property Features for 440 Robbe Ave
General Information
Standard status
Pending
Size
3,840 SF
Property subtype
Investment
Occupancy
75%
Additional Details
Clear Height
9 ft
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$10,454
Building Details
Building Size
3,840 SF
Year Built
2007
Units
4
Tenancy
Multi
Listing Agency:
eXp Realty
(888) 501-7085
Listed By:
Sayeduzzaman Khan
(888) 501-7085
Source:
Elliman
Added: Jun 23
Changed: Aug 8
Last Checked: Jul 23 at 8:12AM
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 eXp Realty
Investment Insights
Based on property information with market context.
Built in 2007, this well-maintained 4-unit residential income property offers a straightforward setup for multi-tenant ownership. Each unit features an open-concept floor plan with 9' ceilings, a spacious living and dining area, and a kitchen with custom Brazilian hardwood cabinets and flooring. Appliances are included, and every unit has two bedrooms, one full bathroom, a separate laundry room, and a private patio.
One unit is currently vacant and available to view, allowing prospective buyers to see the finishes and layout firsthand. The property’s units share a similar configuration and appear consistently updated throughout. Tenants are responsible for all utilities, including water and trash. For local mobility context, the property reports a BikeScore of 48 and a WalkScore of 66.
With all four units offering the same core layout—two-bedroom, one-bath, open living spaces, and in-unit laundry—this property may appeal to buyers looking for manageably uniform leasing units. The attached garage with storage cabinets can also support tenant storage needs, adding practicality to the day-to-day use of each unit.
One unit is currently vacant and available to view, allowing prospective buyers to see the finishes and layout firsthand. The property’s units share a similar configuration and appear consistently updated throughout. Tenants are responsible for all utilities, including water and trash. For local mobility context, the property reports a BikeScore of 48 and a WalkScore of 66.
With all four units offering the same core layout—two-bedroom, one-bath, open living spaces, and in-unit laundry—this property may appeal to buyers looking for manageably uniform leasing units. The attached garage with storage cabinets can also support tenant storage needs, adding practicality to the day-to-day use of each unit.
Key Highlights
- Built in 2007; four‑unit property with similar layouts and finishes across all units.
- Current market rents of approximately $1,500/month per unit; one unit is currently vacant and available to view.
- Tenants pay all utilities, including water and trash.
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
$37,699
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
6.85%
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%
$753,980
$754.0K
Cap Rate 7%
$538,557
$538.6K
Cap Rate 9%
$418,878
$418.9K
Market Conditions
NOI Build-Up for 3,840 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
$57.6K $15.00/SF
− Vacancy
−$3.7K −$0.98/SF
EGI
$53.9K $14.03/SF
− OpEx
−$16.2K −$4.21/SF
NOI
$37.7K $9.82/SF
Area
Wayne County, MI
Vacancy
6.50%
Lease Rate
$15.00 /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%
$753,980
Cap Rate 7%
$538,557
Cap Rate 9%
$418,878
Alternative Uses
Best Use
Multifamily LT 5
$538.6K
$471.2K – $628.3K
NOI $37,699 @ 7.0% cap · market cap 6.85%
Second Best
Apartment 5plus
$494.5K
$432.7K – $577.0K
NOI $34,617 @ 7.0% cap · market cap 6.29%
Theoretical Best
Specialty Retail
$710.9K
$622.1K – $829.4K
NOI $49,766 @ 7.0% cap · market cap 9.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9 ft
Clear height
4
Residential units
75%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
322
Businesses Nearby
Explore this area
Business Placement
Demographics for 48111, MI
44,055
Population
19,406
Households
2.3
Avg Household Size
40
Median Age
27%
College-Educated
92%
High-School Grad
66.9 sq mi
ZIP Area
659
Density / Sq Mi
$74,125
Median Household Income
$42,194
Median Earnings
$1,162
Median Rent
$239,400
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?
Quadplex - Four well-maintained units with patios, attached garages, and tenant-paid water and trash utilities.
Where is this quadplex located?
The property is located at 440 Robbe Ave Belleville, MI.
What is the asking price?
The asking price for this property is $549,995.
What are key features of this property?
This property features: Built in 2007; four‑unit property with similar layouts and finishes across all units.; Current market rents of approximately $1,500/month per unit; one unit is currently vacant and available to view.; Tenants pay all utilities, including water and trash.
