Building Details

Year Built 1964

Listing Agency: EXP Realty Main n***@exprealty.com Show Phone

Listed By: Nick Coppola · License #6506035783

Source: Premiermichiganhomesearch

Added: Jul 27 Changed: Aug 28 Last Checked: Aug 29 at 11:56AM

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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 Main

Investment Insights

Based on property information with market context.

This three-unit multifamily property includes two two-bedroom residences and one one-bedroom residence on 1.50 acres. Two units are occupied under month-to-month arrangements, while the basement unit is vacant and identified for updates. Each residence includes an owner-provided stove and refrigerator. The basement also offers space for coin-operated laundry equipment, and the attached two-car garage is currently vacant. Tenants pay gas, electric, cable, and internet; ownership maintains the water softener system.

The property has 212 feet of road frontage in Hamburg Township, with access to Brighton, Howell, Dexter, and Ann Arbor. It was built in 1964. The source information also identifies possible expansion, water billing, renovation, and garage rental options as subject to the applicable circumstances and approvals.

Key Highlights

• Three‑unit configuration with two two‑bedroom units and one one‑bedroom unit
• Located on 1.50 acres with 212 feet of road frontage
• Two units occupied on month‑to‑month leases

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

$16,397

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

4.37%

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%

$327,940 $327.9K

Cap Rate 7%

$234,243 $234.2K

Cap Rate 9%

$182,189 $182.2K

Market Conditions

NOI Build-Up for 1,800 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

$24.8K $13.80/SF

− Vacancy

−$1.4K −$0.79/SF

EGI

$23.4K $13.01/SF

− OpEx

−$7.0K −$3.90/SF

NOI

$16.4K $9.11/SF

Area

Livingston County, MI

Vacancy

5.70%

Lease Rate

$13.80 /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%

$327,940

Cap Rate 7%

$234,243

Cap Rate 9%

$182,189

Alternative Uses

Best Use

Multifamily LT 5

$234.2K

$205.0K – $273.3K (±1% cap)

NOI $16,397 @ 7.0% cap · market cap 4.37%

Second Best

Apartment 5plus

$215.4K

$188.5K – $251.3K (±1% cap)

NOI $15,076 @ 7.0% cap · market cap 4.02%

Theoretical Best

Healthcare Medical

$286.7K

$250.9K – $334.5K (±1% cap)

NOI $20,070 @ 7.0% cap · market cap 5.35%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Triplexes

Suggested Use

Top Pick Law Firm Restaurant Spa & Massage Center Hair Salon Dental Office Nail Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

164

Businesses Nearby

Explore this area Business Placement

Demographics for 48169, MI

20,336

Population

9,045

Households

2.2

Avg Household Size

48

Median Age

39%

College-Educated

98%

High-School Grad

57.7 sq mi

ZIP Area

352

Density / Sq Mi

$108,886

Median Household Income

$58,988

Median Earnings

$1,365

Median Rent

$344,500

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Triplex - Two two-bedroom residences and one one-bedroom residence create a compact multifamily configuration.

Where is this triplex located?

The property is located at 4987 E M 36 Hamburg Twp, MI.

What is the asking price?

The asking price for this property is $375,000.

What are key features of this property?

This property features: Three‑unit configuration with two two‑bedroom units and one one‑bedroom unit; Located on 1.50 acres with 212 feet of road frontage; Two units occupied on month‑to‑month leases