Updated Three-Unit
For Sale
$150,000
5031 LAFONTAINE St, Detroit, MI 48236
Income property with vacant units and substantial mechanical upgrades already completed.
Property Size1,156 SF
Days on Market54
Property Features for 5031 LAFONTAINE St
General Information
Standard status
Active
Size
1,156 SF
Property subtype
Investment
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$1,002
Building Details
Building Size
1,156 SF
Year Built
1920
Units
3
Listing Agency:
SCS Great Lakes INC
Listed By:
Erick Monzo
(586) 210-3350
Source:
Elliman
Added: Aug 22
Changed: Oct 4
Last Checked: Oct 12 at 7:15PM
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 SCS Great Lakes INC
Investment Insights
Based on property information with market context.
This 1920 triplex contains three residential units, including vacant units that allow the next owner to determine tenant selection and leasing terms. The property has received substantial infrastructure work, including fully replaced plumbing, electrical updates, and a sewer connection extending to the road.
Mechanical improvements include a newer furnace and central air conditioning. Walk Score is 79, classified as Very Walkable, while Bike Score is 65, classified as Bikeable. The combination of unit count, vacant availability, and completed building-system improvements provides a clear operating profile for a multifamily owner.
Mechanical improvements include a newer furnace and central air conditioning. Walk Score is 79, classified as Very Walkable, while Bike Score is 65, classified as Bikeable. The combination of unit count, vacant availability, and completed building-system improvements provides a clear operating profile for a multifamily owner.
Key Highlights
- Three‑unit triplex built in 1920
- Vacant units provide flexibility for tenant selection
- All‑new plumbing installed
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,211
Cap Rate
8.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$264,220
$264.2K
Cap Rate 7%
$188,729
$188.7K
Cap Rate 9%
$146,789
$146.8K
Market Conditions
NOI Build-Up for 1,156 SF
Gross rent
$20.1K $17.40/SF
− Vacancy
−$1.2K −$1.07/SF
EGI
$18.9K $16.33/SF
− OpEx
−$5.7K −$4.90/SF
NOI
$13.2K $11.43/SF
Area
Detroit, MI
Vacancy
6.17%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$264,220
Cap Rate 7%
$188,729
Cap Rate 9%
$146,789
Alternative Uses
Best Use
Multifamily LT 5
$188.7K
$165.1K – $220.2K
NOI $13,211 @ 7.0% cap · market cap 8.81%
Second Best
Apartment 5plus
$173.2K
$151.6K – $202.1K
NOI $12,127 @ 7.0% cap · market cap 8.08%
Theoretical Best
Office A
$255.0K
$223.1K – $297.5K
NOI $17,851 @ 7.0% cap · market cap 11.90%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,588
Businesses Nearby
Explore this area
Business Placement
Demographics for 48236, MI
31,286
Population
13,078
Households
2.4
Avg Household Size
45
Median Age
68%
College-Educated
97%
High-School Grad
7.5 sq mi
ZIP Area
4,171
Density / Sq Mi
$130,776
Median Household Income
$69,959
Median Earnings
$1,588
Median Rent
$353,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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 - Income property with vacant units and substantial mechanical upgrades already completed.
Where is this triplex located?
The property is located at 5031 LAFONTAINE St Detroit, MI.
What is the asking price?
The asking price for this property is $150,000.
What are key features of this property?
This property features: Three‑unit triplex built in 1920; Vacant units provide flexibility for tenant selection; All‑new plumbing installed
