Updated Three-Unit Multifamily
For Sale
$150,000
5031 LAFONTAINE Street, Detroit, MI 48236
Multifamily, 1 Story, Detroit, MI
Property Size578 SF
Lot Size0.12 Acres
Price / SF$259.52
Days on Market11
Property Features for 5031 LAFONTAINE Street
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
Multi-Family
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bathroom 3, Bedroom 2, Bathroom 1, Basement, Bedroom 1, Bathroom 2
Subdivision
SUNNYSIDE SITES (PLATS)
Elementary school district
Detroit
Middle school district
Detroit
High school district
Detroit
Directions
West off of Mack, north of Warren
Standard status
Active
APN
W21I078618S
Size
578 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Description
W LAFONTAINE 127 SUNNYSIDE SITES SUB L42 P57 PLATS, W C R 21/807 45 X 120
Tax Annual Amount
1002
Legal Description
W LAFONTAINE 127 SUNNYSIDE SITES SUB L42 P57 PLATS, W C R 21/807 45 X 120
Utilities
Heating system
Forced Air
Cooling system
Central Air, Ceiling Fan(s)
Water source
Public
Building Details
Year built
1920
Floors in Building
1
Number of units
3
Building materials
Wood
Roof type
Asphalt
Architectural style
Ranch
Listing Agency:
Keller Williams Realty-Great Lakes
(586) 541-4000
Listed By:
Mark Hanna
(586) 303-5272
Added: Aug 20
Changed: Aug 26
Last Checked: Aug 30 at 2:06AM
MLS# 20261066700
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 one-story triplex was built in 1920 with wood construction and a ranch-style layout. The property contains 578 square feet, three bedrooms, three bathrooms, and a basement. All three units are vacant, allowing the next owner to establish occupancy and select tenants. Major system work includes new plumbing, updated electrical service, and a new sewer line extending to the road. The property also has a newer forced-air furnace and central air conditioning, with ceiling fans providing an additional cooling feature.
Located at 5031 Lafontaine Street in Detroit, Michigan, the property occupies a 0.12-acre lot in a Multi-Family zoning district. Public water serves the site, and the building has an asphalt roof.
Located at 5031 Lafontaine Street in Detroit, Michigan, the property occupies a 0.12-acre lot in a Multi-Family zoning district. Public water serves the site, and the building has an asphalt roof.
Key Highlights
- Three‑unit multifamily property with all units vacant
- 578 square feet on a 0.12‑acre lot
- Three bedrooms, three bathrooms, and a basement
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
$6,606
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
4.40%
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%
$132,120
$132.1K
Cap Rate 7%
$94,371
$94.4K
Cap Rate 9%
$73,400
$73.4K
Market Conditions
NOI Build-Up for 578 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
$10.1K $17.40/SF
− Vacancy
−$621 −$1.07/SF
EGI
$9.4K $16.33/SF
− OpEx
−$2.8K −$4.90/SF
NOI
$6.6K $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 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%
$132,120
Cap Rate 7%
$94,371
Cap Rate 9%
$73,400
Alternative Uses
Best Use
Multifamily LT 5
$94.4K
$82.6K – $110.1K
NOI $6,606 @ 7.0% cap · market cap 4.40%
Second Best
Apartment 5plus
$86.6K
$75.8K – $101.1K
NOI $6,064 @ 7.0% cap · market cap 4.04%
Theoretical Best
Office A
$127.5K
$111.6K – $148.8K
NOI $8,926 @ 7.0% cap · market cap 5.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
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 - Vacant three-unit property with updated building systems and central air conditioning.
Where is this triplex located?
The property is located at 5031 LAFONTAINE Street 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 multifamily property with all units vacant; 578 square feet on a 0.12‑acre lot; Three bedrooms, three bathrooms, and a basement
