Updated Three-Unit
For Sale
$319,000
Pending
5734 N Gulley Rd, Dearborn Heights, MI 48127
Tenant-occupied property with renovated kitchens, a shared basement, garage, and fenced yard.
Property Size1,510 SF
Days on Market71
Property Features for 5734 N Gulley Rd
General Information
Standard status
Pending
Size
1,510 SF
Total Parking Spaces
2
Property subtype
Investment
Occupancy
100%
Units
Unit Mix
3 x 1BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,732
Amenities
shared basement
fenced yard
Building Details
Building Size
1,510 SF
Year Built
1929
Buildings
1
Units
3
Tenancy
Multi
Listing Agency:
RE/MAX Team 2000
Listed By:
Michael Beydoun · License #6501463438
(313) 912-5566
Source:
Elliman
Added: Jun 25
Changed: Aug 31
Last Checked: Sep 2 at 8:23PM
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 RE/MAX Team 2000
Investment Insights
Based on property information with market context.
This 1929 triplex contains three one-bedroom units, each currently occupied by a tenant. The property includes a shared basement, a two-car garage, a long paved driveway, and a fenced yard. Renovated kitchens are among the completed improvements.
All three leases are month-to-month, providing lease-term flexibility. Showings require 24-hour notice because of tenant occupancy. The property is located at 5734 N Gulley Rd in Dearborn Heights, with access to major roadways. Walk Score is 47 and BikeScore is 39.
All three leases are month-to-month, providing lease-term flexibility. Showings require 24-hour notice because of tenant occupancy. The property is located at 5734 N Gulley Rd in Dearborn Heights, with access to major roadways. Walk Score is 47 and BikeScore is 39.
Key Highlights
- Three one‑bedroom units in a triplex built in 1929
- All three units are fully tenant occupied with month‑to‑month leases
- Renovated kitchens and shared 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
$14,824
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
4.65%
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%
$296,480
$296.5K
Cap Rate 7%
$211,771
$211.8K
Cap Rate 9%
$164,711
$164.7K
Market Conditions
NOI Build-Up for 1,510 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
$22.7K $15.00/SF
− Vacancy
−$1.5K −$0.98/SF
EGI
$21.2K $14.03/SF
− OpEx
−$6.4K −$4.21/SF
NOI
$14.8K $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%
$296,480
Cap Rate 7%
$211,771
Cap Rate 9%
$164,711
Alternative Uses
Best Use
Multifamily LT 5
$211.8K
$185.3K – $247.1K
NOI $14,824 @ 7.0% cap · market cap 4.65%
Second Best
Apartment 5plus
$194.5K
$170.2K – $226.9K
NOI $13,613 @ 7.0% cap · market cap 4.27%
Theoretical Best
Specialty Retail
$279.6K
$244.6K – $326.2K
NOI $19,570 @ 7.0% cap · market cap 6.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
717
Businesses Nearby
Explore this area
Business Placement
Demographics for 48127, MI
41,222
Population
14,616
Households
2.8
Avg Household Size
35
Median Age
29%
College-Educated
90%
High-School Grad
7.7 sq mi
ZIP Area
5,354
Density / Sq Mi
$63,084
Median Household Income
$35,340
Median Earnings
$1,231
Median Rent
$217,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Tenant-occupied property with renovated kitchens, a shared basement, garage, and fenced yard.
Where is this triplex located?
The property is located at 5734 N Gulley Rd Dearborn Heights, MI.
What is the asking price?
The asking price for this property is $319,000.
What are key features of this property?
This property features: Three one‑bedroom units in a triplex built in 1929; All three units are fully tenant occupied with month‑to‑month leases; Renovated kitchens and shared basement
