Mixed-Use Retail and Residential
For Sale
$364,900
585 Southfield Road, Lincoln Park, MI 48146
A three-unit residential building with a leased storefront and recently renovated upper units.
Property Size3,600 SF
Days on Market170
Property Features for 585 Southfield Road
General Information
Standard status
Active
Size
3,600 SF
Property subtype
Commercial
Zoning
Commercial
Building Details
Building Size
3,600 SF
Year Built
1926
Listing Agency:
Epique Realty
(313) 338-7652
Listed By:
Mohammed Almahdi
(313) 338-7652
Source:
Homesforsaleinmich
Added: Mar 4
Changed: Aug 8
Last Checked: Aug 21 at 2:17PM
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 Epique Realty
Investment Insights
Based on property information with market context.
This well-maintained mixed-use building includes three residential rental units plus a storefront currently leased to a tobacco shop. The two upper units have been recently renovated and feature new windows, updated kitchens and bathrooms, and split AC units. Each upper unit offers a two-bedroom, one-bath layout with a spacious living room, dining room, and kitchen. The third unit includes one bedroom, one full bathroom, along with a living room, dining room, and kitchen. A balcony adds an outdoor element for residents.
The property is offered for sale in Lincoln Park, MI and is described as generating annual income. The listing also notes strong rental demand and the possibility of short-term rental use for the upper units.
With residential units above and retail space at the ground level, the building provides a combined income profile under one ownership.
The property is offered for sale in Lincoln Park, MI and is described as generating annual income. The listing also notes strong rental demand and the possibility of short-term rental use for the upper units.
With residential units above and retail space at the ground level, the building provides a combined income profile under one ownership.
Key Highlights
- 1926‑built mixed‑use property with 3 residential rental units plus a storefront leased to a tobacco shop
- Generates $49,200 in annual income (per public remarks)
- Two upper units recently renovated with new windows, updated kitchens and bathrooms, and split AC units
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
$32,454
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
8.89%
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%
$649,080
$649.1K
Cap Rate 7%
$463,629
$463.6K
Cap Rate 9%
$360,600
$360.6K
Market Conditions
NOI Build-Up for 3,600 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
$62.6K $17.40/SF
− Vacancy
−$3.6K −$1.01/SF
EGI
$59.0K $16.39/SF
− OpEx
−$26.6K −$7.38/SF
NOI
$32.5K $9.01/SF
Area
Wayne County, MI
Vacancy
5.80%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
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%
$649,080
Cap Rate 7%
$463,629
Cap Rate 9%
$360,600
Alternative Uses
Best Use
Multifamily LT 5
$504.9K
$441.8K – $589.1K
NOI $35,343 @ 7.0% cap · market cap 9.69%
Second Best
Retail
$487.3K
$426.4K – $568.5K
NOI $34,111 @ 7.0% cap · market cap 9.35%
Theoretical Best
Specialty Retail
$666.5K
$583.2K – $777.6K
NOI $46,656 @ 7.0% cap · market cap 12.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
326
Businesses Nearby
Explore this area
Business Placement
Demographics for 48146, MI
40,245
Population
15,874
Households
2.5
Avg Household Size
37
Median Age
11%
College-Educated
81%
High-School Grad
5.8 sq mi
ZIP Area
6,939
Density / Sq Mi
$57,183
Median Household Income
$36,886
Median Earnings
$972
Median Rent
$117,400
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 - A three-unit residential building with a leased storefront and recently renovated upper units.
Where is this triplex located?
The property is located at 585 Southfield Road Lincoln Park, MI.
What is the asking price?
The asking price for this property is $364,900.
What are key features of this property?
This property features: 1926‑built mixed‑use property with 3 residential rental units plus a storefront leased to a tobacco shop; Generates $49,200 in annual income (per public remarks); Two upper units recently renovated with new windows, updated kitchens and bathrooms, and split AC units
