Fully Occupied Triplex with GC
For Sale
$389,900
7038 Whitmore Lake Road, Whitmore Lake, MI 48189
Triplex investment property with General Commercial zoning, generating steady rental income and offering commercial redevelopment flexibility.
Property Size1,900 SF
Lot Size1.08 Acres
Price / SF$205.21
Days on Market148
Property Features for 7038 Whitmore Lake Road
General Information
Standard status
Active
Size
1,900 SF
Lot size
1.08 Acres
Property subtype
Residential Income / Multi Family
Zoning
GC
Occupancy
100%
Additional Details
Highway Access
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$4,905
Amenities
Central, Yes
Forced Air, Hot Water, Yes
No
Forced Air, Hot Water
Other
Central Air
In Unit
0.0
Metal
Carports
Paved, Public
Slab
Building Details
Year Built
1960
Units
3
Tenancy
Multi
Listing Agency:
The Charles Reinhart Company
Listed By:
Brent Flewelling · License #6506045328
(734) 646-4263
Source:
Compass
Added: Apr 15
Changed: Sep 8
Last Checked: Sep 8 at 6:42AM
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 The Charles Reinhart Company
Investment Insights
Based on property information with market context.
This fully occupied triplex is situated on approximately 1.08 acres and is generating $3,600 per month, or $43,200 annually, in gross rental income. The building is home to long-term tenants who would like to remain, supporting stability with day-one occupancy. The property is presented for sale with General Commercial (GC) zoning, which allows for commercial-oriented uses, including potential redevelopment, expansion, or owner-user and mixed-use concepts, subject to Township approval.
The property is located at 7038 Whitmore Lake Rd in Northfield Township, Washtenaw, MI. It is described as having strong visibility along Whitmore Lake Road, with convenient access and close proximity to US-23.
For investors or owner-users, the combination of a stabilized, fully occupied triplex and GC zoning can be useful for buyers seeking current income while evaluating longer-term options. Showings are by appointment only, and tenants should not be disturbed.
The property is located at 7038 Whitmore Lake Rd in Northfield Township, Washtenaw, MI. It is described as having strong visibility along Whitmore Lake Road, with convenient access and close proximity to US-23.
For investors or owner-users, the combination of a stabilized, fully occupied triplex and GC zoning can be useful for buyers seeking current income while evaluating longer-term options. Showings are by appointment only, and tenants should not be disturbed.
Key Highlights
- Fully occupied triplex built in 1960 on approximately 1.08 acres.
- General Commercial (GC) zoning with potential for redevelopment, expansion, or owner‑user/mixed‑use concepts (subject to Township approval).
- Generates $3,600/month ($43,200/year) in gross rental income from long‑term tenants.
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
$17,308
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
4.44%
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%
$346,160
$346.2K
Cap Rate 7%
$247,257
$247.3K
Cap Rate 9%
$192,311
$192.3K
Market Conditions
NOI Build-Up for 1,900 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
$26.2K $13.80/SF
− Vacancy
−$1.5K −$0.79/SF
EGI
$24.7K $13.01/SF
− OpEx
−$7.4K −$3.90/SF
NOI
$17.3K $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%
$346,160
Cap Rate 7%
$247,257
Cap Rate 9%
$192,311
Alternative Uses
Best Use
Multifamily LT 5
$247.3K
$216.4K – $288.5K
NOI $17,308 @ 7.0% cap · market cap 4.44%
Second Best
Apartment 5plus
$227.3K
$198.9K – $265.2K
NOI $15,913 @ 7.0% cap · market cap 4.08%
Theoretical Best
Healthcare Medical
$302.6K
$264.8K – $353.1K
NOI $21,185 @ 7.0% cap · market cap 5.43%
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
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
48
Businesses Nearby
Explore this area
Business Placement
Demographics for 48189, MI
14,038
Population
6,196
Households
2.3
Avg Household Size
43
Median Age
38%
College-Educated
97%
High-School Grad
34.2 sq mi
ZIP Area
410
Density / Sq Mi
$82,433
Median Household Income
$48,223
Median Earnings
$1,228
Median Rent
$286,200
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 - Triplex investment property with General Commercial zoning, generating steady rental income and offering commercial redevelopment flexibility.
Where is this triplex located?
The property is located at 7038 Whitmore Lake Road Whitmore Lake, MI.
What is the asking price?
The asking price for this property is $389,900.
What are key features of this property?
This property features: Fully occupied triplex built in 1960 on approximately 1.08 acres.; General Commercial (GC) zoning with potential for redevelopment, expansion, or owner‑user/mixed‑use concepts (subject to Township approval).; Generates $3,600/month ($43,200/year) in gross rental income from long‑term tenants.
