Triplex With Separate Two-Car
New
For Sale
$189,900
724 Laplaisance Road, Monroe, MI 48161
MULTI_FAMILY - Monroe, MI
Property Size1,788 SF
Lot Size0.22 Acres
Price / SF$106.21
Days on Market1
Property Features for 724 Laplaisance Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 3, Bedroom 1, Bathroom 3, Bedroom 5, Bathroom 1, Bedroom 2, Bathroom 2, Basement
Appliances
Dishwasher, Dryer, Range/Oven, Refrigerator, Washer
Elementary school district
Monroe Public Schools
Middle school district
Monroe Public Schools
High school district
Monroe Public Schools
Subdivision
Monroe (58026)
Standard status
Active
Size
1,788 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Annual Amount
3281
Utilities
Heating system
Forced Air, Wall Furnace
Water source
Public
Building Details
Year built
1923
Floors in Building
2
Number of units
3
Architectural style
Other
Listing Agency:
Coldwell Banker Haynes R.E. in Monroe · Coldwell Banker Real Estate
(734) 242-8484
Listed By:
Charles Lemerand
(734) 731-0317
Added: Aug 12
Last Checked: Aug 12 at 2:06PM
MLS# 50218201
Copyright © 2026 Southeastern Border Association of REALTORS®. 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 1,788-square-foot triplex property contains a two-story duplex with upper and lower residences, along with a separate one-bedroom home. A detached two-car garage provides additional storage or vehicle space. The property sits on 0.22 acres and dates to 1923, with three bathrooms, a basement, replacement windows and doors, and appliances including a range/oven, refrigerator, dishwasher, washer, and dryer.
Recent improvements include siding installed on the duplex in 2022, siding added to the one-bedroom home in 2016, sewer line work completed in 2019, and a newer garage door. Heating includes forced air and a wall furnace, while water service is public. All three units are occupied, and tenants pay utilities other than water.
Recent improvements include siding installed on the duplex in 2022, siding added to the one-bedroom home in 2016, sewer line work completed in 2019, and a newer garage door. Heating includes forced air and a wall furnace, while water service is public. All three units are occupied, and tenants pay utilities other than water.
Key Highlights
- Three occupied rental units in a two‑story duplex and separate one‑bedroom home
- 1,788 square feet on a 0.22‑acre parcel
- Detached two‑car garage included
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
$15,869
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
8.36%
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%
$317,380
$317.4K
Cap Rate 7%
$226,700
$226.7K
Cap Rate 9%
$176,322
$176.3K
Market Conditions
NOI Build-Up for 1,788 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
$24.2K $13.56/SF
− Vacancy
−$1.6K −$0.88/SF
EGI
$22.7K $12.68/SF
− OpEx
−$6.8K −$3.80/SF
NOI
$15.9K $8.88/SF
Area
Monroe County, MI
Vacancy
6.50%
Lease Rate
$13.56 /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%
$317,380
Cap Rate 7%
$226,700
Cap Rate 9%
$176,322
Alternative Uses
Best Use
Multifamily LT 5
$226.7K
$198.4K – $264.5K
NOI $15,869 @ 7.0% cap · market cap 8.36%
Second Best
Apartment 5plus
$211.2K
$184.8K – $246.4K
NOI $14,785 @ 7.0% cap · market cap 7.79%
Theoretical Best
Warehouse
$1.84M
$1.61M – $2.15M
NOI $129,087 @ 7.0% cap · market cap 67.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
64
Businesses Nearby
Explore this area
Business Placement
Demographics for 48161, MI
26,571
Population
12,015
Households
2.2
Avg Household Size
40
Median Age
19%
College-Educated
89%
High-School Grad
44.8 sq mi
ZIP Area
593
Density / Sq Mi
$65,517
Median Household Income
$40,184
Median Earnings
$955
Median Rent
$173,200
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 - Three occupied rental units include a two-story duplex and a separate one-bedroom home.
Where is this triplex located?
The property is located at 724 Laplaisance Road Monroe, MI.
What is the asking price?
The asking price for this property is $189,900.
What are key features of this property?
This property features: Three occupied rental units in a two‑story duplex and separate one‑bedroom home; 1,788 square feet on a 0.22‑acre parcel; Detached two‑car garage included
