Updated 10-Unit Apartment
For Sale
$799,000
Pending
926 E Front Street, Monroe, MI 48161
Multiple buildings offer renovated interiors, varied bedroom layouts, and shared coin-operated laundry.
Property Size7,066 SF
Days on Market67
Property Features for 926 E Front Street
General Information
Standard status
Pending
Size
7,066 SF
Property subtype
Commercial
Occupancy
100%
Net Operating Income
$90,000
Additional Details
Gross Income
$116,000
Road Access
Yes
Multifamily Units
10
Amenities
shared coin-operated laundry
Building Details
Building Size
7,066 SF
Year Built
1883
Buildings
4
Tenancy
Multi
Listing Agency:
Real Estate One Monroe
(734) 244-5605
Listed By:
Jacob Levicki
Source:
Erareardonrealty
Added: Jun 26
Changed: Aug 30
Last Checked: Aug 25 at 9:15AM
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 Real Estate One Monroe
Investment Insights
Based on property information with market context.
Built in 1883, this apartment property comprises 10 units distributed among four buildings on one lot. The unit mix includes one-, two-, and three-bedroom apartments, each with one bathroom, along with shared coin-operated laundry. Property improvements include newer roofs, luxury vinyl plank flooring, updated water heaters, key-code entry locks, and interior enhancements in most units.
The property is fully occupied, with tenants holding one-year leases and a documented pattern of on-time payments. It occupies the corner of E Front Street and Kentucky Avenue in Monroe, Michigan, near a park and tennis courts. The combination of multiple structures, varied unit layouts, and completed upgrades defines the asset’s current configuration.
The property is fully occupied, with tenants holding one-year leases and a documented pattern of on-time payments. It occupies the corner of E Front Street and Kentucky Avenue in Monroe, Michigan, near a park and tennis courts. The combination of multiple structures, varied unit layouts, and completed upgrades defines the asset’s current configuration.
Key Highlights
- 10‑unit apartment property arranged across four buildings on a single lot
- Unit mix includes 1-, 2-, and 3‑bedroom apartments, each with 1 bathroom
- Built in 1883 with newer roofs, updated water heaters, and luxury vinyl plank flooring
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
$58,428
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
7.31%
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%
$1,168,560
$1.2M
Cap Rate 7%
$834,686
$834.7K
Cap Rate 9%
$649,200
$649.2K
Market Conditions
NOI Build-Up for 7,066 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
$112.8K $15.96/SF
− Vacancy
−$6.5K −$0.93/SF
EGI
$106.2K $15.03/SF
− OpEx
−$47.8K −$6.77/SF
NOI
$58.4K $8.27/SF
Area
Monroe County, MI
Vacancy
5.80%
Lease Rate
$15.96 /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%
$1,168,560
Cap Rate 7%
$834,686
Cap Rate 9%
$649,200
Alternative Uses
Best Use
Apartment 5plus
$834.7K
$730.4K – $973.8K
NOI $58,428 @ 7.0% cap · market cap 7.31%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$7.29M
$6.38M – $8.50M
NOI $510,138 @ 7.0% cap · market cap 63.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
10
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
382
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Multiple buildings offer renovated interiors, varied bedroom layouts, and shared coin-operated laundry.
Where is this apartment building located?
The property is located at 926 E Front Street Monroe, MI.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 10‑unit apartment property arranged across four buildings on a single lot; Unit mix includes 1-, 2-, and 3‑bedroom apartments, each with 1 bathroom; Built in 1883 with newer roofs, updated water heaters, and luxury vinyl plank flooring
