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$ 280,000
Active
1187 Park Lincoln Park, MI 48146
3 Baths
1,868 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type MultiFamily
Listing Status Active
Purchase Type For Rent
Square Footage 1,868 sqft
MLS Listing ID 20261071896
Style Colonial
Full Baths 3
Year Built 1928
Property Sub-Type MultiFamily
Property Description
Turnkey, Fully Occupied Triplex | Renovated | 8.5% Stabilized Cap Rate | 12% Gross Rental Yield
1187 Park Avenue offers investors the opportunity to acquire a fully occupied, low-maintenance triplex with strong in-place tenancy, meaningful recent capital improvements, and clear forward income visibility.
The property is configured as two 2-bedroom, 1-bathroom apartments and one 1-bedroom, 1-bathroom basement apartment. The rent roll is scheduled to increase to $2,700 per month beginning 11/1/2027, supporting an estimated $20,000 NOI, with potential to reach approximately $24,000 NOI over time. NOI has been kept below full stabilized potential to preserve occupancy and retain the existing tenant base.
The property is being offered at an attractive 8.5% stabilized cap rate, which compares favorably to the approximately 7.0% prevailing cap rate for similar multifamily assets in Lincoln Park. At the current asking price, the scheduled rent roll also represents an attractive 12% gross rental yield, offering investors strong income relative to basis.
Operating expenses are efficient and controlled, supported by responsible tenants, online rent collection, limited turnover, low-touch management needs, and tenants who handle yard care. This creates a comparatively low operating expense load and a straightforward ownership profile.
The property has benefited from substantial recent investment and targeted renovations. Over the past six months, ownership completed a full renovation of the 1-bedroom apartment, completed a kitchen flooring renovation, installed a brand-new furnace, and installed a new water heater. An additional flooring renovation is scheduled to be completed by the end of October, with materials already purchased and a contractor engaged.
Upon purchase, gas leaks were identified and fully addressed, with approximately $5,000 invested to repair the gas lines. The gas lines are now in excellent condition. In addition, all major kitchen appliances have been replaced across all three apartments, includin
1187 Park Avenue offers investors the opportunity to acquire a fully occupied, low-maintenance triplex with strong in-place tenancy, meaningful recent capital improvements, and clear forward income visibility.
The property is configured as two 2-bedroom, 1-bathroom apartments and one 1-bedroom, 1-bathroom basement apartment. The rent roll is scheduled to increase to $2,700 per month beginning 11/1/2027, supporting an estimated $20,000 NOI, with potential to reach approximately $24,000 NOI over time. NOI has been kept below full stabilized potential to preserve occupancy and retain the existing tenant base.
The property is being offered at an attractive 8.5% stabilized cap rate, which compares favorably to the approximately 7.0% prevailing cap rate for similar multifamily assets in Lincoln Park. At the current asking price, the scheduled rent roll also represents an attractive 12% gross rental yield, offering investors strong income relative to basis.
Operating expenses are efficient and controlled, supported by responsible tenants, online rent collection, limited turnover, low-touch management needs, and tenants who handle yard care. This creates a comparatively low operating expense load and a straightforward ownership profile.
The property has benefited from substantial recent investment and targeted renovations. Over the past six months, ownership completed a full renovation of the 1-bedroom apartment, completed a kitchen flooring renovation, installed a brand-new furnace, and installed a new water heater. An additional flooring renovation is scheduled to be completed by the end of October, with materials already purchased and a contractor engaged.
Upon purchase, gas leaks were identified and fully addressed, with approximately $5,000 invested to repair the gas lines. The gas lines are now in excellent condition. In addition, all major kitchen appliances have been replaced across all three apartments, includin
Location
State MI
County Wayne
Area Area05143Lincolnpark
Rooms
Basement Finished, Full
Interior
Heating Forced Air, Natural Gas
Fireplace No
Exterior
Pool None
View Y/N No
Garage false
Building
Foundation Basement, Block
Sewer Public Sewer
Water Public
New Construction No
Schools
School District Lincoln Park
Others
Senior Community false
Acceptable Financing Cash, Contract, Conventional
Listing Terms Cash, Contract, Conventional
Special Listing Condition ShortSaleNo, Standard
Pets Allowed Call
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Listed by Charlotte Tumminello of RE/MAX Leading Edge