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$ 260,000
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 | Extensively Renovated | $260,000 | 7.7% Current Cap Rate | 9.2% Potential Cap Rate
1187 Park Avenue offers investors the opportunity to acquire a fully occupied, low-maintenance triplex for $260,000, with established rental income, substantial recent capital improvements, and attractive potential for long-term returns.
The property comprises two 2-bedroom, 1-bathroom apartments and one legal 1-bedroom, 1-bathroom basement apartment.
The property currently generates $2,700 per month in rental income, equivalent to $32,400 annually, supporting an estimated $20,000 annual NOI and a 7.7% in-place cap rate. With potential NOI of approximately $24,000, the property offers a 9.2% potential cap rate, alongside a 12.5% gross rental yield at the asking price.
The property has benefited from substantial recent capital investment, including:
A brand-new furnace and newer water heater
Approximately $5,000 invested in comprehensive gas line repairs
Replacement of stoves and refrigerators across all three apartments
A complete renovation of the 1-bedroom apartment
Recent kitchen flooring improvements
Premium flooring scheduled for installation in the two remaining apartments during the first five days of November
Refurbishment of kitchen cabinetry with a new glossy finish in both apartments
These improvements significantly enhance the property's condition, address major mechanical and appliance needs, and minimize anticipated near-term capital expenditure.
The property is 100% occupied, with reliable tenants who have consistently paid rent early throughout the current ownership period. All tenants pay rent online, supporting efficient collections and streamlined property management.
Tenants also maintain the yard, contributing to the property's low operating expense profile.
With an attractive 7.7% in-place cap rate, potential to achieve a 9.2% cap rate, strong rental collections, and substantial recent capital improvements, 1187 Park Avenue offers investors a compelling combination of i
1187 Park Avenue offers investors the opportunity to acquire a fully occupied, low-maintenance triplex for $260,000, with established rental income, substantial recent capital improvements, and attractive potential for long-term returns.
The property comprises two 2-bedroom, 1-bathroom apartments and one legal 1-bedroom, 1-bathroom basement apartment.
The property currently generates $2,700 per month in rental income, equivalent to $32,400 annually, supporting an estimated $20,000 annual NOI and a 7.7% in-place cap rate. With potential NOI of approximately $24,000, the property offers a 9.2% potential cap rate, alongside a 12.5% gross rental yield at the asking price.
The property has benefited from substantial recent capital investment, including:
A brand-new furnace and newer water heater
Approximately $5,000 invested in comprehensive gas line repairs
Replacement of stoves and refrigerators across all three apartments
A complete renovation of the 1-bedroom apartment
Recent kitchen flooring improvements
Premium flooring scheduled for installation in the two remaining apartments during the first five days of November
Refurbishment of kitchen cabinetry with a new glossy finish in both apartments
These improvements significantly enhance the property's condition, address major mechanical and appliance needs, and minimize anticipated near-term capital expenditure.
The property is 100% occupied, with reliable tenants who have consistently paid rent early throughout the current ownership period. All tenants pay rent online, supporting efficient collections and streamlined property management.
Tenants also maintain the yard, contributing to the property's low operating expense profile.
With an attractive 7.7% in-place cap rate, potential to achieve a 9.2% cap rate, strong rental collections, and substantial recent capital improvements, 1187 Park Avenue offers investors a compelling combination of i
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, Conventional
Listing Terms Cash, Conventional
Special Listing Condition ShortSaleNo, Standard
Pets Allowed Call
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Listed by Charlotte Tumminello of RE/MAX Leading Edge
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