REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
$ 260,000
Est. payment /mo
Active
1187 Park Lincoln Park, MI 48146
3 Baths
1,868 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 1,868 sqft
Price per Sqft $139
MLS Listing ID 61027888
Full Baths 3
Year Built 1928
Annual Tax Amount $2,789
Lot Dimensions 10x15
Property Sub-Type Multi-Family
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
Location
State MI
County Wayne
Area Lincoln Park (82143)
Zoning Residential
Rooms
Basement Block, Finished
Interior
Heating Forced Air
Fireplace No
Exterior
Exterior Feature Brick
Building
Foundation Basement
Water Public Water
Structure Type Brick
Schools
School District Lincoln Park Public Schools
Others
Ownership Private
Energy Description Natural Gas
Financing Cash,Conventional
Provided through IDX via MiRealSource. Courtesy of MiRealSource Shareholder. Copyright MiRealSource.
Listed by RE/MAX Leading Edge
Nearby Locations