19
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$230,000
3 Baths
1,868 SqFt
Active
1187 Park Lincoln Park, MI 48146
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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 | $230,000 Purchase Price | $20,000 Current NOI | $24,000 NOI Potential
1187 Park Avenue offers investors the opportunity to acquire a fully occupied, low-maintenance triplex at a $230,000 purchase price, with strong in-place tenancy, meaningful recent capital improvements, and clear income visibility.
The property is configured as two 2-bedroom, 1-bathroom apartments and one 1-bedroom, 1-bathroom basement apartment. The property now generates $2,700 per month in rent, supporting an estimated $20,000 NOI, with potential to reach approximately $24,000 NOI over time.
At the $230,000 purchase price, the property is offered at approximately an 8.7% current NOI yield and roughly a 10.4% NOI yield on potential NOI, with an approximate 14.1% gross rental yield based on the current $2,700 monthly rent roll.
The property has benefited from substantial recent investment, including a brand-new furnace, a newer water heater, repaired gas lines, replaced stoves and refrigerators across all three apartments, a full 1-bedroom apartment renovation, and recent kitchen flooring improvements. New premium flooring will be installed during the first five days of November in the two units that were not previously renovated. A new glossy finish will also be applied to the kitchen cupboards in both of those units, further improving presentation and reducing near-term improvement needs.
1187 Park is 100% occupied by reliable tenants who have paid rent early throughout the current ownership period and pay rent online. Tenants also handle yard care, contributing to a low operating expense load and low-touch ownership profile.
With full occupancy, online rent collection, reliable tenants, recent mechanical upgrades, repaired gas lines, replaced appliances, premium flooring improvements, refreshed kitchen cupboards, and limited expected near-term capex, 1187 Park represents a turnkey multifamily asset with stable cash flow and attractive yield relative to comparable Lincoln Park assets.
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1187 Park Avenue offers investors the opportunity to acquire a fully occupied, low-maintenance triplex at a $230,000 purchase price, with strong in-place tenancy, meaningful recent capital improvements, and clear income visibility.
The property is configured as two 2-bedroom, 1-bathroom apartments and one 1-bedroom, 1-bathroom basement apartment. The property now generates $2,700 per month in rent, supporting an estimated $20,000 NOI, with potential to reach approximately $24,000 NOI over time.
At the $230,000 purchase price, the property is offered at approximately an 8.7% current NOI yield and roughly a 10.4% NOI yield on potential NOI, with an approximate 14.1% gross rental yield based on the current $2,700 monthly rent roll.
The property has benefited from substantial recent investment, including a brand-new furnace, a newer water heater, repaired gas lines, replaced stoves and refrigerators across all three apartments, a full 1-bedroom apartment renovation, and recent kitchen flooring improvements. New premium flooring will be installed during the first five days of November in the two units that were not previously renovated. A new glossy finish will also be applied to the kitchen cupboards in both of those units, further improving presentation and reducing near-term improvement needs.
1187 Park is 100% occupied by reliable tenants who have paid rent early throughout the current ownership period and pay rent online. Tenants also handle yard care, contributing to a low operating expense load and low-touch ownership profile.
With full occupancy, online rent collection, reliable tenants, recent mechanical upgrades, repaired gas lines, replaced appliances, premium flooring improvements, refreshed kitchen cupboards, and limited expected near-term capex, 1187 Park represents a turnkey multifamily asset with stable cash flow and attractive yield relative to comparable Lincoln Park assets.
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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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