24
See all 24 photos
$270,000
3 Baths
1,868 SqFt
New
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 | $24,000 Stabilized NOI
1187 Park Avenue offers investors the opportunity to acquire a fully occupied, recently renovated triplex with stabilized operations, long-term tenants, and limited near-term capital needs.
The property is configured as two 2-bedroom, 1-bathroom apartments and one 1-bedroom, 1-bathroom basement apartment, providing a practical and attractive unit mix for both investors and residents.
The property currently generates $2,025 per month in rental income, with the current rent roll offering the potential to increase to as much as $3,150 per month, creating additional upside beyond current income.
The property benefits from an exceptionally stable tenant profile, with tenants who have occupied the building for more than 10 years and have taken excellent care of the property. Their long-term tenancy and responsible occupancy contribute to minimal turnover, reduced wear and tear, and limited property management needs.
Importantly, new leases reflecting the potential rent increases have not yet been executed, providing a new owner with the ability to raise rents to as much as $3,150 per month at signing, subject to market conditions and lease execution.
The asset is 100% occupied, providing immediate cash flow without the execution risk associated with lease-up. During the current ownership period, more than $25,000 was invested in renovations across the property, leaving the next owner with a substantially completed product rather than a value-add project.
The owner covers water, gas, and electricity, all of which are reflected in the stabilized NOI.
With the renovation program complete, long-term tenants in place, minimal management requirements, and the ability to raise rents to as much as $3,150 per month, 1187 Park represents a finished, income-producing multifamily asset with additional near-term rental upside available to the next owner. No showings without an accepted offer.
1187 Park Avenue offers investors the opportunity to acquire a fully occupied, recently renovated triplex with stabilized operations, long-term tenants, and limited near-term capital needs.
The property is configured as two 2-bedroom, 1-bathroom apartments and one 1-bedroom, 1-bathroom basement apartment, providing a practical and attractive unit mix for both investors and residents.
The property currently generates $2,025 per month in rental income, with the current rent roll offering the potential to increase to as much as $3,150 per month, creating additional upside beyond current income.
The property benefits from an exceptionally stable tenant profile, with tenants who have occupied the building for more than 10 years and have taken excellent care of the property. Their long-term tenancy and responsible occupancy contribute to minimal turnover, reduced wear and tear, and limited property management needs.
Importantly, new leases reflecting the potential rent increases have not yet been executed, providing a new owner with the ability to raise rents to as much as $3,150 per month at signing, subject to market conditions and lease execution.
The asset is 100% occupied, providing immediate cash flow without the execution risk associated with lease-up. During the current ownership period, more than $25,000 was invested in renovations across the property, leaving the next owner with a substantially completed product rather than a value-add project.
The owner covers water, gas, and electricity, all of which are reflected in the stabilized NOI.
With the renovation program complete, long-term tenants in place, minimal management requirements, and the ability to raise rents to as much as $3,150 per month, 1187 Park represents a finished, income-producing multifamily asset with additional near-term rental upside available to the next owner. No showings without an accepted offer.
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
Architectural Style Colonial
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
NEARBY SCHOOL & BUSINESS
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