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$ 270,000
Est. payment | /mo
3 Baths
$ 270,000
Est. payment | /mo
3 Baths
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Municipality Lincoln Park City
Subdivision Lincoln Park City
MLS Listing ID 20261071896
Year Built 1928
Annual Tax Amount $2,789
Lot Dimensions 10x15
Source Realcomp
Property Description
Turnkey, Fully Occupied Triplex | Renovated | $24,000 Stabilized NOI1187 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
Zoning Residential
Direction South on fort east on park
Interior
Heating Forced Air
Exterior
View Y/N No
Building
Water Public
Structure Type Brick
Schools
School District Lincoln Park
Others
Tax ID 45009020040000
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Listed by RE/MAX Leading Edge
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