1187 Park, Lincoln Park, MI 48146

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