1187 Park, Lincoln Park, MI 48146

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. No s