1187 Park, Lincoln Park, MI 48146

Property Description

Turnkey, Fully Occupied Triplex | Renovated | 8.5% Stabilized Cap Rate | 12% Gross Rental Yield 1187 Park Avenue offers investors the opportunity to acquire a fully occupied, low-maintenance triplex with strong in-place tenancy, meaningful recent capital improvements, and clear forward income visibility. The property is configured as two 2-bedroom, 1-bathroom apartments and one 1-bedroom, 1-bathroom basement apartment. The rent roll is scheduled to increase to $2,700 per month beginning 11/1/2027, supporting an estimated $20,000 NOI, with potential to reach approximately $24,000 NOI over time. NOI has been kept below full stabilized potential to preserve occupancy and retain the existing tenant base. The property is being offered at an attractive 8.5% stabilized cap rate, which compares favorably to the approximately 7.0% prevailing cap rate for similar multifamily assets in Lincoln Park. At the current asking price, the scheduled rent roll also represents an attractive 12% gross rental yield, offering investors strong income relative to basis. Operating expenses are efficient and controlled, supported by responsible tenants, online rent collection, limited turnover, low-touch management needs, and tenants who handle yard care. This creates a comparatively low operating expense load and a straightforward ownership profile. The property has benefited from substantial recent investment and targeted renovations. Over the past six months, ownership completed a full renovation of the 1-bedroom apartment, completed a kitchen flooring renovation, installed a brand-new furnace, and installed a new water heater. An additional flooring renovation is scheduled to be completed by the end of October, with materials already purchased and a contractor engaged. Upon purchase, gas leaks were identified and fully addressed, with approximately $5,000 invested to repair the gas lines. The gas lines are now in excellent condition. In addition, all major kitchen appliances have been replaced across all three apartments, includin