1187 Park, Lincoln Park, MI 48146
Local realty services provided by:ERA Prime Real Estate Group
1187 Park,Lincolnpark, MI 48146
$270,000
- - Beds
- 3 Baths
- 2,368 sq. ft.
- Multi-family
- Active
Listed by: charlotte tumminello
Office: re/max leading edge
MLS#:20261071896
Source:MI_REALCOMP
Price summary
- Price:$270,000
- Price per sq. ft.:$114.02
About this home
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....
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Home facts
- Year built:1928
- Listing ID #:20261071896
- Added:12 day(s) ago
- Updated:September 20, 2026 at 10:36 AM
Rooms and interior
- Total bathrooms:3
- Full bathrooms:3
- Basement Description:Finished, Full
- Living area:2,368 sq. ft.
Heating and cooling
- Heating:Forced Air, Natural Gas
Structure and exterior
- Year built:1928
- Building area:2,368 sq. ft.
- Architectural Style:Colonial
- Construction Materials:Brick
- Foundation Description:Basement, Block
- Levels:Three
Utilities
- Water:Public
- Sewer:Public Sewer
Finances and disclosures
- Price:$270,000
- Price per sq. ft.:$114.02
- Tax amount:$2,789
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