1187 Park

About this home

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

Interior

Systems and utilities

Exterior and lot

Taxes, HOA and more

Schools

How it compares in Lincoln Park

Over the last 90 days, 104 homes sold in Lincoln Park for a median of $165,000, about $114 per square foot, and the typical one went under contract in 11 days. This home is listed at $260,000, or $110 per square foot, 4% below the city median, and has been on the market 45 days. Size, condition, updates and the exact street all move the number, so treat this as context. See recent Lincoln Park sales or ask us for the comparable sales on this one.

Property taxes for a new owner

The current owner pays about $2,789 a year. A buyer who lives here would pay about $3,853 to $6,928 a year once the taxable value resets after the sale, at the 2025 homestead rate of 52.76 mills for Lincoln Park City and Lincoln Park schools, plus the 1% administration fee. Michigan resets a home's taxable value the year after it sells, so the seller's bill isn't a good number to budget with. See the math.

Monthly payment estimate

Estimate only, 30 year fixed, includes taxes at a new owner's rate when listed. Ask us for a lender quote.

Location

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