Brick exterior with white siding accents, covered front porch, concrete front steps with wrought iron railing, and a concrete driveway
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1187 Park

Lincoln Park, Michigan 48146
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$270,000 $1,138/Mo
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Bed 5

Bed

Bath 3

Bath

SqFt1,868

Sqft

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 yea rs 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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Detail Ic Property Details

Property Type : Multifamily

Price : $270,000

AD Id : 91063692

MLS Id : 20261071896

Beds : 5

Living Area Size : 1,868

Tax Amount : 2789.00

Year Built : 1928

County : Wayne

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Feature Features

  • Bathroom Information

    Total Baths: 3 Full Baths: 3

  • Interior Features

    Basement Description: Finished

  • Heating & Cooling

    Heating: Forced Air Heating Fuel: Natural Gas

  • Building Information

    Year Built: 1928 Building Stories: 3 Story Total Units: 3 Foundation/Basement: Basement Architecture: Colonial

  • Exterior Features

    Construction: Brick

  • Utility Features

    Sewer: Sewer (Sewer-Sanitary)

  • Water

    Public (Municipal)

  • Lot Information

    Lot Dimensions: 10x15

  • Property Information

    SQ ft: 1868 Financing: Cash,Conventional

  • Listing Price Information

    Original List Price: $270,000

  • Listing Information

    Possession: At Close Legal Description: FG40 LOT 40 ALSO ADJ VAC ALLEY 9 FT WIDE THEECKS PARK CENTER SUB PC 43 L44 P60 WCR

  • Tax Information

    Annual Tax: $2,789 Parcel Number: 45009020040000

  • Possession

    At Close

  • Legal Information

    Legal Description: Section: FG40 LOT 40 ALSO ADJ VAC ALLEY 9 FT WIDE THEECKS PARK CENTER SUB PC 43 L44 P60 WCR

  • Unit 1 Information

    # of Bedrooms: 1

  • Unit 2 Information

    # of Bedrooms: 2

  • School Information

    School District: Lincoln Park

  • Utility Information

    Water: Public (Municipal) Sewer: Sewer (Sewer-Sanitary)
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Nearby Home Value

Address Estimate Bed Bath Sq. Ft Lot Size
1518 Hanover Street , Lincoln Park, MI, 48146 $260,000 3 3.5 3,024 0.19 Acre
957 Park Avenue , Lincoln Park, MI, 48146 $215,000 4 4 1,845 0.19 Acre
1521 Electric Avenue , Lincoln Park, MI, 48146 $745,000 8 8 5,492 0.21 Acre
1432 Charter Street , Lincoln Park, MI, 48146 $264,800 3 3 1,632 0.18 Acre
1205 Garfield Avenue , Lincoln Park, MI, 48146 $894,800 10 10 7,312 0.24 Acre
4222 Drouillard Street , Lincoln Park, MI, 48146 $1,095,000 12 12 7,133 0.25 Acre
4186 Drouillard Street , Lincoln Park, MI, 48146 $262,500 3 3 1,200 0.10 Acre
4178 Drouillard Street , Lincoln Park, MI, 48146 $262,500 3 3 3,600 0.17 Acre
1870 Saint Johns Boulev.., Lincoln Park, MI, 48146 $894,800 16 8 7,800 0.41 Acre
2084 Markese Avenue , Lincoln Park, MI, 48146 $210,000 4 2.5 1,794 0.27 Acre

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Disclosure: The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. Any use of search facilities of data on the site, other than by a consumer looking to purchase real estate, is prohibited. IDX provided courtesy of Realcomp II Ltd., via ByOwner.com and REALCOMP, Copyright 2026 Realcomp II Ltd. Shareholders. REALTOR (R) licensed in the state of Michigan. The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed and to participants of any data share partner MLS.

ByOwner last updated this listing 09/14/2026 @ 05:30

MLS: 20261071896 LISTED BY: Charlotte Tumminello , RE/MAX Leading Edge 313-277-7777 SOURCE: Realcomp II Ltd

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