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… Read More 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. Read Less
Listing information is provided in part through IDX via MiRealSource and is deemed reliable but not guaranteed. All properties are subject to prior sale, change, or withdrawal. Listing is courtesy of RE/MAX Leading Edge, 313-277-7777, the brokerage and MiRealSource Shareholder that originated the listing.
Listing Snapshot
Days Online
1
Last Updated
Property Type
Multi-Family
Square Ft.
1,868
MLS Number
61027888
Additional Details
Property Access
Paved Street
Basement
Block, Finished
Building
1,868 square feet, 3 total units, Built in 1928, Colonial
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Monthly Payment
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(Source: Home Junction)
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