Address
1187 Park, Lincoln Park, MI
Price
$ 270,000
Property Attributes
- ID#20261071896
- TypeMulti-Family
- Listing Status Active
- CountyWAYNE
- CityLincoln Park
- AreaLincoln Park
- Zip48146
- StyleColonial
- Year Built1928
- Taxes$ 2789
- Price$ 270,000
- Bedrooms5
- Full Bathrooms3
- Half Bathrooms0
- Sqr Footage2368
Data Source:
RealComp
Property Description
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.
| Price History | |
|---|---|
| 9/8/2026 | Listed $270,000 |
General Features
| Sewer | PublicSewer |
|---|---|
| Heating | ForcedAir, NaturalGas |
| Possession | AtClose |
| Garage Spaces | 0.0 |
| Architectural Style | Colonial |
| Pool Features | None |
| Construction Materials | Brick |
| Pets Allowed | Call |
| Year Built | 1928 |
| Levels | Three |
| Property Subtype | MultiFamily |
| County | Wayne |
| Net Operating Income | 24000.0 |
| New Construction | No |
| Property Type | ResidentialIncome |
| HOA | No |
| Attached Garage | No |
| Garage Y/N | No |
| Rent Includes | Electricity, Heat, Water |
| Full Baths | 3 |
| Status | Active |
| Directions | South on fort east on park |
| City | LincolnParkCity_Wayne |
| Disclosures | NoRestrictions, ProjectedIncome, TaxesNotHomesteadExempt |
| Senior Community Y/N | No |
| High School District | LincolnPark |
| Zoning Description | Residential |
| Number Of Units Total | 3 |
| MLS Area | Area05143LincolnPark |
| Lot Size Units | Acres |
| Carport Y/N | No |
| Number of Units Leased | 3 |
| Land Lease Y/N | No |
| Tax Annual Amount | 2789.0 |
| Home Warranty Y/N | No |
| Lease Renewal Y/N | No |
| Additional Parcels Y/N | No |
| Lease Considered Y/N | No |
| Rent Control Y/N | No |
| Standard Status | Active |
| Occupancy Type | Tenant |
| Tax Assessed Value | 72300 |
| Expected Active Date | 2026-09-07 |
| MobileHomeRemainsYN | No |
| PostalCity | LincolnPark_Wayne |
| Legal Description | FG40 LOT 40 ALSO ADJ VAC ALLEY 9 FT WIDE THEECKS PARK CENTER SUB PC 43 L44 P60 WCR |
Interior Features
| Basement | Finished, Full |
|---|---|
| Basement (Y/N) | Yes |
| Air Conditioning Y/N | No |
| Heating Y/N | Yes |
| Fireplace Y/N | No |
| Above Grade Finished Area | 1868.0 |
| Below Grade Finished Area | 500.0 |
| LivingAreaSource | Estimated |
| Above Grade Finished Area Unit Type | SquareFeet |
| Total Baths | 3 |
Exterior Features
| Water Source | Public |
|---|---|
| Foundation Details | Basement, Block |
| Spa | No |
| Lot Dimensions | 10x15 |
| Waterfront Y/N | No |
| Road Frontage Type | Paved |
| Crops Included Y/N | No |
| Horse Y/N | No |
| Irrigation Water Rights Y/N | No |
Amenities
- Foreclosure
- Views
- Short Sale
- New Construction
- Adult 55+
- Lease To Own
- No HOA Fees
- Furnished
- Primary On Main
- Air Conditioning
- Seller Finance
- Green
- Fixer Upper
- Horse
- Golf
- Fireplace
- Deck
- Garage
- Basement
- Pool
IDX provided courtesy of Realcomp II Ltd., via REMAX Leading Edge and The Originating MLS(found above), © 2026 Realcomp II Ltd. Shareholders. Shareholders. The information being provided is for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Data is updated as of September 21, 2026 3:47 PM UTC Information deemed reliable but not guaranteed.
The data relating to real estate on this web site comes in part from the Internet Data Exchange (IDX) Program of Realcomp Ltd
Property vs Multi-Family Average in 48146
Price
Taxes
Year Built
Visits
