318 Blanche St - Apartments FOR SALE


Plymouth, MI 48170- Downtown Plymouth
$750,000 USD
360-989-5395
318 Blanche St, Plymouth, MI for Sale
$750,000 USD
Apartments - FOR SALE
1/8
null | 6.22% Cap Rate

318 Blanche St
Plymouth, MI 48170
Downtown Plymouth


HIGHLIGHTS

  • Walkable
  • Stabilized
  • Low Maintenance

OVERVIEW

318 Blanche is a four-unit quadruplex built in 1972 and located in Plymouth's Historic Old Village neighborhood, just blocks from downtown Plymouth and Kellogg Park. The property is 100% leased with all four one-bedroom, one-bath units currently occupied, generating $60,000 in in-place annual gross rent. Recent lease activity underscores meaningful embedded rent growth: the longest-tenured resident just renewed into a new 24-month lease at $1,225 per month, a 31% increase over her prior $935 rent, while a newly signed lease reflects a market-tested rent of $1,325, the highest in the building. With two of the four units still priced below this recently achieved level, a new owner has a clear, low-capex path to mark remaining rents to market as leases turn. • The property is self-managed, with a lean operating expense load of approximately $13,300 annually covering real estate taxes, insurance, utilities, repairs and maintenance, and landscaping; a management fee has not historically been charged. Tenants are responsible for electric, while the owner covers water, sewer, trash, and natural gas heat. Construction features a durable slab foundation, vinyl exterior, and asphalt roof. The four-unit scale and simple, cost-efficient operating profile make this an ideal acquisition for a first-time investor, 1031 exchange buyer, or owner-operator seeking a turnkey, income-producing asset in one of western Wayne County's most desirable small-town markets.

FOR SALE DETAILS

PRICE

$750,000 USD

PRICE/SF

$341 USD /SF

# OF UNITS

4

PRICE/UNIT

$187,500

CAP RATE

6.22%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Blanche

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1972

PARKING SPACES

4

LAND DETAILS

LAND ACRES

0.15 AC

LAND SF

6,534 SF

ZONING

R

APN/PARCEL ID

49-005-07-0050-000

ASK ABOUT THIS PROPERTY

Brady WilliamsGreater DevelopmentMore Info
360-989-5395

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Brady WilliamsGreater DevelopmentMore Info
360-989-5395

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.