318 Blanche St - Blanche 4 Unit Apartment Building Offered at $750,000 at a 6.22% Cap Rate Plymouth, MI 48170

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.