10-Unit Brick Apartment
For Sale
$499,000
12927 Plymouth Road, Detroit, MI 48227
Multifamily, 1 Story, Detroit, MI
Property Size4,467 SF
Lot Size0.28 Acres
Price / SF$111.71
Days on Market204
Property Features for 12927 Plymouth Road
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
Multi-Family
Bedrooms
11
Bathrooms
10
Full bathrooms
10
Rooms
Bedroom 4, Bedroom 6, Bedroom 8, Bathroom 5, Bathroom 2, Bathroom 3, Bedroom 3, Bathroom 9, Bedroom 7, Bathroom 6, Bedroom 2, Bathroom 4, Bathroom 7, Bathroom 10, Bathroom 8, Bedroom 11, Bathroom 1, Bedroom 5, Bedroom 1, Bedroom 10, Bedroom 9
Subdivision
Coon Ave Heights Sub
Elementary school district
Detroit
Middle school district
Detroit
High school district
Detroit
Directions
South Of Plymouth, East Of Schaefer
Standard status
Active
APN
W22I004864C9
Size
4,467 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Description
S PLYMOUTH 30 THRU 35 COON AVE HGHTS SUB L36 P97 PLATS, W C R 22/576 120 X 100
Tax Annual Amount
8378
Legal Description
S PLYMOUTH 30 THRU 35 COON AVE HGHTS SUB L36 P97 PLATS, W C R 22/576 120 X 100
Utilities
Heating system
Baseboard
Cooling system
Wall Unit(s)
Water source
Public
Amenities
gated courtyard
Building Details
Year built
1955
Floors in Building
1
Number of units
10
Building materials
Brick
Roof type
Asphalt
Architectural style
Ranch
Listing Agency:
RE/MAX Dream Properties · RE/MAX International
(248) 374-7700
Listed By:
Behzad Bokani
(248) 951-9555
Added: Mar 6
Changed: Sep 16
Last Checked: Sep 26 at 1:06PM
MLS# 20261014273
Copyright © 2026 Realcomp Limited II. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 10-unit apartment property contains 4,467 square feet and was built in 1955. The one-story ranch-style building has a brick exterior, asphalt roof, public water service, baseboard heating, and wall-unit cooling. A gated courtyard serves the property, and the apartments are fully leased. Tenants pay their own electric bills, including electricity used for baseboard heat.
The property is located at 12927 Plymouth Road in Detroit, Michigan, with two adjacent vacant parking lots at 12913 Plymouth Rd and 12901 Plymouth Rd. The additional parcels include a fenced parking lot. The property is zoned Multi-Family and occupies 0.28 acres. Reported operating performance includes an 8%+ cap rate.
The property is located at 12927 Plymouth Road in Detroit, Michigan, with two adjacent vacant parking lots at 12913 Plymouth Rd and 12901 Plymouth Rd. The additional parcels include a fenced parking lot. The property is zoned Multi-Family and occupies 0.28 acres. Reported operating performance includes an 8%+ cap rate.
Key Highlights
- 10‑unit apartment building with 4,467 square feet
- Fully leased multifamily property
- 8%+ cap rate
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$45,143
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
9.05%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$902,860
$902.9K
Cap Rate 7%
$644,900
$644.9K
Cap Rate 9%
$501,589
$501.6K
Market Conditions
NOI Build-Up for 4,467 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$88.4K $19.80/SF
− Vacancy
−$6.4K −$1.43/SF
EGI
$82.1K $18.37/SF
− OpEx
−$36.9K −$8.27/SF
NOI
$45.1K $10.11/SF
Area
ZIP 48227
Vacancy
7.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$902,860
Cap Rate 7%
$644,900
Cap Rate 9%
$501,589
Alternative Uses
Best Use
Apartment 5plus
$644.9K
$564.3K – $752.4K
NOI $45,143 @ 7.0% cap · market cap 9.05%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$726.7K
$635.9K – $847.9K
NOI $50,872 @ 7.0% cap · market cap 10.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
10
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
324
Businesses Nearby
Explore this area
Business Placement
Demographics for 48227, MI
40,266
Population
19,933
Households
2
Avg Household Size
36
Median Age
12%
College-Educated
83%
High-School Grad
7.5 sq mi
ZIP Area
5,369
Density / Sq Mi
$36,221
Median Household Income
$31,797
Median Earnings
$1,034
Median Rent
$70,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully leased multifamily property with a gated courtyard and separately metered electric baseboard heat.
Where is this apartment building located?
The property is located at 12927 Plymouth Road Detroit, MI.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 10‑unit apartment building with 4,467 square feet; Fully leased multifamily property; 8%+ cap rate
