Six-Property Multifamily
For Sale
$2,999,999
14299 Fordham Street, Detroit, MI 48205
MULTI_FAMILY - Detroit, MI
Property Size10,310 SF
Lot Size0.09 Acres
Price / SF$290.98
Days on Market59
Property Features for 14299 Fordham Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Bedrooms
18
Bathrooms
18
Full bathrooms
18
Rooms
Bathroom 17, Bedroom 2, Bedroom 8, Bathroom 2, Bedroom 7, Bathroom 11, Bedroom 3, Bathroom 15, Bathroom 10, Bedroom 15, Bathroom 14, Bedroom 5, Bathroom 4, Bedroom 11, Bathroom 1, Bedroom 12, Bathroom 3, Bathroom 6, Bedroom 9, Bathroom 5, Bedroom 17, Bathroom 16, Bathroom 13, Bedroom 14, Bathroom 18, Bathroom 7, Bedroom 13, Bedroom 1, Bathroom 12, Bathroom 9, Bedroom 16, Bedroom 10, Bathroom 8, Bedroom 18, Bedroom 4, Basement, Bedroom 6
Pets allowed
Yes
Elementary school district
Detroit
Middle school district
Detroit
High school district
Detroit
Directions
south of 7 mile rd and e of chalmers
Subdivision
Det - Schcraft-6 Grnfld-Limits
Standard status
Active
APN
W21I019862S
Size
10,310 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Description
N FORDHAM 1095&1094 SEYMOUR & TROESTERS MONTCLAIR HEIGHTS SUB NO 2 L40 P74 PLATS, W C R 21/594 72 IRREG SEYMOUR & TROESTERS MONTCLAIR HEIGHT
Tax Annual Amount
515
Legal Description
N FORDHAM 1095&1094 SEYMOUR & TROESTERS MONTCLAIR HEIGHTS SUB NO 2 L40 P74 PLATS, W C R 21/594 72 IRREG SEYMOUR & TROESTERS MONTCLAIR HEIGHT
Utilities
Heating system
Forced Air
Water source
Public
Building Details
Year built
1928
Floors in Building
3
Number of units
18
Building materials
Brick
Architectural style
Other
Listing Agency:
EXP Realty Main
(888) 501-7085
Listed By:
John Goci · License #6501389885
(888) 501-7085
Added: Jun 11
Changed: Aug 2
Last Checked: Aug 8 at 3:06PM
MLS# 20261044149
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 portfolio includes six multifamily properties being sold together as a single package and not individually. The buildings use brick construction and are heated with forced air, with water supplied by public water. The portfolio is listed with a lot size of 0.09 acres and a total property size of 10,310 square feet, with a year built of 1928.
The portfolio addresses are 14299 Fordham Street, 14296 Glenwood Street, 18036 Schoenherr Street, 18055 Schoenherr Street, 18029 Schoenherr Street, and 10820 Schoolcraft Road (Detroit, MI 48205). 14299 Fordham Street is fully renovated and occupied, operating as a single-room rental property with 62 rentable beds. 14296 Glenwood Street is a 20-unit apartment building approximately 50% rehabilitated, with rough electrical and plumbing work completed and approved. The remaining properties have brick exteriors that have been cleaned out, boarded, secured, and dried-in, with vacant buildings cleaned out and secured.
Proof of funds is required prior to showings, and the seller requests potential buyers drive by the properties before requesting tours.
The portfolio addresses are 14299 Fordham Street, 14296 Glenwood Street, 18036 Schoenherr Street, 18055 Schoenherr Street, 18029 Schoenherr Street, and 10820 Schoolcraft Road (Detroit, MI 48205). 14299 Fordham Street is fully renovated and occupied, operating as a single-room rental property with 62 rentable beds. 14296 Glenwood Street is a 20-unit apartment building approximately 50% rehabilitated, with rough electrical and plumbing work completed and approved. The remaining properties have brick exteriors that have been cleaned out, boarded, secured, and dried-in, with vacant buildings cleaned out and secured.
Proof of funds is required prior to showings, and the seller requests potential buyers drive by the properties before requesting tours.
Key Highlights
- Six multifamily properties sold together as one portfolio package; individual sales not considered
- 14299 Fordham Street is fully renovated and occupied, single‑room rentals with 62 rentable beds
- 14296 Glenwood Street: 20‑unit apartment building approximately 50% rehabilitated, rough electrical and plumbing completed/approved
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
$108,159
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
3.61%
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%
$2,163,180
$2.2M
Cap Rate 7%
$1,545,129
$1.5M
Cap Rate 9%
$1,201,767
$1.2M
Market Conditions
NOI Build-Up for 10,310 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
$210.3K $20.40/SF
− Vacancy
−$13.7K −$1.33/SF
EGI
$196.7K $19.07/SF
− OpEx
−$88.5K −$8.58/SF
NOI
$108.2K $10.49/SF
Area
Detroit, MI
Vacancy
6.50%
Lease Rate
$20.40 /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%
$2,163,180
Cap Rate 7%
$1,545,129
Cap Rate 9%
$1,201,767
Alternative Uses
Best Use
Apartment 5plus
$1.55M
$1.35M – $1.80M
NOI $108,159 @ 7.0% cap · market cap 3.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.27M
$1.99M – $2.65M
NOI $159,210 @ 7.0% cap · market cap 5.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
168
Residential units
Location Intelligence
Trade Area within ½ mile
446
Businesses Nearby
Explore this area
Business Placement
Demographics for 48205, MI
34,056
Population
17,102
Households
2
Avg Household Size
32
Median Age
9%
College-Educated
85%
High-School Grad
6.4 sq mi
ZIP Area
5,321
Density / Sq Mi
$40,612
Median Household Income
$30,833
Median Earnings
$1,149
Median Rent
$55,700
Median Home Value
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 - Six multifamily buildings in a portfolio sale; brick construction with forced-air heat, public water, built in 1928.
Where is this apartment building located?
The property is located at 14299 Fordham Street Detroit, MI.
What is the asking price?
The asking price for this property is $2,999,999.
What are key features of this property?
This property features: Six multifamily properties sold together as one portfolio package; individual sales not considered; 14299 Fordham Street is fully renovated and occupied, single‑room rentals with 62 rentable beds; 14296 Glenwood Street: 20‑unit apartment building approximately 50% rehabilitated, rough electrical and plumbing completed/approved
