30-Unit Brick Apartment
For Sale
$2,999,999
18036 SCHOENHERR Street, Detroit, MI 48205
Multifamily, 4-10 Story, Detroit, MI
Property Size16,860 SF
Lot Size0.30 Acres
Price / SF$177.94
Days on Market108
Property Features for 18036 SCHOENHERR Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Bathrooms
28
Full bathrooms
28
Rooms
Bathroom 22, Bathroom 21, Bathroom 4, Bathroom 11, Bathroom 13, Bathroom 26, Bathroom 19, Bathroom 24, Bathroom 23, Bathroom 28, Bathroom 18, Bathroom 6, Bathroom 16, Bathroom 17, Bathroom 27, Bathroom 9, Bathroom 12, Bathroom 5, Bathroom 15, Bathroom 2, Basement, Bathroom 7, Bathroom 8, Bathroom 20, Bathroom 10, Bathroom 1, Bathroom 3, Bathroom 14, Bathroom 25
Pets allowed
Yes
Subdivision
GROTTO VIEW (PLATS)
Elementary school district
Detroit
Middle school district
Detroit
High school district
Detroit
Directions
To get to 18036 Schoenherr Rd (located between 11 Mile and 12 Mile Roads in Warren/Roseville) from I-94:Take the I-696 West exit (Exit 229).Merge onto I-696 W and travel about 2 miles.Take Exit 24 for Gratiot Ave (M-3).Keep left to take the ramp toward 11 Mile Rd.
Standard status
Active
APN
W21I029466S
Size
16,860 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Description
E SCHOENHERR 38 THRU 36 GROTTO VIEW SUB L50 P74 PLATS, W C R 21/754 112.37 IRREG
Tax Annual Amount
16317
Legal Description
E SCHOENHERR 38 THRU 36 GROTTO VIEW SUB L50 P74 PLATS, W C R 21/754 112.37 IRREG
Utilities
Water source
Public
Building Details
Year built
1938
Number of units
28
Building materials
Brick
Architectural style
Other
Listing Agency:
EXP Realty Main
(888) 501-7085
Listed By:
John Goci · License #6501389885
(734) 637-1430
Added: Jun 11
Changed: Sep 13
Last Checked: Sep 26 at 12:06AM
MLS# 20261044189
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 sale comprises six multifamily properties in Detroit, offered together rather than as individual assets. The property at 18036 Schoenherr Street is a 30-unit apartment building with a brick exterior; it has been cleaned out, boarded, secured, and dried-in. Built in 1938, the building measures 16,860 square feet and has public water service. Multi-Family zoning applies.
The package also includes a fully renovated and occupied single-room rental property with 62 rentable beds, a 20-unit building that is approximately 50% rehabilitated, and four additional apartment buildings containing 20, 18, 18, and 30 units. The other buildings have brick exteriors and varying stages of preparation for renovation, including completed rough electrical and plumbing work at one property. Proof of funds is required before showings, and drive-by review is requested before scheduling.
The package also includes a fully renovated and occupied single-room rental property with 62 rentable beds, a 20-unit building that is approximately 50% rehabilitated, and four additional apartment buildings containing 20, 18, 18, and 30 units. The other buildings have brick exteriors and varying stages of preparation for renovation, including completed rough electrical and plumbing work at one property. Proof of funds is required before showings, and drive-by review is requested before scheduling.
Key Highlights
- Six Detroit multifamily properties offered together as one portfolio package
- 18036 Schoenherr Street includes a 30‑unit apartment building
- 16,860 square feet on the 18036 Schoenherr Street property
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
$176,873
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
5.90%
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%
$3,537,460
$3.5M
Cap Rate 7%
$2,526,757
$2.5M
Cap Rate 9%
$1,965,256
$2.0M
Market Conditions
NOI Build-Up for 16,860 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
$343.9K $20.40/SF
− Vacancy
−$22.4K −$1.33/SF
EGI
$321.6K $19.07/SF
− OpEx
−$144.7K −$8.58/SF
NOI
$176.9K $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%
$3,537,460
Cap Rate 7%
$2,526,757
Cap Rate 9%
$1,965,256
Alternative Uses
Best Use
Apartment 5plus
$2.53M
$2.21M – $2.95M
NOI $176,873 @ 7.0% cap · market cap 5.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.72M
$3.25M – $4.34M
NOI $260,357 @ 7.0% cap · market cap 8.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
462
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Portfolio sale includes six Detroit multifamily properties with one renovated, occupied room-rental asset and five redevelopment projects.
Where is this apartment building located?
The property is located at 18036 SCHOENHERR 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 Detroit multifamily properties offered together as one portfolio package; 18036 Schoenherr Street includes a 30‑unit apartment building; 16,860 square feet on the 18036 Schoenherr Street property
