309 Melbourne Street, Detroit, MI 48202
MULTI_FAMILY - Detroit, MI
- Added:
- Mar 3, 2026
- Days on Market:
- 106
- Last Refresh:
- Jun 17 at 12:06 pm
Property Features for 309 Melbourne Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 4
- Bathrooms
- 3
- Rooms
- Bathroom 2, Bedroom 1, Bathroom 3, Basement, Bathroom 1, Bedroom 4, Bedroom 2, Bedroom 3
- Patio and Porch features
- Porch
- Exterior features
- Fenced Yard, Porch
- Fencing
- Fenced
- Appliances
- Range/Oven, Refrigerator
- Standard status
- Active
- APN
- 01002481
- Size
- 1,884 SF
- Lot size
- 0.11 Acres
Taxes and HOA fees
- Tax Annual Amount
- 2274
Utilities
- Heating system
- Forced Air
- Cooling system
- Window Unit(s)
- Water source
- Public
Building Details
- Year built
- 1915
- Number of units
- 3
Listing agent Matthew Jankowski License #6501377313 (313) 995-3587
Listing office Lucido and Associates, Inc 19455 Mack Ave, Grosse Pointe Woods, MI (313) 882-1010
Listing date Mar 3, 2026
Copyright © 2026 Multiple Listing Service MiRealSource. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- 3‑unit multi‑family property built in 1915 in Detroit
- Two of the three units are currently tenant‑occupied
- Third‑floor lease recently lapsed on March 1
- Forced‑air heating with window unit(s) for cooling
- Public water service
- Fenced yard with a porch
Overview
The property is located at 309 Melbourne Street in Detroit, MI 48202, in Wayne County. It is described as being just minutes from Woodward Avenue, Wayne State University, and Little Caesars Arena, with convenient access to downtown amenities, dining, and entertainment.
For investors seeking a residential income addition, the current occupancy of two units provides immediate rental presence, while the recently lapsed third-unit lease creates an opportunity to re-tenant the space. The property’s turnkey condition and updated interior finishes support an easier transition for a new owner looking to manage or lease the remaining unit.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $32.8k | $17.40 |
| − Vacancy | −$2.0k | −$1.07 |
| EGI | $30.8k | $16.33 |
| − OpEx | −$9.2k | −$4.90 |
| NOI | $21.5k | $11.43 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Detroit
- County
- Wayne
- State
- Michigan
- Longitude
- -83.073411
- Latitude
- 42.378069
