West Village Triplex
For Sale
$475,000
1038 Parker St, Detroit, MI 48214
Three-unit home in West Village with income potential.
Property Size3,800 SF
Lot Size0.22 Acres
Price / SF$125
Days on Market164
Property Features for 1038 Parker St
General Information
Standard status
Active
Size
3,800 SF
Lot size
0.22 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$2,582
Building Details
Year Built
1920
Units
3
Listing Agency:
Starlite Properties
(248) 943-8169
Listed By:
Dave Libbett
(248) 943-8169
Source:
Elliman
Added: Mar 10
Changed: Aug 19
Last Checked: Aug 20 at 11:58AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Starlite Properties
Investment Insights
Based on property information with market context.
Located in one of Detroit's walkable historic neighborhoods, this three-unit home in West Village offers income potential and a flexible layout. The property, built in 1920, has approximately 3,800 square feet and sits on a 60x157 lot. Currently configured as a triplex, the property includes two finished units. Unit #2, located on the second floor, features two bedrooms, two full baths, a large living room, a dining area, and an updated kitchen with hardwood floors. Unit #3, located on the third floor, includes a living room, kitchen, dining space, and a full bath. The entry level has been gutted and is ready for a custom design, making it ideal for owner-occupants, additional rental income, or a grand single-family conversion. Historic details remain, including original hardwoods and a fireplace on the main floor. A rear porch off the entry level leads to a deep backyard with gardens, fruit trees, and a rain barrel setup. The property also features a five-car garage with alley access. The location provides walkability to local restaurants and bistros, the Detroit Riverfront, and multiple parks. This West Village property offers character, flexibility, design, and walkability.
Key Highlights
- Income potential with existing triplex configuration and opportunity to increase value.
- Flexible layout suitable for owner‑occupancy, multi‑generational living, or single‑family conversion.
- Prime West Village location with high walkability to restaurants, the Detroit Riverfront, and parks.
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
$43,428
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
9.14%
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%
$868,560
$868.6K
Cap Rate 7%
$620,400
$620.4K
Cap Rate 9%
$482,533
$482.5K
Market Conditions
NOI Build-Up for 3,800 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
$66.1K $17.40/SF
− Vacancy
−$4.1K −$1.07/SF
EGI
$62.0K $16.33/SF
− OpEx
−$18.6K −$4.90/SF
NOI
$43.4K $11.43/SF
Area
Detroit, MI
Vacancy
6.17%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$868,560
Cap Rate 7%
$620,400
Cap Rate 9%
$482,533
Alternative Uses
Best Use
Multifamily LT 5
$620.4K
$542.9K – $723.8K
NOI $43,428 @ 7.0% cap · market cap 9.14%
Second Best
Apartment 5plus
$569.5K
$498.3K – $664.4K
NOI $39,865 @ 7.0% cap · market cap 8.39%
Theoretical Best
Office A
$838.3K
$733.5K – $978.0K
NOI $58,681 @ 7.0% cap · market cap 12.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
673
Businesses Nearby
Explore this area
Business Placement
Demographics for 48214, MI
18,959
Population
13,279
Households
1.4
Avg Household Size
44
Median Age
27%
College-Educated
84%
High-School Grad
5.1 sq mi
ZIP Area
3,717
Density / Sq Mi
$34,807
Median Household Income
$36,625
Median Earnings
$818
Median Rent
$120,500
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?
Triplex - Three-unit home in West Village with income potential.
Where is this triplex located?
The property is located at 1038 Parker St Detroit, MI.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Income potential with existing triplex configuration and opportunity to increase value.; Flexible layout suitable for owner‑occupancy, multi‑generational living, or single‑family conversion.; Prime West Village location with high walkability to restaurants, the Detroit Riverfront, and parks.
