Brick Triplex with 5-Car
For Sale
$475,000
1038 Parker Street, Detroit, MI 48214
MULTI_FAMILY - Detroit, MI
Property Size3,800 SF
Lot Size0.22 Acres
Price / SF$125
Days on Market271
Property Features for 1038 Parker Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
4
Full bathrooms
4
Half bathrooms
1
Rooms
Bathroom 1, Bedroom 1, Bathroom 3, Basement, Bathroom 4, Bathroom 5, Bedroom 4, Bedroom 3, Bathroom 2, Bedroom 2
Parking
5
Basement
Full
Subdivision
Parkers Resub
Lot features
Level, Sidewalk
Elementary school
Nichols Elementary-Middle School
Middle school
Nichols Elementary-Middle School
High school
Southeastern High School
Elementary school district
Detroit
Middle school district
Detroit
High school district
Detroit
Directions
E. Jefferson turn right onto Seminole, left onto E Lafayette right onto Parker Street,
Standard status
Active
APN
17008709.
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
E PARKER 53 S 10 FT 52 PARKERS RESUB L21 P99 PLATS, W C R 17/16 60 X 157.72
Tax Annual Amount
2582
Legal Description
E PARKER 53 S 10 FT 52 PARKERS RESUB L21 P99 PLATS, W C R 17/16 60 X 157.72
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Steam, Hot Water(Heating)
Amenities
backyard
gardens
fruit trees
rain barrel
fireplace
Building Details
Year built
1920
Number of units
3
Building materials
Brick
Roof type
Composition
Listing Agency:
Starlite Properties
(248) 470-3462
Listed By:
E'toile O'Rear-Libbett
(248) 470-3462
Added: Nov 23, 2025
Changed: Aug 17
Last Checked: Aug 21 at 3:06AM
MLS# 25059644
Copyright © 2026 Michigan Regional Information Center, LLC. 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.
Built in 1920, this brick triplex contains approximately 3,800 square feet on a 0.22-acre lot measuring 60x157. The second-floor unit has two bedrooms, two full bathrooms, a living room, dining area, updated kitchen, and hardwood floors. The third-floor unit includes one bedroom, a full bathroom, living room, kitchen, and dining space. The entry level has been gutted and is ready for a new interior configuration.
Original hardwood flooring and a main-floor fireplace remain among the property's historic details. Exterior features include a deep backyard with gardens, fruit trees, and a rain barrel setup, along with a 5-car garage. The property has a composition roof, steam and hot water heating, public sewer, and cable availability. It is located in Detroit's West Village near restaurants, the Detroit Riverfront, and multiple parks.
Original hardwood flooring and a main-floor fireplace remain among the property's historic details. Exterior features include a deep backyard with gardens, fruit trees, and a rain barrel setup, along with a 5-car garage. The property has a composition roof, steam and hot water heating, public sewer, and cable availability. It is located in Detroit's West Village near restaurants, the Detroit Riverfront, and multiple parks.
Key Highlights
- Approximately 3,800 square feet on a 0.22‑acre lot
- Three‑unit layout with two finished units
- Entry level is gutted and ready for a custom design
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
Lease Details
3
Residential units
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 residential property with two finished units and an unfinished entry level for additional customization.
Where is this triplex located?
The property is located at 1038 Parker Street 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: Approximately 3,800 square feet on a 0.22‑acre lot; Three‑unit layout with two finished units; Entry level is gutted and ready for a custom design
