1038 Parker Street Detroit, MI 48214
MULTI_FAMILY - Detroit, MI
Property Features for 1038 Parker Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 4
- Rooms
- Bedroom 3, Bathroom 3, Bedroom 4, Bathroom 4, Bedroom 1, Basement, Bedroom 2, Bathroom 1, Bathroom 2, Bathroom 5
- Parking
- 5
- Basement
- Full
- 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
Utilities
- Utilities
- Cable Available
- Sewer type
- Public Sewer
- Heating system
- Steam, Hot Water(Heating)
Building Details
- Year built
- 1920
- Number of units
- 3
- Building materials
- Brick
- Roof type
- Composition
Listing agent E'toile O'Rear-Libbett (248) 470-3462
Listing office Starlite Properties 18123 Filmore St, Southfield, MI (248) 470-3462
Listing date Nov 23, 2025
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.
The property sits on a deep 60 x 157 lot with a backyard that includes gardens, fruit trees, and a rain barrel setup. Alley-access contributes to the property’s character, supported by a 5-car garage accessed from the alley. The home is located in Detroit’s West Village area, and public remarks indicate it is within walking distance of restaurants, bistros, the Detroit Riverfront, and multiple parks.
For tenants and owner-occupants, the layout provides income potential while also offering flexibility through the unfinished entry level, which can be redesigned for additional rental income or adapted for a single-family conversion. An open house is scheduled for Sunday, July 12 from 3:00 p.m. to 5:00 p.m.
Key Highlights
- 3‑unit triplex built in 1920 with brick construction and approximately 3,800 total sqft
- Two finished units: Unit #2 has 2 bedrooms, 2 full baths, and an updated kitchen; Unit #3 has 1 bedroom, living room, kitchen, dining, and a full bath
- Entry level has been gutted and is ready for custom design, with potential for owner‑occupant use, added rental income, or single‑family conversion
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 | $66.1k | $17.40 |
| − Vacancy | −$4.1k | −$1.07 |
| EGI | $62.0k | $16.33 |
| − OpEx | −$18.6k | −$4.90 |
| NOI | $43.4k | $11.43 |
