Six-Property Multifamily
For Sale
$2,999,999
10820 SCHOOLCRAFT St, Detroit, MI 48238
Portfolio sale of six Detroit multifamily buildings with a mix of renovated income and vacant, dried-in structures ready for renovation.
Property Size8,516 SF
Days on Market56
Property Features for 10820 SCHOOLCRAFT St
General Information
Standard status
Active
Size
8,516 SF
Property subtype
Investment
Additional Details
Business Included
Yes
Multifamily Units
168
Taxes and HOA fees
Annual Taxes
$224
Building Details
Building Size
8,516 SF
Year Built
1930
Units
17
Tenancy
Multi
Listing Agency:
eXp Realty
(734) 637-1430
Listed By:
John Goci · License #6501389885
(734) 637-1430
Source:
Elliman
Added: Jun 17
Changed: Aug 8
Last Checked: Aug 10 at 3:32AM
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 eXp Realty
Investment Insights
Based on property information with market context.
This offering is a portfolio sale only of six multifamily properties in Detroit, sold together as a single package. One property is fully renovated and currently occupied, operating as a single-room rental configuration with 62 rentable beds. The remaining five buildings are in various renovation stages, including a 20-unit building approximately 50% rehabilitated with rough electrical and plumbing work completed and approved. Several additional 18- and 20-unit brick buildings have been cleaned out, boarded, secured, and dried-in.
The portfolio includes 14299 Fordham Street (fully renovated and occupied), 14296 Glenwood Street (20 units, approximately 50% rehabilitated), 18036 Schoenherr Street (30 units, cleaned out and dried-in), 18055 Schoenherr Street (20 units, cleaned out and dried-in), 18029 Schoenherr Street (18 units, cleaned out and dried-in), and 10820 Schoolcraft Road (18 units, cleaned out and dried-in). The seller requests prospective buyers drive by the properties prior to requesting showings.
For investors and developers, the structure of this package combines existing income from the renovated, occupied asset with multiple value-add opportunities created by the vacant, prepared condition of the remaining buildings. Proof of funds is required prior to any showings.
The portfolio includes 14299 Fordham Street (fully renovated and occupied), 14296 Glenwood Street (20 units, approximately 50% rehabilitated), 18036 Schoenherr Street (30 units, cleaned out and dried-in), 18055 Schoenherr Street (20 units, cleaned out and dried-in), 18029 Schoenherr Street (18 units, cleaned out and dried-in), and 10820 Schoolcraft Road (18 units, cleaned out and dried-in). The seller requests prospective buyers drive by the properties prior to requesting showings.
For investors and developers, the structure of this package combines existing income from the renovated, occupied asset with multiple value-add opportunities created by the vacant, prepared condition of the remaining buildings. Proof of funds is required prior to any showings.
Key Highlights
- Portfolio sale of six Detroit multifamily properties sold together as one package (no individual property sales).
- 14299 Fordham St: fully renovated and occupied single‑room rental with 62 rentable beds; rents $450–$595 per month per bed.
- 14296 Glenwood St: 20‑unit building about 50% rehabilitated; rough electrical and plumbing work completed and approved.
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
$89,339
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
2.98%
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%
$1,786,780
$1.8M
Cap Rate 7%
$1,276,271
$1.3M
Cap Rate 9%
$992,656
$992.7K
Market Conditions
NOI Build-Up for 8,516 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
$173.7K $20.40/SF
− Vacancy
−$11.3K −$1.33/SF
EGI
$162.4K $19.07/SF
− OpEx
−$73.1K −$8.58/SF
NOI
$89.3K $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%
$1,786,780
Cap Rate 7%
$1,276,271
Cap Rate 9%
$992,656
Alternative Uses
Best Use
Apartment 5plus
$1.28M
$1.12M – $1.49M
NOI $89,339 @ 7.0% cap · market cap 2.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.88M
$1.64M – $2.19M
NOI $131,506 @ 7.0% cap · market cap 4.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
168
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
382
Businesses Nearby
Explore this area
Business Placement
Demographics for 48238, MI
25,747
Population
16,341
Households
1.6
Avg Household Size
37
Median Age
13%
College-Educated
84%
High-School Grad
5.4 sq mi
ZIP Area
4,768
Density / Sq Mi
$30,286
Median Household Income
$25,948
Median Earnings
$950
Median Rent
$58,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Portfolio sale of six Detroit multifamily buildings with a mix of renovated income and vacant, dried-in structures ready for renovation.
Where is this apartment building located?
The property is located at 10820 SCHOOLCRAFT St 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: Portfolio sale of six Detroit multifamily properties sold together as one package (no individual property sales).; 14299 Fordham St: fully renovated and occupied single‑room rental with 62 rentable beds; rents $450–$595 per month per bed.; 14296 Glenwood St: 20‑unit building about 50% rehabilitated; rough electrical and plumbing work completed and approved.
