Six-Property Apartment Building
For Sale
$2,999,999
10820 SCHOOLCRAFT Street, Detroit, MI 48238
Multifamily, 4-10 Story, Detroit, MI
Property Size8,516 SF
Lot Size0.09 Acres
Price / SF$352.28
Days on Market89
Property Features for 10820 SCHOOLCRAFT Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Bedrooms
17
Bathrooms
17
Full bathrooms
17
Rooms
Bedroom 5, Bedroom 12, Bathroom 3, Bathroom 9, Bedroom 4, Bathroom 7, Bathroom 15, Bedroom 10, Bedroom 2, Bathroom 12, Bathroom 11, Bedroom 1, Bathroom 6, Bedroom 7, Bedroom 13, Basement, Bathroom 4, Bedroom 15, Bathroom 1, Bathroom 17, Bathroom 10, Bedroom 6, Bedroom 14, Bathroom 5, Bedroom 3, Bedroom 16, Bathroom 13, Bathroom 14, Bedroom 8, Bedroom 9, Bedroom 11, Bathroom 2, Bathroom 8, Bathroom 16, Bedroom 17
Pets allowed
Yes
Elementary school district
Detroit
Middle school district
Detroit
High school district
Detroit
Directions
east of Meyers on schoolcraft north side
Subdivision
Det 6-Tire - Grnfld - Livernois
Standard status
Active
APN
W16I045805S
Size
8,516 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Description
W MANOR 30 RESTMORE HOMES SUB L33 P39 PLATS, W C R 16/344 40 X 101
Tax Annual Amount
224
Legal Description
W MANOR 30 RESTMORE HOMES SUB L33 P39 PLATS, W C R 16/344 40 X 101
Utilities
Water source
Public
Building Details
Year built
1930
Number of units
17
Building materials
Brick
Roof type
Rubber
Architectural style
Other
Listing Agency:
EXP Realty Main
(888) 501-7085
Listed By:
John Goci · License #6501389885
(734) 637-1430
Added: Jun 11
Changed: Sep 3
Last Checked: Sep 7 at 6:06PM
MLS# 20261044001
Copyright © 2026 Realcomp Limited II. 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.
This Detroit multifamily package includes six properties offered together as one portfolio. The holdings range from a renovated, occupied single-room rental property with 62 rentable beds to apartment buildings requiring varying levels of rehabilitation. The Glenwood Street building contains 20 units and is approximately 50% rehabilitated, with rough electrical and plumbing work completed and approved. The Schoenherr Street properties contain 30, 20, and 18 units, while the Schoolcraft Road property contains 18 units.
The listed Schoolcraft Road asset is an 8,516-square-foot, brick apartment building constructed in 1930, with a rubber roof and public water service. The portfolio is zoned Multi-Family and includes properties at 14299 Fordham Street, 14296 Glenwood Street, 18036 Schoenherr Street, 18055 Schoenherr Street, 18029 Schoenherr Street, and 10820 Schoolcraft Road. The five non-operating buildings are described as cleaned out, secured, and dried-in, with one also having completed rough mechanical work.
The listed Schoolcraft Road asset is an 8,516-square-foot, brick apartment building constructed in 1930, with a rubber roof and public water service. The portfolio is zoned Multi-Family and includes properties at 14299 Fordham Street, 14296 Glenwood Street, 18036 Schoenherr Street, 18055 Schoenherr Street, 18029 Schoenherr Street, and 10820 Schoolcraft Road. The five non-operating buildings are described as cleaned out, secured, and dried-in, with one also having completed rough mechanical work.
Key Highlights
- Six Detroit apartment properties offered together as a single portfolio package
- Renovated and occupied room‑rental property with 62 rentable beds
- 14296 Glenwood Street: 20‑unit building approximately 50% rehabilitated
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
Location Intelligence
Trade Area within ½ mile
345
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Six Detroit assets combine one operating room-rental property with five buildings at different rehabilitation stages.
Where is this apartment building located?
The property is located at 10820 SCHOOLCRAFT Street 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: Six Detroit apartment properties offered together as a single portfolio package; Renovated and occupied room‑rental property with 62 rentable beds; 14296 Glenwood Street: 20‑unit building approximately 50% rehabilitated
