Four-Unit Multifamily
For Sale
$410,000
1119 Custer St, Detroit, MI 48211
Four-unit multifamily property with income potential near I-75.
Property Size3,396 SF
Days on Market104
Property Features for 1119 Custer St
General Information
Standard status
Active
Size
3,396 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$9,704
Building Details
Building Size
3,396 SF
Year Built
1910
Units
4
Listing Agency:
M77 LLC
(248) 842-0335
Listed By:
Charles Markowitz · License #6501422602
(248) 842-0335
Source:
Elliman
Added: Apr 28
Changed: Aug 8
Last Checked: Aug 8 at 1:48PM
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 M77 LLC
Investment Insights
Based on property information with market context.
This multifamily property features four units, with three currently tenant-occupied. One unit is vacant and available for showings. The property is situated in a location that offers convenient access to I-75 and East Grand Boulevard. The location has a walk score of 85, indicating it is very walkable, a bike score of 70, indicating it is very bikeable, and a transit score of 53, indicating good transit options. This property presents a cash-flow opportunity.
Key Highlights
- Great location minutes from I‑75 and East Grand Boulevard
- Cash‑flow opportunity with 3 of 4 units tenant‑occupied
- One vacant unit available for immediate showing and rental
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
$35,626
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
8.69%
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%
$712,520
$712.5K
Cap Rate 7%
$508,943
$508.9K
Cap Rate 9%
$395,844
$395.8K
Market Conditions
NOI Build-Up for 3,396 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
$69.3K $20.40/SF
− Vacancy
−$4.5K −$1.33/SF
EGI
$64.8K $19.07/SF
− OpEx
−$29.1K −$8.58/SF
NOI
$35.6K $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%
$712,520
Cap Rate 7%
$508,943
Cap Rate 9%
$395,844
Alternative Uses
Best Use
Multifamily LT 5
$554.4K
$485.1K – $646.9K
NOI $38,811 @ 7.0% cap · market cap 9.47%
Second Best
Apartment 5plus
$508.9K
$445.3K – $593.8K
NOI $35,626 @ 7.0% cap · market cap 8.69%
Theoretical Best
Office A
$749.2K
$655.5K – $874.0K
NOI $52,442 @ 7.0% cap · market cap 12.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,935
Businesses Nearby
Explore this area
Business Placement
Demographics for 48211, MI
5,447
Population
2,518
Households
2.2
Avg Household Size
32
Median Age
16%
College-Educated
74%
High-School Grad
4.2 sq mi
ZIP Area
1,297
Density / Sq Mi
$33,347
Median Household Income
$23,172
Median Earnings
$985
Median Rent
$66,900
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?
Quadplex - Four-unit multifamily property with income potential near I-75.
Where is this quadplex located?
The property is located at 1119 Custer St Detroit, MI.
What is the asking price?
The asking price for this property is $410,000.
What are key features of this property?
This property features: Great location minutes from I‑75 and East Grand Boulevard; Cash‑flow opportunity with 3 of 4 units tenant‑occupied; One vacant unit available for immediate showing and rental
