Spacious Multi-Family Investment
For Sale
$349,900
11603 Klinger St, Hamtramck, MI 48212
Full brick multi-family property with 7 bedrooms and 3 bathrooms.
Property Size1,649 SF
Days on Market129
Property Features for 11603 Klinger St
General Information
Standard status
Active
Size
1,649 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$5,908
Building Details
Building Size
1,649 SF
Year Built
1920
Units
3
Listing Agency:
Amin Realty
(313) 480-7433
Listed By:
Emran Hussain
(313) 480-7433
Source:
Elliman
Added: Apr 15
Changed: Aug 8
Last Checked: Aug 20 at 7:33AM
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 Amin Realty
Investment Insights
Based on property information with market context.
This full brick multi-family property features a total of 7 bedrooms and 3 full bathrooms across three units. The main (front) unit features a spacious layout with 3 bedrooms and 1 full bath and is currently vacant. The second unit includes 2 bedrooms, a living room, dining area, kitchen, and full bathroom, and is tenant-occupied. The third unit also offers 2 bedrooms, a kitchen, and a full bathroom, and is tenant-occupied as well. The property has been well-maintained with numerous updates, including updated electrical with separate panels, separate newer furnaces, and separate central A/C units (4 & 5 ton). Additional improvements include a newer roof (2016), updated windows, and a water filtration system. A 2.5-car garage provides added convenience, while the basement offers excellent potential for office space or additional storage. It is located within walking distance to grocery stores, restaurants, pharmacies, and places of worship, and just 5 minutes from Downtown Detroit. The property is bikeable with a score of 55, very walkable with a score of 83, and has some transit options with a score of 44.
Key Highlights
- Multi‑family property featuring three separate units (7 bedrooms, 3 full bathrooms total) offering income potential.
- Updated electrical (separate panels), newer furnaces, and separate central A/C units.
- Prime location: walkable to amenities and 5 minutes from Downtown Detroit.
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
$14,866
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
4.25%
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%
$297,320
$297.3K
Cap Rate 7%
$212,371
$212.4K
Cap Rate 9%
$165,178
$165.2K
Market Conditions
NOI Build-Up for 1,649 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
$28.7K $17.40/SF
− Vacancy
−$1.7K −$1.01/SF
EGI
$27.0K $16.39/SF
− OpEx
−$12.2K −$7.38/SF
NOI
$14.9K $9.01/SF
Area
Wayne County, MI
Vacancy
5.80%
Lease Rate
$17.40 /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%
$297,320
Cap Rate 7%
$212,371
Cap Rate 9%
$165,178
Alternative Uses
Best Use
Apartment 5plus
$212.4K
$185.8K – $247.8K
NOI $14,866 @ 7.0% cap · market cap 4.25%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$305.3K
$267.1K – $356.2K
NOI $21,371 @ 7.0% cap · market cap 6.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,272
Businesses Nearby
Explore this area
Business Placement
Demographics for 48212, MI
43,192
Population
14,739
Households
2.9
Avg Household Size
29
Median Age
16%
College-Educated
68%
High-School Grad
5.3 sq mi
ZIP Area
8,149
Density / Sq Mi
$37,293
Median Household Income
$28,894
Median Earnings
$935
Median Rent
$98,200
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?
Multifamily property - Full brick multi-family property with 7 bedrooms and 3 bathrooms.
Where is this multifamily property located?
The property is located at 11603 Klinger St Hamtramck, MI.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Multi‑family property featuring three separate units (7 bedrooms, 3 full bathrooms total) offering income potential.; Updated electrical (separate panels), newer furnaces, and separate central A/C units.; Prime location: walkable to amenities and 5 minutes from Downtown Detroit.
