Midtown Detroit Multifamily
710 East Ferry Street Detroit, MI 48202
For Sale
$11,000,000
Located in Detroit's Art and Cultural District, walkable to attractions.
Property Size39,844 SF
Price / SF$276.08
Days on Market306
Property Features for 710 East Ferry Street
General Information
Standard status
Active
Size
39,844 SF
Property subtype
Multi-Family
Building Details
Year Built
2017
Listing Agency:
RE/MAX
(248) 505-2509
Listed By:
Ellen Mahoney · License #6504392818
(248) 505-2509
Source:
Remaxcommercial
Added: Sep 25, 2025
Changed: Jul 6
Last Checked: Jul 27 at 2:20AM
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 RE/MAX
Investment Insights
Based on property information with market context.
Located in the Art and Cultural District of Midtown Detroit, this multifamily property offers a walkable location close to numerous attractions. These include the Detroit Institute of Arts, the Charles H. Wright Museum of African American History, Bas Bleu Detroit, University Prep., Wayne State University, The Center for Creative Studies, and several medical centers. The property encompasses a total size of 39844 square feet.
Key Highlights
- Located in the Art and Cultural District of Midtown Detroit
- Highly walkable area
- Close proximity to the Detroit Institute of Arts
Financial Insights For Apartment 5plus
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 | $812.8k | $20.40 |
| − Vacancy | −$52.8k | −$1.33 |
| EGI | $760.0k | $19.07 |
| − OpEx | −$342.0k | −$8.58 |
| NOI | $418.0k | $10.49 |
39,844 SF · lease $20.40/SF/yr · vacancy 6.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$5.97M
$5.22M – $6.97M
NOI $417,991 @ 7.0% cap · market cap 3.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.79M
$7.69M – $10.25M
NOI $615,282 @ 7.0% cap · market cap 5.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Located in Detroit's Art and Cultural District, walkable to attractions.
Where is this apartment building located?
The property is located at 710 East Ferry Street Detroit, MI.
What is the asking price?
The asking price for this property is $11,000,000.
What are key features of this property?
This property features: Located in the Art and Cultural District of Midtown Detroit; Highly walkable area; Close proximity to the Detroit Institute of Arts
