Brick Multifamily Apartment
For Sale
$499,999
11744 Cascade St, Detroit, MI 48204
Eight one-bedroom units with forced air heat and public water/sewer, suited for student or workforce rental demand.
Property Size3,370 SF
Days on Market54
Property Features for 11744 Cascade St
General Information
Standard status
Active
Size
3,370 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$13,986
Building Details
Building Size
3,370 SF
Year Built
1930
Units
8
Listing Agency:
REMAX LEADING EDGE
(313) 214-6505
Listed By:
Paris Laurent
(313) 214-6505
Source:
Elliman
Added: Jun 19
Changed: Aug 8
Last Checked: Aug 11 at 9:38AM
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 REMAX LEADING EDGE
Investment Insights
Based on property information with market context.
This brick multifamily apartment building offers eight 1-bedroom units. The property is served by forced air heat and has public water and sewer. With a straightforward unit count and residential income focus, it can fit investors seeking a small, manageable portfolio asset.
The building is positioned near Wayne State University, the Detroit Medical Center, and Midtown, placing it within a practical rental draw for students and area workers. It is also described as minutes from Downtown Detroit, major freeways, and nearby restaurants and local amenities, supported by walkable and transit-receptive scores.
The seller notes a projected gross income of $76,800 per year at market rents, with an at-$800-per-month projection referenced for budgeting purposes. Financing is described as cash or conventional only. The property is tenant-occupied and requires coordination, with instructions to do not disturb.
The building is positioned near Wayne State University, the Detroit Medical Center, and Midtown, placing it within a practical rental draw for students and area workers. It is also described as minutes from Downtown Detroit, major freeways, and nearby restaurants and local amenities, supported by walkable and transit-receptive scores.
The seller notes a projected gross income of $76,800 per year at market rents, with an at-$800-per-month projection referenced for budgeting purposes. Financing is described as cash or conventional only. The property is tenant-occupied and requires coordination, with instructions to do not disturb.
Key Highlights
- 8 one‑bedroom units built in 1930
- Forced air heat; public water and sewer
- Projected gross income of $76,800/year at $800/month per unit (1BD)
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
$35,354
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
7.07%
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%
$707,080
$707.1K
Cap Rate 7%
$505,057
$505.1K
Cap Rate 9%
$392,822
$392.8K
Market Conditions
NOI Build-Up for 3,370 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
$68.7K $20.40/SF
− Vacancy
−$4.5K −$1.33/SF
EGI
$64.3K $19.07/SF
− OpEx
−$28.9K −$8.58/SF
NOI
$35.4K $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%
$707,080
Cap Rate 7%
$505,057
Cap Rate 9%
$392,822
Alternative Uses
Best Use
Apartment 5plus
$505.1K
$441.9K – $589.2K
NOI $35,354 @ 7.0% cap · market cap 7.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$743.4K
$650.5K – $867.3K
NOI $52,040 @ 7.0% cap · market cap 10.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
311
Businesses Nearby
Explore this area
Business Placement
Demographics for 48204, MI
21,738
Population
13,691
Households
1.6
Avg Household Size
37
Median Age
10%
College-Educated
83%
High-School Grad
5.0 sq mi
ZIP Area
4,348
Density / Sq Mi
$32,875
Median Household Income
$26,701
Median Earnings
$970
Median Rent
$53,600
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 - Eight one-bedroom units with forced air heat and public water/sewer, suited for student or workforce rental demand.
Where is this apartment building located?
The property is located at 11744 Cascade St Detroit, MI.
What is the asking price?
The asking price for this property is $499,999.
What are key features of this property?
This property features: 8 one‑bedroom units built in 1930; Forced air heat; public water and sewer; Projected gross income of $76,800/year at $800/month per unit (1BD)
