Brick Apartment Building with Eight 1-Bed
For Sale
$499,999
11744 Cascade Street, Detroit, MI 48204
MULTI_FAMILY - Detroit, MI
Property Size3,370 SF
Lot Size0.07 Acres
Price / SF$148.37
Days on Market60
Property Features for 11744 Cascade Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Bedrooms
8
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 5, Bedroom 4, Bedroom 6, Bedroom 7, Bathroom 1, Bathroom 3, Basement, Bathroom 2, Bathroom 4, Bedroom 2, Bathroom 6, Bathroom 7, Bedroom 5, Bedroom 8, Bedroom 3, Bedroom 1, Bathroom 8
Pets allowed
Call
Subdivision
Mc Quades Heights
Elementary school district
Detroit
Middle school district
Detroit
High school district
Detroit
Directions
96
Standard status
Active
APN
W14I004125S002L
Size
3,370 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Description
S ELMHURST S 60.2 FT 5 W 5 FT OF S 60.2 FT & E 18 FT OF S 59.2 FT 4 W 5 FT OF S 59.2 FT 3MC QUADE HEIGHTS SUB L31 P6 PLATS, W C R 14/180 51 IRREG
Tax Annual Amount
13986
Legal Description
S ELMHURST S 60.2 FT 5 W 5 FT OF S 60.2 FT & E 18 FT OF S 59.2 FT 4 W 5 FT OF S 59.2 FT 3MC QUADE HEIGHTS SUB L31 P6 PLATS, W C R 14/180 51 IRREG
Utilities
Heating system
Forced Air
Water source
Public
Building Details
Year built
1930
Floors in Building
3
Number of units
8
Building materials
Brick
Architectural style
Other
Listing Agency:
RE/MAX Leading Edge · RE/MAX International
(313) 277-7777
Listed By:
Paris Laurent
(313) 277-7777
Added: Jun 12
Changed: Aug 3
Last Checked: Aug 10 at 8:06AM
MLS# 20261044105
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.
Brick apartment building at 11744 Cascade Street in Detroit, zoned Multi-Family. The property contains eight 1-bedroom units and is served by forced air heating and public water/sewer. The building was constructed in 1930.
Set on a 0.07-acre lot with a total property size of 3,370 square feet. It is positioned near Wayne State University, Detroit Medical Center, and Midtown, with access to Downtown Detroit and major freeways, plus nearby restaurants and local amenities.
Financing is described as cash or conventional only. At market rents, the offering notes a potentially projected gross income and a potential cap rate exceeding 9% (no rent or income figures are repeated here).
Set on a 0.07-acre lot with a total property size of 3,370 square feet. It is positioned near Wayne State University, Detroit Medical Center, and Midtown, with access to Downtown Detroit and major freeways, plus nearby restaurants and local amenities.
Financing is described as cash or conventional only. At market rents, the offering notes a potentially projected gross income and a potential cap rate exceeding 9% (no rent or income figures are repeated here).
Key Highlights
- Eight 1‑bedroom units
- Brick construction
- 0.07‑acre lot
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
Lease Details
8
Residential units
Yes
Highway access
Yes
Utilities to site
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 - Apartment building zoned Multi-Family with forced-air heat, public water/sewer, and eight one-bedroom units.
Where is this apartment building located?
The property is located at 11744 Cascade Street 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: Eight 1‑bedroom units; Brick construction; 0.07‑acre lot
