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    Multi-Family Redevelopment Opportunity Title is generated by Realmo AI

    2277 W Davison St, Detroit, MI

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    Four-story, 22-unit building with retail/office space and ample parking.

    Type:MULTIFAMILY
    Property size:
    25,480 SF
    Lot size:
    0.24 Acres
    Price / SF:
    $11/SF
    Added:
    Mar 28, 2023
    Days on Market:
    1169
    Last Refresh:
    May 20 at 8:40 pm

    Property Features for 2277 W Davison St

    General Information

    Standard status
    Active
    Size
    25,480 SF
    Lot size
    0.24 Acres
    Property subtype
    MULTIFAMILY

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    Listing Contact
    Anthony Pellegrino

    Listing agent Anthony Pellegrino

    Listing office PA Commercial

    Listing date Mar 28, 2023

    Source Moodyscre

    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 PA Commercial

    HighLights

    • Multi‑family redevelopment opportunity with 22 units and ground floor retail/office space.
    • Located near retail, markets, and adjacent to the Russell Woods residential neighborhood.
    • Immediate highway access and public transportation (bus stop).
    • Property is in good condition with an EPDM membrane roof.
    • Located on the border of Dexter‑Linwood and Oakman Blvd Community Neighborhoods, near the Focus Hope Organization.
    • Proximity to the new $30M Millwrights training facility under construction.

    Overview

    This four-story multi-family structure, featuring 22 units and first-floor office and retail space, presents a redevelopment opportunity. The property includes abundant parking and is in good condition, featuring an EPDM membrane roof. Its location on Davison Rd offers a strong retail presence, with nearby businesses including Dollar Tree, Atlas Market, restaurants, and fast food, as well as the adjacent Livernois retail areas. The property is conveniently located across the street from Family Dollar and Dollar Tree and near a city bus stop, offering immediate highway access and public transportation. Situated on the border of the Dexter-Linwood and Oakman Blvd Community Neighborhoods, the property is adjacent to the Russell Woods residential area. The Dexter-Linwood area is known for its newer "tiny homes" development, visible from the nearby M-10 freeway. The neighboring Oakman Blvd Community is home to Detroit's Focus Hope Organization. A state-of-the-art $30M training facility is currently under construction in the area, announced in 2021 by the Millwrights. The property size is 25480 square feet.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.0737
    Latitude
    42.4113

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    FAQs

    What type of property is this?
    Apartment building - Four-story, 22-unit building with retail/office space and ample parking.
    Where is this apartment building located?
    The property is located at 2277 W Davison St Detroit, MI.
    What is the asking price?
    The asking price for this property is $300,000.
    What are key features of this property?
    This property features: Multi‑family redevelopment opportunity with **22 units and ground floor retail/office space.**; Located near retail, markets, and adjacent to the Russell Woods residential neighborhood.; **Immediate highway access and public transportation (bus stop).**
    (248) 358-5341 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Anthony Pellegrino
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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