Remodeled 6-Unit Mixed-Use
For Sale
$440,000
12000 Charest St, Hamtramck, MI 48212
Updated mixed-use building combines commercial frontage with residential units and walkable access to nearby services.
Property Size2,796 SF
Days on Market115
Property Features for 12000 Charest St
General Information
Standard status
Active
Size
2,796 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$5,521
Building Details
Building Size
2,796 SF
Year Built
1920
Year Renovated
2024
Units
6
Listing Agency:
(586) 668-4026
Listed By:
Muhtasin Sadman · License #6501415092
(586) 668-4026
Source:
Elliman
Added: May 9
Changed: Aug 31
Last Checked: Aug 31 at 3:41AM
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 Muhtasin Sadman
Investment Insights
Based on property information with market context.
Remodeled in 2024, this six-unit mixed-use property combines commercial frontage with residential units in a single building. The updated interiors feature spacious layouts, contemporary finishes, and abundant natural light, supporting both commercial and residential occupancy within the same asset.
The property is located at 12000 Charest St in Hamtramck, within walking distance of Hamtramck High School, shopping, restaurants, and major roads. WalkScore is 83, indicating a very walkable setting; BikeScore is 55, and TransitScore is 44. Constructed in 1920, the building offers a blend of established construction and recent interior improvements.
The property is located at 12000 Charest St in Hamtramck, within walking distance of Hamtramck High School, shopping, restaurants, and major roads. WalkScore is 83, indicating a very walkable setting; BikeScore is 55, and TransitScore is 44. Constructed in 1920, the building offers a blend of established construction and recent interior improvements.
Key Highlights
- Six‑unit mixed‑use property with commercial frontage and residential units
- Remodeled in 2024 with updated interiors
- Spacious layouts, modern finishes, and abundant natural light
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
$33,216
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
7.55%
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%
$664,320
$664.3K
Cap Rate 7%
$474,514
$474.5K
Cap Rate 9%
$369,067
$369.1K
Market Conditions
NOI Build-Up for 2,796 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
$60.4K $21.60/SF
− Vacancy
−$7.2K −$2.59/SF
EGI
$53.1K $19.01/SF
− OpEx
−$19.9K −$7.13/SF
NOI
$33.2K $11.88/SF
Area
Wayne County, MI
Vacancy
12.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$664,320
Cap Rate 7%
$474,514
Cap Rate 9%
$369,067
Alternative Uses
Best Use
Mixed Use
$474.5K
$415.2K – $553.6K
NOI $33,216 @ 7.0% cap · market cap 7.55%
Second Best
Retail
$378.5K
$331.2K – $441.6K
NOI $26,493 @ 7.0% cap · market cap 6.02%
Theoretical Best
Specialty Retail
$517.7K
$453.0K – $603.9K
NOI $36,236 @ 7.0% cap · market cap 8.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,133
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?
Mixed-use property - Updated mixed-use building combines commercial frontage with residential units and walkable access to nearby services.
Where is this mixed-use property located?
The property is located at 12000 Charest St Hamtramck, MI.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: Six‑unit mixed‑use property with commercial frontage and residential units; Remodeled in 2024 with updated interiors; Spacious layouts, modern finishes, and abundant natural light
