Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    16914 Monica St Detroit, MI 48221

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $365,000

    Renovated 5-unit property near Detroit Mercy University, fully rented.

    Lot size:
    0.11 Acres

    Property Features for 16914 Monica St

    General Information

    Lot size
    0.11 Acres

    Building Details

    Year built
    1930

    We can help!

    Listing Contact
    Gaston Munoz
    Source: Elliman

    Listing Agent: Gaston Munoz

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Detroit Multifamily Property Near University

    This multifamily property is located within walking distance of Detroit Mercy University. The building contains five units, each featuring one bedroom, one bathroom, a kitchen, a dining room, and a living room. The property has been fully renovated and is currently 100% rented. Renovations include a new roof, new windows, new gutters, a new electrical system, new plumbing, new furnaces, and new hot water tanks. The kitchens feature new cabinets and ceramic tile floors. The bathrooms have been totally renovated, and new carpet has been installed in every bedroom. The property is intended to be a money-making investment.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.1437409
    Latitude
    42.4163444

    Nearby Similar for Sale

    • $4,500,000
      48,336 SF

      Detroit Multifamily Investment Opportunity

      Sixty-unit apartment complex near Dearborn, MI, with Section 8 tenants.
      15860 Joy Rd, Detroit, MI 48228
      View Details
    • $4,500,000
      36,221 SF

      Detroit Multifamily Investment Opportunity

      Sixty-unit multifamily property in Detroit's Oakman Boulevard neighborhood.
      15860 Joy Rd, Detroit, MI 48228
      View Details
    • $389,900
      4,468 SF

      Detroit Automotive Shop with Fenced Lot

      Established auto repair shop with equipment, lifts, and ample parking.
      13118 Gratiot Ave, Detroit, MI 48205
      View Details
    • $1,890,900
      24,912 SF

      Detroit Investment Property Package

      Portfolio of 20 residential properties in Detroit, Michigan.
      326 Eastlawn St, Detroit, MI 48215
      View Details
    • $425,000
      6,616 SF

      Farwell Commercial/Industrial Property For Sale

      Office, business center, and bay garages in Farwell, Michigan.
      2655 W Ludington Dr, Farwell, MI 48622
      View Details
    • $345,000
      0.12 Acres

      Detroit Duplex in Boston-Edison

      Well-maintained duplex with strong rental potential in Historic Boston-Edison.
      1665 Atkinson St, Detroit, MI 48206
      View Details
    • $1,499,000
      3,800 SF

      Turn-Key Dispensary on Large Lot

      Fully licensed dispensary with drive-thru and ample parking for sale.
      5540 E Eight Mile Rd E, Detroit, MI 48091
      View Details
    • New
      $159,999
      3,304 SF

      Detroit Duplex Near Historic District

      Partially remodeled duplex with spacious units near Boston-Edison Historic District.
      2051 Calvert St, Detroit, MI 48206
      View Details
    • New
      $399,999
      3,904 SF

      Detroit Multi-Use Investment Opportunity

      Versatile property near downtown Detroit with excellent potential.
      491 E Grand Blvd, Detroit, MI 48207
      View Details
    • New
      $399,999
      3,990 SF

      Detroit Multi-Use Property For Sale

      Multi-use property near downtown Detroit with high potential.
      491 E Grand Blvd, Detroit, MI 48207
      View Details
    • $158,000
      2,475 SF

      Renovated Detroit Duplex with Balconies

      Renovated duplex with modern features and income potential.
      4017 Pingree St, Detroit, MI 48204
      View Details
    • $269,900
      1,580 SF

      Remodeled Multi-Family Property with Bonus Home

      Multi-family property with separate bonus home near Downtown Detroit.
      15478 Northlawn St, Detroit, MI 48238
      View Details

    FAQs

    What type of property is this?
    Apartment building - Renovated 5-unit property near Detroit Mercy University, fully rented.
    Where is this apartment building located?
    The property is located at 16914 Monica St Detroit, MI.
    What is the asking price?
    The asking price for this property is $365,000.
    What are key features of this property?
    This property features: - Fully renovated 5-unit building with immediate rental income.; - Prime location within walking distance of Detroit Mercy University.; - Comprehensive renovations including new roof, windows, gutters, electrical system, plumbing, furnaces, and hot water tanks.
    (313) 914-7545
    Request Owner's contact information
    16914 Monica St Detroit, MI 48221
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    16914 Monica St
    Detroit, MI 48221
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    16914 Monica St Detroit, MI 48221
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Gaston Munoz
    (313) 914-7545
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.