Renovated Multifamily Asset Near
For Sale
$975,000
15771 Mack Ave, Detroit, MI 48224
Renovated 14-unit apartment building near Grosse Pointe border.
Property Size9,201 SF
Price / SF$116.07
Days on Market163
Property Features for 15771 Mack Ave
General Information
Standard status
Active
Size
9,201 SF
Property subtype
Multifamily
Occupancy
71%
Amenities
14-Unit Multifamily Asset in Detroit's Morningside Neighborhood, Directly Bordering Grosse Pointe, with Strong in-place Cash Flow and Long-Term Growth Potential
Immediate Value-Add Opportunity through the Lease-up of Five Vacant Units, Creating a Clear Path to Increased Occupancy, NOI, and Asset Value
Recent Capital Improvements Include Newer Mechanicals, a Roof Under Five Years Old, and a Dedicated Resident Parking Lot, Minimizing Near-Term CapEx Needs
Building Details
Building Size
9,201 SF
Units
14
Listed By:
Tyler Sarter · License #License(s): GA: 401639, MI: 6501468604
(248) 415-2604
Source:
Marcusmillichap
Added: Mar 27
Changed: Sep 4
Last Checked: Jul 16 at 1:48AM
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 Tyler Sarter
Investment Insights
Based on property information with market context.
The Helen Apartments, located at 15771 Mack Avenue in Detroit, is a renovated multifamily asset featuring 14 units. Situated on the Detroit side of the Grosse Pointe border, the property offers proximity to Grosse Pointe neighborhoods, shopping, and services. Each of the spacious 600-square-foot one-bedroom units features modern finishes, clean layouts, updated kitchens and baths, and experiences strong tenant demand. The property generates stable income and competitive market rents, operating on an efficient expense structure. This asset is located in a mature rental pocket with potential upside as leases turn and rents increase in the Mack corridor. The building has a total size of 8,400 square feet.
Key Highlights
- Renovated 14‑unit multifamily asset in a desirable location
- Spacious 600 sq ft one‑bedroom units with modern finishes
- Strong tenant demand due to proximity to Grosse Pointe
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
$76,200
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
7.82%
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%
$1,524,000
$1.5M
Cap Rate 7%
$1,088,571
$1.1M
Cap Rate 9%
$846,667
$846.7K
Market Conditions
NOI Build-Up for 8,400 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
$148.2K $17.64/SF
− Vacancy
−$9.6K −$1.15/SF
EGI
$138.5K $16.49/SF
− OpEx
−$62.3K −$7.42/SF
NOI
$76.2K $9.07/SF
Area
ZIP 48224
Vacancy
6.50%
Lease Rate
$17.64 /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%
$1,524,000
Cap Rate 7%
$1,088,571
Cap Rate 9%
$846,667
Alternative Uses
Best Use
Apartment 5plus
$1.09M
$952.5K – $1.27M
NOI $76,200 @ 7.0% cap · market cap 7.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.12M
$1.85M – $2.47M
NOI $148,313 @ 7.0% cap · market cap 15.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
411
Businesses Nearby
Explore this area
Business Placement
Demographics for 48224, MI
39,633
Population
16,786
Households
2.4
Avg Household Size
33
Median Age
14%
College-Educated
84%
High-School Grad
5.8 sq mi
ZIP Area
6,833
Density / Sq Mi
$42,963
Median Household Income
$30,997
Median Earnings
$1,213
Median Rent
$77,900
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 - Renovated 14-unit apartment building near Grosse Pointe border.
Where is this apartment building located?
The property is located at 15771 Mack Ave Detroit, MI.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Renovated 14‑unit multifamily asset in a desirable location; Spacious 600 sq ft one‑bedroom units with modern finishes; Strong tenant demand due to proximity to Grosse Pointe
