Wayne Multifamily Investment
For Sale
$249,000
35449 Clinton St, Wayne, MI 48184
Nine-unit property in Wayne with immediate and consistent cash flow.
Property Size2,000 SF
Days on Market151
Property Features for 35449 Clinton St
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$8,817
Building Details
Building Size
2,000 SF
Year Built
1865
Units
9
Listing Agency:
U.S. Investor Group
Listed By:
Hassan Hammoud · License #6501457390
(313) 644-0034
Source:
Elliman
Added: Apr 9
Changed: Aug 22
Last Checked: Sep 5 at 11:22AM
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 U.S. Investor Group
Investment Insights
Based on property information with market context.
Located at 35449 Clinton Street in Wayne, this 9-unit property presents an excellent investment opportunity. The building is currently generating income with 8 out of 9 units occupied. Each occupied unit generates $650 per month. The property benefits from strong rental demand due to its convenient location near shopping, dining, and major roadways. The property offers additional upside potential for increased income with one vacant unit. The location has a walk score of 61, indicating it is somewhat walkable, and a bike score of 39, indicating it is somewhat bikeable. This income-producing property is suited for expanding an investment portfolio or securing a stable asset with steady returns and room for growth.
Key Highlights
- Excellent Investment Opportunity: Solid income‑producing 9‑unit property.
- High Occupancy: 8 out of 9 units currently occupied, ensuring immediate cash flow.
- Consistent Income: Each occupied unit generates $650 per month.
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
$18,030
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
7.24%
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%
$360,600
$360.6K
Cap Rate 7%
$257,571
$257.6K
Cap Rate 9%
$200,333
$200.3K
Market Conditions
NOI Build-Up for 2,000 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
$34.8K $17.40/SF
− Vacancy
−$2.0K −$1.01/SF
EGI
$32.8K $16.39/SF
− OpEx
−$14.8K −$7.38/SF
NOI
$18.0K $9.01/SF
Area
Wayne County, MI
Vacancy
5.80%
Lease Rate
$17.40 /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%
$360,600
Cap Rate 7%
$257,571
Cap Rate 9%
$200,333
Alternative Uses
Best Use
Apartment 5plus
$257.6K
$225.4K – $300.5K
NOI $18,030 @ 7.0% cap · market cap 7.24%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$370.3K
$324.0K – $432.0K
NOI $25,920 @ 7.0% cap · market cap 10.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
569
Businesses Nearby
Explore this area
Business Placement
Demographics for 48184, MI
17,776
Population
7,739
Households
2.3
Avg Household Size
40
Median Age
16%
College-Educated
88%
High-School Grad
7.2 sq mi
ZIP Area
2,469
Density / Sq Mi
$54,572
Median Household Income
$36,548
Median Earnings
$924
Median Rent
$142,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Nine-unit property in Wayne with immediate and consistent cash flow.
Where is this apartment building located?
The property is located at 35449 Clinton St Wayne, MI.
What is the asking price?
The asking price for this property is $249,000.
What are key features of this property?
This property features: Excellent Investment Opportunity: Solid income‑producing 9‑unit property.; High Occupancy: 8 out of 9 units currently occupied, ensuring immediate cash flow.; Consistent Income: Each occupied unit generates $650 per month.
