Detroit Multifamily Investment
For Sale
$315,000
6349 BARLUM St, Detroit, MI 48210
Four-unit property in Southwest Detroit near downtown and freeways.
Property Size2,518 SF
Days on Market87
Property Features for 6349 BARLUM St
General Information
Standard status
Active
Size
2,518 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$43
Building Details
Building Size
2,518 SF
Year Built
1925
Units
4
Listing Agency:
Munoz Realty Inc
(313) 914-7545
Listed By:
Gaston Munoz · License #6501354648
(313) 914-7545
Source:
Elliman
Added: May 15
Changed: Aug 8
Last Checked: Aug 9 at 9:33AM
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 Munoz Realty Inc
Investment Insights
Based on property information with market context.
Located in Southwest Detroit, this property features four units, each with one bedroom and one bathroom. The building has been renovated and includes upgrades such as a new roof, new plumbing and sewer lines, new windows, and a new electrical system. Each unit is equipped with a new furnace and hot water tank, and the bathrooms have been fully renovated. The property is situated minutes from Downtown Detroit, offering convenient access to restaurants, schools, local businesses, and freeways. The property is currently generating $4,000 per month in income. The location has a Walk Score of 73, indicating it is very walkable, a Bike Score of 68, indicating it is bikeable, and a Transit Score of 41, indicating some transit options are available.
Key Highlights
- Generating $4,000 per month in rental income.
- Fully renovated with new roof, plumbing, sewer, windows, electrical system, furnace, and hot water tank.
- Four units, each with 1 bed and 1 bath.
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
$28,777
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
9.14%
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%
$575,540
$575.5K
Cap Rate 7%
$411,100
$411.1K
Cap Rate 9%
$319,744
$319.7K
Market Conditions
NOI Build-Up for 2,518 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
$43.8K $17.40/SF
− Vacancy
−$2.7K −$1.07/SF
EGI
$41.1K $16.33/SF
− OpEx
−$12.3K −$4.90/SF
NOI
$28.8K $11.43/SF
Area
Detroit, MI
Vacancy
6.17%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$575,540
Cap Rate 7%
$411,100
Cap Rate 9%
$319,744
Alternative Uses
Best Use
Multifamily LT 5
$411.1K
$359.7K – $479.6K
NOI $28,777 @ 7.0% cap · market cap 9.14%
Second Best
Apartment 5plus
$377.4K
$330.2K – $440.3K
NOI $26,416 @ 7.0% cap · market cap 8.39%
Theoretical Best
Office A
$555.5K
$486.1K – $648.1K
NOI $38,884 @ 7.0% cap · market cap 12.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
317
Businesses Nearby
Explore this area
Business Placement
Demographics for 48210, MI
27,155
Population
10,576
Households
2.6
Avg Household Size
28
Median Age
9%
College-Educated
57%
High-School Grad
4.9 sq mi
ZIP Area
5,542
Density / Sq Mi
$38,900
Median Household Income
$25,220
Median Earnings
$968
Median Rent
$60,100
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?
Quadplex - Four-unit property in Southwest Detroit near downtown and freeways.
Where is this quadplex located?
The property is located at 6349 BARLUM St Detroit, MI.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Generating $4,000 per month in rental income.; Fully renovated with **new roof, plumbing, sewer, windows, electrical system, furnace, and hot water tank.**; Four units, each with 1 bed and 1 bath.
