12-Unit Apartment
For Sale
$580,000
Pending
12564 Pinehurst St, Detroit, MI 48204
Apartment property with renovated occupied units and owner-paid water service.
Property Size2,881 SF
Days on Market22
Property Features for 12564 Pinehurst St
General Information
Standard status
Pending
Size
2,881 SF
Property subtype
Investment
Property Condition
Severity
Repairs Needed
Evidence
The vacant units may require some updating
Units
Unit Mix
10 x 1BR/1BA, 2 x studio
Multifamily Units
12
Taxes and HOA fees
Annual Taxes
$8,478
Building Details
Building Size
2,881 SF
Year Built
1927
Units
12
Listing Agency:
Elite Real Estate Professionals, Inc.
Listed By:
Keelie Thomas
(810) 333-2732
Source:
Elliman
Added: Sep 5
Changed: Sep 26
Last Checked: Sep 26 at 12:07PM
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 Elite Real Estate Professionals, Inc.
Investment Insights
Based on property information with market context.
Built in 1927, this apartment property contains 12 units, including 10 one-bedroom, one-bath apartments and 2 studio units. Several occupied residences have received fresh paint and modern flooring, while vacant units may need additional updating. The layout provides a mix of conventional apartment and studio accommodations within one building.
Residents pay their own electric and gas costs, with water paid by ownership. The property is located at 12564 Pinehurst St in Detroit, Michigan 48204. Walk Score is 35, categorized as Car-Dependent; Bike Score is 50, categorized as Bikeable; and Transit Score is 42, categorized as Some Transit.
Residents pay their own electric and gas costs, with water paid by ownership. The property is located at 12564 Pinehurst St in Detroit, Michigan 48204. Walk Score is 35, categorized as Car-Dependent; Bike Score is 50, categorized as Bikeable; and Transit Score is 42, categorized as Some Transit.
Key Highlights
- 12‑unit apartment building constructed in 1927
- Unit mix includes 10 one‑bedroom, one‑bath apartments and 2 studios
- Several occupied units feature fresh paint and modern flooring
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
$30,224
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
5.21%
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%
$604,480
$604.5K
Cap Rate 7%
$431,771
$431.8K
Cap Rate 9%
$335,822
$335.8K
Market Conditions
NOI Build-Up for 2,881 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
$58.8K $20.40/SF
− Vacancy
−$3.8K −$1.33/SF
EGI
$55.0K $19.07/SF
− OpEx
−$24.7K −$8.58/SF
NOI
$30.2K $10.49/SF
Area
Detroit, MI
Vacancy
6.50%
Lease Rate
$20.40 /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%
$604,480
Cap Rate 7%
$431,771
Cap Rate 9%
$335,822
Alternative Uses
Best Use
Apartment 5plus
$431.8K
$377.8K – $503.7K
NOI $30,224 @ 7.0% cap · market cap 5.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$635.6K
$556.1K – $741.5K
NOI $44,489 @ 7.0% cap · market cap 7.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
283
Businesses Nearby
Explore this area
Business Placement
Demographics for 48204, MI
21,738
Population
13,691
Households
1.6
Avg Household Size
37
Median Age
10%
College-Educated
83%
High-School Grad
5.0 sq mi
ZIP Area
4,348
Density / Sq Mi
$32,875
Median Household Income
$26,701
Median Earnings
$970
Median Rent
$53,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Apartment property with renovated occupied units and owner-paid water service.
Where is this apartment building located?
The property is located at 12564 Pinehurst St Detroit, MI.
What is the asking price?
The asking price for this property is $580,000.
What are key features of this property?
This property features: 12‑unit apartment building constructed in 1927; Unit mix includes 10 one‑bedroom, one‑bath apartments and 2 studios; Several occupied units feature fresh paint and modern flooring
