Brick 4-Unit with Redevelopment
For Sale
$1,399,000
1450 6th St, Detroit, MI 48226
Brick 4-unit building plus two vacant parcels offer a redevelopment-focused package with updated building systems.
Property Size5,000 SF
Lot Size0.50 Acres
Days on Market52
Property Features for 1450 6th St
General Information
Standard status
Active
Size
5,000 SF
Lot size
0.50 Acres
Property subtype
Investment
Zoning
B6
Additional Details
Opportunity Zone
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$492
Building Details
Building Size
5,000 SF
Year Built
1906
Units
4
Listing Agency:
Berkshire Hathaway HomeServices The Loft Warehouse
(313) 693-3741
Listed By:
Jerome Huez · License #6501338353
(313) 693-3741
Source:
Elliman
Added: Jul 1
Changed: Aug 14
Last Checked: Aug 20 at 11:23AM
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 Berkshire Hathaway HomeServices The Loft Warehouse
Investment Insights
Based on property information with market context.
This offering combines a brick 4-unit property with two separate vacant land parcels. The occupied building includes a newer roof and boiler, with electrical and plumbing reported as updated. The configuration also includes a former basement apartment area that may be finished. The parcel package includes a triangle-shaped vacant land site to the north (1500 6th) and vacant land to the south of the structure (1440 6th), along with the vacated Labrosse St (1450 6th), all combined under tax ID 06004564-743.
The properties are located in the Corktown historic district, positioned adjacent to the central business district and the Riverfront. The location is described as near restaurants along Michigan Avenue and approximately one mile from Ford’s Michigan Central Innovation District. The remarks also note redevelopment activity nearby, including two vacant office towers and multiple lots being redeveloped into hotel, residential, and retail about a half block south on 6th Street.
For investors and developers, the B6, General Services District zoning is stated as allowing residential, commercial, and mixed-use purposes, supported by the property’s inclusion in an NEZ-New/Rehab district with tax abatement and an Opportunity Zone. This package is presented for a developer’s opportunity with immediate cashflow supported by the occupied units, paired with vacant land for redevelopment planning.
The properties are located in the Corktown historic district, positioned adjacent to the central business district and the Riverfront. The location is described as near restaurants along Michigan Avenue and approximately one mile from Ford’s Michigan Central Innovation District. The remarks also note redevelopment activity nearby, including two vacant office towers and multiple lots being redeveloped into hotel, residential, and retail about a half block south on 6th Street.
For investors and developers, the B6, General Services District zoning is stated as allowing residential, commercial, and mixed-use purposes, supported by the property’s inclusion in an NEZ-New/Rehab district with tax abatement and an Opportunity Zone. This package is presented for a developer’s opportunity with immediate cashflow supported by the occupied units, paired with vacant land for redevelopment planning.
Key Highlights
- Brick 4‑unit building (1906) plus two vacant parcels offered as one redevelopment package.
- Three‑piece package includes vacant land at 1500 6th, vacant land at 1440 6th, and 1450 6th with the vacated Labrosse St included.
- Updates reported: newer roof and boiler, plus electrical and plumbing updated; potential to finish a former basement apartment.
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
$57,142
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
4.08%
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%
$1,142,840
$1.1M
Cap Rate 7%
$816,314
$816.3K
Cap Rate 9%
$634,911
$634.9K
Market Conditions
NOI Build-Up for 5,000 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
$87.0K $17.40/SF
− Vacancy
−$5.4K −$1.07/SF
EGI
$81.6K $16.33/SF
− OpEx
−$24.5K −$4.90/SF
NOI
$57.1K $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%
$1,142,840
Cap Rate 7%
$816,314
Cap Rate 9%
$634,911
Alternative Uses
Best Use
Multifamily LT 5
$816.3K
$714.3K – $952.4K
NOI $57,142 @ 7.0% cap · market cap 4.08%
Second Best
Apartment 5plus
$749.3K
$655.7K – $874.2K
NOI $52,454 @ 7.0% cap · market cap 3.75%
Theoretical Best
Office A
$1.10M
$965.1K – $1.29M
NOI $77,211 @ 7.0% cap · market cap 5.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,244
Businesses Nearby
Explore this area
Business Placement
Demographics for 48226, MI
6,307
Population
5,160
Households
1.2
Avg Household Size
37
Median Age
53%
College-Educated
93%
High-School Grad
1.2 sq mi
ZIP Area
5,256
Density / Sq Mi
$69,813
Median Household Income
$60,957
Median Earnings
$1,714
Median Rent
$307,700
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 - Brick 4-unit building plus two vacant parcels offer a redevelopment-focused package with updated building systems.
Where is this quadplex located?
The property is located at 1450 6th St Detroit, MI.
What is the asking price?
The asking price for this property is $1,399,000.
What are key features of this property?
This property features: Brick 4‑unit building (1906) plus two vacant parcels offered as one redevelopment package.; Three‑piece package includes vacant land at 1500 6th, vacant land at 1440 6th, and 1450 6th with the vacated Labrosse St included.; Updates reported: newer roof and boiler, plus electrical and plumbing updated; potential to finish a former basement apartment.
