Five-Unit Apartment
For Sale
$299,000
4830 GRAYTON, Detroit, MI 48224
As-is five-unit building with five 1-bedroom units, coin-op basement laundry, and updated boiler installed in 2023.
Property Size2,922 SF
Days on Market107
Property Features for 4830 GRAYTON
General Information
Standard status
Active
Size
2,922 SF
Property subtype
Investment
Occupancy
100%
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$7,978
Amenities
laundry facility
Building Details
Building Size
2,922 SF
Year Built
1931
Units
5
Tenancy
Multi
Listing Agency:
(734) 838-9197
Listed By:
Mark Hutter · License #6502372594
(734) 838-9197
Source:
Elliman
Added: Apr 28
Changed: Aug 7
Last Checked: Aug 11 at 7:43AM
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 Mark Hutter
Investment Insights
Based on property information with market context.
This five-unit apartment investment property includes five 1-bedroom units. Each unit has one bedroom and one bathroom with hardwood floors, and includes a fridge and stove. The basement laundry facility offers coin-operated washer and dryer service. A new boiler was installed in 2023, and the seller has completed some renovations throughout the building. All five units are currently tenanted, with stated rent and lease terms varying by unit.
Tenant residents pay electric and cooking gas for their units. The owner is responsible for gas for heat, water, sewer, snow removal, and lawn maintenance. The property is sold as-is, and all dimensions are estimated and should be verified by the buyer. Buyer to pay a $295 processing fee at closing.
Tenant residents pay electric and cooking gas for their units. The owner is responsible for gas for heat, water, sewer, snow removal, and lawn maintenance. The property is sold as-is, and all dimensions are estimated and should be verified by the buyer. Buyer to pay a $295 processing fee at closing.
Key Highlights
- Five‑unit multi‑family property with five 1‑bedroom units
- New boiler installed in 2023; property sold as‑is
- Each unit includes 1 bedroom and 1 bathroom with hardwood floors, fridge, and stove
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
$26,507
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
8.87%
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%
$530,140
$530.1K
Cap Rate 7%
$378,671
$378.7K
Cap Rate 9%
$294,522
$294.5K
Market Conditions
NOI Build-Up for 2,922 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
$51.5K $17.64/SF
− Vacancy
−$3.4K −$1.15/SF
EGI
$48.2K $16.49/SF
− OpEx
−$21.7K −$7.42/SF
NOI
$26.5K $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%
$530,140
Cap Rate 7%
$378,671
Cap Rate 9%
$294,522
Alternative Uses
Best Use
Apartment 5plus
$378.7K
$331.3K – $441.8K
NOI $26,507 @ 7.0% cap · market cap 8.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$737.0K
$644.9K – $859.9K
NOI $51,592 @ 7.0% cap · market cap 17.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
435
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 - As-is five-unit building with five 1-bedroom units, coin-op basement laundry, and updated boiler installed in 2023.
Where is this apartment building located?
The property is located at 4830 GRAYTON Detroit, MI.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Five‑unit multi‑family property with five 1‑bedroom units; New boiler installed in 2023; property sold as‑is; Each unit includes 1 bedroom and 1 bathroom with hardwood floors, fridge, and stove
