Brick Ranch Apartment Building with Gated
For Sale
$499,000
12927 Plymouth Road, Detroit, MI 48227
MULTI_FAMILY - Ranch - Detroit, MI
Property Size4,467 SF
Lot Size0.28 Acres
Price / SF$111.71
Days on Market157
Property Features for 12927 Plymouth Road
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
Multi-Family
Bedrooms
11
Bathrooms
10
Full bathrooms
10
Rooms
Bedroom 2, Bathroom 5, Bathroom 3, Bedroom 1, Bathroom 1, Bedroom 10, Bathroom 9, Bedroom 4, Bathroom 2, Bedroom 3, Bedroom 11, Bathroom 7, Bathroom 10, Bathroom 8, Bathroom 4, Bedroom 7, Bedroom 6, Bedroom 9, Bedroom 5, Bathroom 6, Bedroom 8
Subdivision
Coon Ave Heights Sub
Elementary school district
Detroit
Middle school district
Detroit
High school district
Detroit
Directions
South Of Plymouth, East Of Schaefer
Standard status
Active
APN
W22I004864C9
Size
4,467 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Description
S PLYMOUTH 30 THRU 35 COON AVE HGHTS SUB L36 P97 PLATS, W C R 22/576 120 X 100
Tax Annual Amount
8378
Legal Description
S PLYMOUTH 30 THRU 35 COON AVE HGHTS SUB L36 P97 PLATS, W C R 22/576 120 X 100
Utilities
Heating system
Baseboard
Cooling system
Wall Unit(s)
Water source
Public
Amenities
gated courtyard
Building Details
Year built
1955
Floors in Building
1
Number of units
10
Building materials
Brick
Roof type
Asphalt
Architectural style
Ranch
Listing Agency:
RE/MAX Dream Properties · RE/MAX International
(248) 374-7700
Listed By:
Behzad Bokani
(248) 374-7700
Added: Mar 6
Changed: Aug 4
Last Checked: Aug 10 at 2:06AM
MLS# 20261014273
Copyright © 2026 Realcomp Limited II. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This brick ranch apartment building offers 10 units on a 0.28-acre lot, with a gated courtyard designed for a lower-maintenance resident experience. The property was built in 1955 and is configured with baseboard heating and wall unit cooling, plus an asphalt roof. Public water service is available, and the building is currently fully leased.
The building is located at 12927 Plymouth Road in Detroit, with two adjacent vacant parking lots included (12913 Plymouth Road and 12901 Plymouth Road, with the latter described as a fenced parking lot). Tenants are responsible for their own electric bills, including electric baseboard heat. The property is offered for sale as-is, and all buyers must be accompanied by a licensed real estate agent.
Financially, the provided information indicates an 8%+ Cap Rate and “actual rent” generation currently in place, with additional value in the included parking lots for tenant use and potential future development.
All room measurements are approximate, and buyers and buyer’s agents are asked to verify all information.
The building is located at 12927 Plymouth Road in Detroit, with two adjacent vacant parking lots included (12913 Plymouth Road and 12901 Plymouth Road, with the latter described as a fenced parking lot). Tenants are responsible for their own electric bills, including electric baseboard heat. The property is offered for sale as-is, and all buyers must be accompanied by a licensed real estate agent.
Financially, the provided information indicates an 8%+ Cap Rate and “actual rent” generation currently in place, with additional value in the included parking lots for tenant use and potential future development.
All room measurements are approximate, and buyers and buyer’s agents are asked to verify all information.
Key Highlights
- 10‑unit apartment building fully leased with an 8%+ Cap Rate
- 0.28‑acre lot with 4,467 SF building area
- Brick exterior with gated courtyard
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
$45,143
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
9.05%
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%
$902,860
$902.9K
Cap Rate 7%
$644,900
$644.9K
Cap Rate 9%
$501,589
$501.6K
Market Conditions
NOI Build-Up for 4,467 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
$88.4K $19.80/SF
− Vacancy
−$6.4K −$1.43/SF
EGI
$82.1K $18.37/SF
− OpEx
−$36.9K −$8.27/SF
NOI
$45.1K $10.11/SF
Area
ZIP 48227
Vacancy
7.20%
Lease Rate
$19.80 /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%
$902,860
Cap Rate 7%
$644,900
Cap Rate 9%
$501,589
Alternative Uses
Best Use
Apartment 5plus
$644.9K
$564.3K – $752.4K
NOI $45,143 @ 7.0% cap · market cap 9.05%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$726.7K
$635.9K – $847.9K
NOI $50,872 @ 7.0% cap · market cap 10.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
321
Businesses Nearby
Explore this area
Business Placement
Demographics for 48227, MI
40,266
Population
19,933
Households
2
Avg Household Size
36
Median Age
12%
College-Educated
83%
High-School Grad
7.5 sq mi
ZIP Area
5,369
Density / Sq Mi
$36,221
Median Household Income
$31,797
Median Earnings
$1,034
Median Rent
$70,900
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 - Ten-unit apartment building on a 0.28-acre lot, fully leased with a gated courtyard and brick exterior.
Where is this apartment building located?
The property is located at 12927 Plymouth Road Detroit, MI.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 10‑unit apartment building fully leased with an 8%+ Cap Rate; 0.28‑acre lot with 4,467 SF building area; Brick exterior with gated courtyard
