Two Multifamily Rental
18625 Schoenherr Street Detroit, MI 48205
For Sale
$675,000
Package includes an eight-unit building and a 12-unit complex with 1-bed, 1-bath units in good condition.
Property Size5,054 SF
Price / SF$133.56
Days on Market482
Property Features for 18625 Schoenherr Street
General Information
Standard status
Active
Size
5,054 SF
Property subtype
Multi Family
Building Details
Year Built
1965
Listing Agency:
Keller Williams Paint Creek
(248) 979-3466
Listed By:
Justin Zehel · License #6501397844
(248) 979-3466
Source:
Exitrealty
Added: Apr 4, 2025
Changed: Jul 23
Last Checked: Jul 29 at 4:50AM
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 Keller Williams Paint Creek
Investment Insights
Based on property information with market context.
For sale as a package deal, this investor special includes two residential income properties: an eight-unit apartment building and a 12-unit apartment complex, totaling 20 units. All units feature 1-bedroom, 1-bathroom layouts and are described as being in good condition.
The eight-unit building includes updated windows and newer HVAC systems. The 12-unit complex is equipped with newer HVAC systems. Heating is provided by forced-air furnaces for each unit, and the property notes there are no boilers.
Rent rolls and expense reports are available upon request. The listing also references an additional address included in the package: 14103 Rochelle St, Detroit, MI 48205.
The eight-unit building includes updated windows and newer HVAC systems. The 12-unit complex is equipped with newer HVAC systems. Heating is provided by forced-air furnaces for each unit, and the property notes there are no boilers.
Rent rolls and expense reports are available upon request. The listing also references an additional address included in the package: 14103 Rochelle St, Detroit, MI 48205.
Key Highlights
- Package deal totals 20 apartment units: an 8‑unit building plus a 12‑unit apartment complex
- All units are 1‑bedroom, 1‑bath layouts in good condition
- 1965‑built property with forced‑air furnaces (no boilers); each unit has its own furnace
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $103.1k | $20.40 |
| − Vacancy | −$6.7k | −$1.33 |
| EGI | $96.4k | $19.07 |
| − OpEx | −$43.4k | −$8.58 |
| NOI | $53.0k | $10.49 |
5,054 SF · lease $20.40/SF/yr · vacancy 6.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$757.4K
$662.8K – $883.7K
NOI $53,020 @ 7.0% cap · market cap 7.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.11M
$975.6K – $1.30M
NOI $78,045 @ 7.0% cap · market cap 11.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Package includes an eight-unit building and a 12-unit complex with 1-bed, 1-bath units in good condition.
Where is this apartment building located?
The property is located at 18625 Schoenherr Street Detroit, MI.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Package deal totals 20 apartment units: an 8‑unit building plus a 12‑unit apartment complex; All units are 1‑bedroom, 1‑bath layouts in good condition; 1965‑built property with forced‑air furnaces (no boilers); each unit has its own furnace
