20-Unit Updated Apartment
For Sale
$799,000
3737 Scovel Place, Detroit, MI 48208
Occupied multifamily property with renovated interiors, individual electric meters, and dedicated parking beside the building.
Property Size6,534 SF
Price / SF$122.28
Days on Market872
Property Features for 3737 Scovel Place
General Information
Standard status
Active
Size
6,534 SF
Property subtype
Residential Income / 5+ Units
Units
Unit Mix
10 x 1BR, 10 x studio
Multifamily Units
20
Taxes and HOA fees
Annual Taxes
$12,844
Amenities
camera system
keyless/digital entry
Natural Gas, Radiant
true
Yes
1
Building Details
Year Built
1927
Buildings
1
Listing Agency:
Golden Key Real Estate LLC
Listed By:
Ryan Heward · License #6502401117
(248) 251-4670
Source:
Compass
Added: May 26, 2024
Changed: Oct 13
Last Checked: Oct 12 at 9:40PM
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 Golden Key Real Estate LLC
Investment Insights
Based on property information with market context.
This 20-unit apartment building in Detroit includes an even mix of 10 one-bedroom apartments and 10 studio units. The property is occupied with leases in place, and most apartments feature updated flooring, paint, and lighting. Each residence has separate electric metering, heating and cooling equipment, steel entry doors with digital or keyless access, and deadbolt locks. One-bedroom units have new furnaces and AC systems, while the studios use mini-split systems for heating and cooling.
Building improvements include replacement of most plumbing stacks, newer windows, LED fixtures in common areas, upgraded front and rear doors, and a camera system serving the interior and exterior. The aluminum-seal-coated roof and building-wide hot water tank were replaced or treated in 2016. A paved concrete parking lot is located directly beside the building. The property has completed city rental certification and lead inspection, with downtown less than 10 minutes away and midtown approximately 5 minutes away.
Building improvements include replacement of most plumbing stacks, newer windows, LED fixtures in common areas, upgraded front and rear doors, and a camera system serving the interior and exterior. The aluminum-seal-coated roof and building-wide hot water tank were replaced or treated in 2016. A paved concrete parking lot is located directly beside the building. The property has completed city rental certification and lead inspection, with downtown less than 10 minutes away and midtown approximately 5 minutes away.
Key Highlights
- 20 occupied units: 10 one‑bedroom apartments and 10 studios
- Leases are in place across the occupied apartment building
- Each unit has its own electric meter and pays its own electric bill
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$68,546
Cap Rate
8.58%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,370,920
$1.4M
Cap Rate 7%
$979,229
$979.2K
Cap Rate 9%
$761,622
$761.6K
Market Conditions
NOI Build-Up for 6,534 SF
Gross rent
$133.3K $20.40/SF
− Vacancy
−$8.7K −$1.33/SF
EGI
$124.6K $19.07/SF
− OpEx
−$56.1K −$8.58/SF
NOI
$68.5K $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 Rate 5%
$1,370,920
Cap Rate 7%
$979,229
Cap Rate 9%
$761,622
Alternative Uses
Best Use
Apartment 5plus
$979.2K
$856.8K – $1.14M
NOI $68,546 @ 7.0% cap · market cap 8.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $100,900 @ 7.0% cap · market cap 12.63%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
20
Residential units
Location Intelligence
Trade Area within ½ mile
577
Businesses Nearby
Explore this area
Business Placement
Demographics for 48208, MI
8,090
Population
5,226
Households
1.5
Avg Household Size
37
Median Age
27%
College-Educated
79%
High-School Grad
3.2 sq mi
ZIP Area
2,528
Density / Sq Mi
$29,742
Median Household Income
$39,526
Median Earnings
$842
Median Rent
$186,700
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 - Occupied multifamily property with renovated interiors, individual electric meters, and dedicated parking beside the building.
Where is this apartment building located?
The property is located at 3737 Scovel Place Detroit, MI.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 20 occupied units: 10 one‑bedroom apartments and 10 studios; Leases are in place across the occupied apartment building; Each unit has its own electric meter and pays its own electric bill
