Triplex with Renovated
New
For Sale
$665,000
Pending
227 King St, Detroit, MI 48202
Three separate units have individual laundry, and an unfinished basement offers additional storage space.
Property Size4,819 SF
Days on Market2
Property Features for 227 King St
General Information
Standard status
Pending
Size
4,819 SF
Property subtype
Investment
Property Condition
Severity
Repairs Needed
Evidence
The studio needs some finishing
Units
Unit Mix
1 x 4BR/2BA, 1 x 2BR/1BA, 1 x studio 1BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$13,274
Amenities
in-unit laundry
exposed brick fireplace
storage space
snow removal
lawn care
trash service
Building Details
Building Size
4,819 SF
Year Built
1894
Units
3
Listed By:
Kevin M Hill
(248) 850-8632
Source:
Elliman
Added: Sep 26
Changed: Sep 27
Last Checked: Sep 26 at 2:56PM
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 Kevin M Hill
Investment Insights
Based on property information with market context.
This Detroit triplex contains three separate units: one with four bedrooms and two baths, another with two bedrooms and one bath, and a third described as a studio with one bedroom and one bath. The four-bedroom and two-bedroom units have been renovated and retain exposed-brick fireplaces. Laundry is provided in each unit; the studio requires additional finishing. An unfinished basement provides storage, and parking is available on the property. The building dates to 1894.
At 227 King St, the property is a short drive from Detroit sports and entertainment venues, museums, Wayne State University, and a hospital campus. Walk Score is 71, Bike Score is 62, and Transit Score is 47.
At 227 King St, the property is a short drive from Detroit sports and entertainment venues, museums, Wayne State University, and a hospital campus. Walk Score is 71, Bike Score is 62, and Transit Score is 47.
Key Highlights
- Three separate residential units
- Renovated four‑bedroom, two‑bath and two‑bedroom, one‑bath units
- Exposed‑brick fireplaces in the renovated units
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
$55,074
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
8.28%
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%
$1,101,480
$1.1M
Cap Rate 7%
$786,771
$786.8K
Cap Rate 9%
$611,933
$611.9K
Market Conditions
NOI Build-Up for 4,819 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
$83.9K $17.40/SF
− Vacancy
−$5.2K −$1.07/SF
EGI
$78.7K $16.33/SF
− OpEx
−$23.6K −$4.90/SF
NOI
$55.1K $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%
$1,101,480
Cap Rate 7%
$786,771
Cap Rate 9%
$611,933
Alternative Uses
Best Use
Multifamily LT 5
$786.8K
$688.4K – $917.9K
NOI $55,074 @ 7.0% cap · market cap 8.28%
Second Best
Apartment 5plus
$722.2K
$631.9K – $842.6K
NOI $50,555 @ 7.0% cap · market cap 7.60%
Theoretical Best
Office A
$1.06M
$930.2K – $1.24M
NOI $74,416 @ 7.0% cap · market cap 11.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
504
Businesses Nearby
Explore this area
Business Placement
Demographics for 48202, MI
17,260
Population
10,078
Households
1.7
Avg Household Size
32
Median Age
38%
College-Educated
91%
High-School Grad
3.4 sq mi
ZIP Area
5,076
Density / Sq Mi
$36,536
Median Household Income
$31,725
Median Earnings
$894
Median Rent
$193,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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?
Triplex - Three separate units have individual laundry, and an unfinished basement offers additional storage space.
Where is this triplex located?
The property is located at 227 King St Detroit, MI.
What is the asking price?
The asking price for this property is $665,000.
What are key features of this property?
This property features: Three separate residential units; Renovated four‑bedroom, two‑bath and two‑bedroom, one‑bath units; Exposed‑brick fireplaces in the renovated units
