Turnkey Detroit Multifamily Investment
For Sale
$725,000
13660 Ohio St, Detroit, MI 48238
Well-maintained, fully occupied 8-unit property in desirable Detroit neighborhood.
Property Size5,832 SF
Days on Market121
Property Features for 13660 Ohio St
General Information
Standard status
Active
Size
5,832 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$18,932
Building Details
Building Size
5,832 SF
Year Built
1927
Units
8
Listing Agency:
Keller Williams Somerset
(248) 530-7292
Listed By:
James T Silver · License #6501302927
(248) 530-7292
Source:
Elliman
Added: Apr 24
Changed: Aug 13
Last Checked: Aug 21 at 8:16AM
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 Somerset
Investment Insights
Based on property information with market context.
This well-maintained multifamily property is located in Detroit’s desirable Davison–Schoolcraft neighborhood. The property features eight units, each with 2 bedrooms and 1 full bathroom. All units are updated and leased, with 100% occupancy. Each unit generates $1,000 per month. The property is located just off Interstate 96, providing easy access throughout Metro Detroit, and is minutes from the University of Detroit Mercy, Detroit Golf Club, and nearby hospitals. Each unit has its own furnace. Tenants pay for electrical and gas, while the landlord pays for water. The current seller has owned and managed the property for the last 20 years. The location supports stable tenant demand and long-term growth potential. The property is an income-producing asset with minimal upfront work needed. The bike score is 42, indicating it is somewhat bikeable. The walk score is 12, indicating it is car-dependent. The transit score is 44, indicating some transit options are available.
Key Highlights
- Turnkey 8‑unit investment property in Detroit's Davison‑Schoolcraft neighborhood.
- 100% occupancy with all units updated and leased.
- Consistent cash flow: Each unit generates $1,000 per month.
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
$61,182
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
8.44%
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%
$1,223,640
$1.2M
Cap Rate 7%
$874,029
$874.0K
Cap Rate 9%
$679,800
$679.8K
Market Conditions
NOI Build-Up for 5,832 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
$119.0K $20.40/SF
− Vacancy
−$7.7K −$1.33/SF
EGI
$111.2K $19.07/SF
− OpEx
−$50.1K −$8.58/SF
NOI
$61.2K $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 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%
$1,223,640
Cap Rate 7%
$874,029
Cap Rate 9%
$679,800
Alternative Uses
Best Use
Apartment 5plus
$874.0K
$764.8K – $1.02M
NOI $61,182 @ 7.0% cap · market cap 8.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.29M
$1.13M – $1.50M
NOI $90,059 @ 7.0% cap · market cap 12.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
265
Businesses Nearby
Explore this area
Business Placement
Demographics for 48238, MI
25,747
Population
16,341
Households
1.6
Avg Household Size
37
Median Age
13%
College-Educated
84%
High-School Grad
5.4 sq mi
ZIP Area
4,768
Density / Sq Mi
$30,286
Median Household Income
$25,948
Median Earnings
$950
Median Rent
$58,700
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 - Well-maintained, fully occupied 8-unit property in desirable Detroit neighborhood.
Where is this apartment building located?
The property is located at 13660 Ohio St Detroit, MI.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Turnkey 8‑unit investment property in Detroit's Davison‑Schoolcraft neighborhood.; 100% occupancy with all units updated and leased.; Consistent cash flow: Each unit generates $1,000 per month.
