Turnkey 8-Unit Multifamily
For Sale
$675,000
13660 Ohio Street, Detroit, MI 48238
Turnkey 8-unit property with updated 2-bedroom units, each with its own furnace, and currently 100% occupied.
Property Size5,832 SF
Price / SF$115.74
Days on Market118
Property Features for 13660 Ohio Street
General Information
Standard status
Active
Size
5,832 SF
Property subtype
Commercial
Zoning
Commercial
Lease Term
Cash, Conventional
Taxes and HOA fees
Annual Taxes
$18,932
Building Details
Building Size
5,832 SF
Year Built
1927
Stories
2
Units
8
Listing Agency:
Keller Williams Somerset
(248) 530-7292
Listed By:
James T Silver · License #6501302927
(248) 530-7292
Source:
Sabudarealty
Added: Apr 15
Changed: Aug 8
Last Checked: Aug 9 at 1:57PM
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 turnkey 8-unit multifamily property is currently 100% occupied and features eight updated units, each offering 2 bedrooms and 1 full bathroom. The property is designed for tenant convenience with each unit having its own furnace. Current income is supported by leases in place, with rent reported at $1,000 per month per unit.
The building is located at 13660 Ohio Street in Detroit, positioned just off Interstate 96 for access throughout Metro Detroit. The surrounding area includes major employers and destinations such as the University of Detroit Mercy, the Detroit Golf Club, and nearby hospitals. Tenant utilities are split with tenants paying electrical and gas, while the landlord pays water. Buyer and BA should verify all information, as some listing details were reported to be based on another address where PRD was not available for the subject.
The building is located at 13660 Ohio Street in Detroit, positioned just off Interstate 96 for access throughout Metro Detroit. The surrounding area includes major employers and destinations such as the University of Detroit Mercy, the Detroit Golf Club, and nearby hospitals. Tenant utilities are split with tenants paying electrical and gas, while the landlord pays water. Buyer and BA should verify all information, as some listing details were reported to be based on another address where PRD was not available for the subject.
Key Highlights
- 1927‑built, turnkey 8‑unit multifamily in Detroit’s Davison–Schoolcraft neighborhood
- 100% occupancy with all 8 units currently updated and leased
- All units offer 2 bedrooms and 1 full bathroom
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
9.06%
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 9.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.29M
$1.13M – $1.50M
NOI $90,059 @ 7.0% cap · market cap 13.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
325
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Turnkey 8-unit property with updated 2-bedroom units, each with its own furnace, and currently 100% occupied.
Where is this apartment building located?
The property is located at 13660 Ohio 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: 1927‑built, turnkey 8‑unit multifamily in Detroit’s Davison–Schoolcraft neighborhood; 100% occupancy with all 8 units currently updated and leased; All units offer 2 bedrooms and 1 full bathroom
