Eight-Unit Apartment
For Sale
$675,000
13660 Ohio Street, Detroit, MI 48238
Multifamily, 2 Story, Detroit, MI
Property Size5,832 SF
Lot Size0.28 Acres
Price / SF$115.74
Days on Market145
Property Features for 13660 Ohio Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Commercial
Bedrooms
16
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 8, Bedroom 9, Bedroom 13, Bathroom 2, Bathroom 6, Bedroom 7, Bedroom 2, Bedroom 1, Bathroom 7, Bedroom 15, Bedroom 6, Bedroom 4, Basement, Bedroom 3, Bedroom 11, Bathroom 1, Bathroom 3, Bedroom 12, Bedroom 14, Bedroom 5, Bedroom 10, Bathroom 5, Bathroom 4, Bedroom 16, Bathroom 8
Pets allowed
Call
Subdivision
John M Welch Jrs Wyoming- Schoolcraft
Elementary school district
Detroit
Middle school district
Detroit
High school district
Detroit
Directions
Schoolcraft and Ohio Street
Standard status
Active
APN
W16I033668S
Size
5,832 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Description
E OHIO 118 THRU 116 JOHN M WELCH JRS WYOMING- SCHOOLCRAFT SUB L46 P98 PLATS, W C R 16/338 122.04 IRREG
Tax Annual Amount
18932
Legal Description
E OHIO 118 THRU 116 JOHN M WELCH JRS WYOMING- SCHOOLCRAFT SUB L46 P98 PLATS, W C R 16/338 122.04 IRREG
Utilities
Heating system
Forced Air
Water source
Public
Building Details
Year built
1927
Floors in Building
2
Number of units
8
Building materials
Brick
Architectural style
Other
Listing Agency:
Keller Williams Somerset · Keller Williams Realty
(248) 649-7200
Listed By:
James T Silver · License #6502374648
(248) 530-7292
Added: Apr 16
Changed: Sep 2
Last Checked: Sep 7 at 6:06PM
MLS# 20261025626
Copyright © 2026 Realcomp Limited II. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-story apartment building contains 8 units within 5,832 square feet on a 0.28-acre parcel. Constructed in 1927 with brick exterior walls and forced-air heating, the property includes eight updated apartments, each configured with 2 bedrooms and 1 full bathroom. Every unit has its own furnace, and all apartments are leased. The property is zoned Commercial and served by public water.
Located at 13660 Ohio Street in Detroit’s Davison-Schoolcraft area, the building sits just off Interstate 96, providing access across Metro Detroit. The surrounding area includes the University of Detroit Mercy, Detroit Golf Club, and nearby hospitals. Tenants pay electrical and gas service, while the landlord pays water.
Located at 13660 Ohio Street in Detroit’s Davison-Schoolcraft area, the building sits just off Interstate 96, providing access across Metro Detroit. The surrounding area includes the University of Detroit Mercy, Detroit Golf Club, and nearby hospitals. Tenants pay electrical and gas service, while the landlord pays water.
Key Highlights
- 8‑unit apartment building with 100% occupancy
- Each apartment has 2 bedrooms and 1 full bathroom
- All units are updated and leased
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
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Yes
Highway access
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 - Fully occupied two-story property with updated units and separate furnaces serving each apartment.
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: 8‑unit apartment building with 100% occupancy; Each apartment has 2 bedrooms and 1 full bathroom; All units are updated and leased
