Six-Property Multifamily
For Sale
$2,999,999
14299 Fordham St, Detroit, MI 48205
Six multifamily buildings are offered together as one portfolio, combining one occupied renovated property with multiple secured, cleaned-out value-add sites.
Property Size10,310 SF
Days on Market53
Property Features for 14299 Fordham St
General Information
Standard status
Active
Size
10,310 SF
Property subtype
Investment
Additional Details
Multifamily Units
168
Taxes and HOA fees
Annual Taxes
$515
Building Details
Building Size
10,310 SF
Year Built
1928
Units
18
Listing Agency:
eXp Realty
(734) 637-1430
Listed By:
John Goci · License #6501389885
(734) 637-1430
Source:
Elliman
Added: Jun 20
Changed: Aug 8
Last Checked: Aug 10 at 6:25AM
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 eXp Realty
Investment Insights
Based on property information with market context.
This is a portfolio sale of six multifamily properties in Detroit, offered only as a single package and not separately. One building at 14299 Fordham Street is fully renovated and currently occupied as a single-room rental configuration with 62 rentable beds, with rents stated between $450 and $595 per month per bed. The remaining properties include a 20-unit building at 14296 Glenwood Street that is approximately 50% rehabilitated, with rough electrical and plumbing work completed and approved, and four additional 20-unit/18-unit buildings with brick exteriors that have been cleaned out, boarded, secured, and dried-in, including 18036 Schoenherr Street, 18055 Schoenherr Street, 18029 Schoenherr Street, and 10820 Schoolcraft Road.
The vacant buildings have been cleaned out and secured, providing a starting point for continued renovation planning. The current owner/developer is located out of state and is selling the entire portfolio rather than continuing remote management. Walk, bike, and transit scores are provided as somewhat walkable/bikeable and somewhat transit.
For buyers and developers seeking multifamily redevelopment scale through one transaction, this package offers a mix of stabilized income from the renovated, occupied property and redevelopment progress across several sites. Proof of funds is required prior to any showings, and prospective buyers are advised to drive by the properties prior to requesting tours.
The vacant buildings have been cleaned out and secured, providing a starting point for continued renovation planning. The current owner/developer is located out of state and is selling the entire portfolio rather than continuing remote management. Walk, bike, and transit scores are provided as somewhat walkable/bikeable and somewhat transit.
For buyers and developers seeking multifamily redevelopment scale through one transaction, this package offers a mix of stabilized income from the renovated, occupied property and redevelopment progress across several sites. Proof of funds is required prior to any showings, and prospective buyers are advised to drive by the properties prior to requesting tours.
Key Highlights
- Portfolio sale only: six multifamily properties in Detroit sold together as a single package
- 14299 Fordham Street fully renovated and occupied as a single‑room rental with 62 rentable beds ($450–$595 per month per bed)
- 14296 Glenwood Street: 20‑unit apartment building about 50% rehabilitated; electrical and plumbing work completed and approved
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
$108,159
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
3.61%
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%
$2,163,180
$2.2M
Cap Rate 7%
$1,545,129
$1.5M
Cap Rate 9%
$1,201,767
$1.2M
Market Conditions
NOI Build-Up for 10,310 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
$210.3K $20.40/SF
− Vacancy
−$13.7K −$1.33/SF
EGI
$196.7K $19.07/SF
− OpEx
−$88.5K −$8.58/SF
NOI
$108.2K $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%
$2,163,180
Cap Rate 7%
$1,545,129
Cap Rate 9%
$1,201,767
Alternative Uses
Best Use
Apartment 5plus
$1.55M
$1.35M – $1.80M
NOI $108,159 @ 7.0% cap · market cap 3.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.27M
$1.99M – $2.65M
NOI $159,210 @ 7.0% cap · market cap 5.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
168
Residential units
Location Intelligence
Trade Area within ½ mile
446
Businesses Nearby
Explore this area
Business Placement
Demographics for 48205, MI
34,056
Population
17,102
Households
2
Avg Household Size
32
Median Age
9%
College-Educated
85%
High-School Grad
6.4 sq mi
ZIP Area
5,321
Density / Sq Mi
$40,612
Median Household Income
$30,833
Median Earnings
$1,149
Median Rent
$55,700
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 - Six multifamily buildings are offered together as one portfolio, combining one occupied renovated property with multiple secured, cleaned-out value-add sites.
Where is this apartment building located?
The property is located at 14299 Fordham St Detroit, MI.
What is the asking price?
The asking price for this property is $2,999,999.
What are key features of this property?
This property features: Portfolio sale only: six multifamily properties in Detroit sold together as a single package; 14299 Fordham Street fully renovated and occupied as a single‑room rental with 62 rentable beds ($450–$595 per month per bed); 14296 Glenwood Street: 20‑unit apartment building about 50% rehabilitated; electrical and plumbing work completed and approved
