Historic District Quadplex with
For Sale
Contact for pricing
1450 6th Street package, Detroit, MI 48226
Occupied four-unit building is included with vacant parcels supporting residential, commercial, and mixed-use redevelopment.
Property Size4,200 SF
Lot Size0.50 Acres
Price / SF$333.10
Days on Market20
Property Features for 1450 6th Street package
General Information
Standard status
Active
Size
4,200 SF
Lot size
0.50 Acres
Property subtype
Multifamily, Land
Zoning
B6, General Services District
Net Operating Income
$76,800
Additional Details
Opportunity Zone
Yes
Road Access
Yes
Land Use
residential, commercial, mixed-use
Building Details
Year Built
1906
Buildings
1
Units
5
Construction
brick
Listing Agency:
Berkshire Hathaway HomeServices The Loft Warehouse
(313) 658-6400
Listed By:
Jerome Huez · License #MI 6501368881
Source:
Crexi
Added: Aug 2
Changed: Aug 16
Last Checked: Aug 16 at 8:59AM
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 Berkshire Hathaway HomeServices The Loft Warehouse
Investment Insights
Based on property information with market context.
This 1906 brick quadplex forms part of a three-piece property package. The occupied four-unit building has a newer roof and boiler, along with updated electrical and plumbing systems. The package also includes vacant land north and south of the structure, plus the vacated Labrosse Street segment. Combined property size is 0.5 acres under tax ID 06004564-743.
The property lies within Detroit’s Corktown historic district and carries B6, General Services District zoning, which supports residential, commercial, and mixed-use purposes. It is near restaurants along Michigan Avenue and approximately one mile from Ford’s Michigan Central Innovation District. Nearby redevelopment includes vacant office towers and multiple lots being repositioned for hotel, residential, and retail uses.
The property is located in an NEZ-New/Rehab district and an Opportunity Zone.
The property lies within Detroit’s Corktown historic district and carries B6, General Services District zoning, which supports residential, commercial, and mixed-use purposes. It is near restaurants along Michigan Avenue and approximately one mile from Ford’s Michigan Central Innovation District. Nearby redevelopment includes vacant office towers and multiple lots being repositioned for hotel, residential, and retail uses.
The property is located in an NEZ-New/Rehab district and an Opportunity Zone.
Key Highlights
- Occupied 4‑unit brick building constructed in 1906
- 0.5‑acre package combining the building with vacant land to the north and south
- Newer roof and boiler; electrical and plumbing systems updated
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
$48,000
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
3.43%
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%
$960,000
$960.0K
Cap Rate 7%
$685,714
$685.7K
Cap Rate 9%
$533,333
$533.3K
Market Conditions
NOI Build-Up for 4,200 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
$73.1K $17.40/SF
− Vacancy
−$4.5K −$1.07/SF
EGI
$68.6K $16.33/SF
− OpEx
−$20.6K −$4.90/SF
NOI
$48.0K $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%
$960,000
Cap Rate 7%
$685,714
Cap Rate 9%
$533,333
Alternative Uses
Best Use
Multifamily LT 5
$685.7K
$600.0K – $800.0K
NOI $48,000 @ 7.0% cap · market cap 3.43%
Second Best
Apartment 5plus
$629.4K
$550.8K – $734.4K
NOI $44,061 @ 7.0% cap · market cap 3.15%
Theoretical Best
Office A
$926.5K
$810.7K – $1.08M
NOI $64,858 @ 7.0% cap · market cap 4.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,244
Businesses Nearby
Explore this area
Business Placement
Demographics for 48226, MI
6,307
Population
5,160
Households
1.2
Avg Household Size
37
Median Age
53%
College-Educated
93%
High-School Grad
1.2 sq mi
ZIP Area
5,256
Density / Sq Mi
$69,813
Median Household Income
$60,957
Median Earnings
$1,714
Median Rent
$307,700
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?
Quadplex - Occupied four-unit building is included with vacant parcels supporting residential, commercial, and mixed-use redevelopment.
Where is this quadplex located?
The property is located at 1450 6th Street package Detroit, MI.
What is the asking price?
The asking price for this property is $1,399,000.
What are key features of this property?
This property features: Occupied 4‑unit brick building constructed in 1906; 0.5‑acre package combining the building with vacant land to the north and south; Newer roof and boiler; electrical and plumbing systems updated
