Quadplex with Redevelopment
For Sale
$1,399,000
1450 6th Street #package, Detroit, MI 48226
An occupied four-unit residence is packaged with two vacant parcels.
Property Size4,200 SF
Lot Size0.50 Acres
Price / SF$333.10
Days on Market97
Property Features for 1450 6th Street #package
General Information
Standard status
Active
Size
4,200 SF
Lot size
0.50 Acres
Property subtype
Commercial
Zoning
Commercial, Multi-Family, Residential
Site & Location
Neighborhood
Downtown
Road Access
Yes
Utilities to Site
Yes
Additional Details
Opportunity Zone
Yes
Land Use
residential, commercial, mixed-use
Taxes and HOA fees
Annual Taxes
$492
Building Details
Building Size
4,200 SF
Year Built
1906
Stories
2
Units
5
Construction
brick
Listing Agency:
Berkshire Hathaway HomeServices The Loft Warehouse
Listed By:
Jan Dijkers · License #6501338353
(313) 658-6400
Source:
Carterassociatesrealty
Added: Aug 2
Changed: Nov 3
Last Checked: Nov 6 at 4:44AM
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
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The offering combines a brick four-unit building with vacant land parcels to its north and south. The occupied residence has a newer roof and boiler, and its electrical and plumbing systems have been updated. The property record reports 4,200 square feet and a 1906 construction date. A former basement apartment remains unfinished, and a vacated portion on Labrosse Street is also included.
Together, the three pieces comprise approximately half an acre and are part of the Corktown historic district. The package is identified within an NEZ-New/Rehab district and an Opportunity Zone. Nearby context includes restaurants along Michigan Avenue and a redevelopment project involving vacant office towers and multiple lots half a block south on 6th Street.
Together, the three pieces comprise approximately half an acre and are part of the Corktown historic district. The package is identified within an NEZ-New/Rehab district and an Opportunity Zone. Nearby context includes restaurants along Michigan Avenue and a redevelopment project involving vacant office towers and multiple lots half a block south on 6th Street.
Key Highlights
- Brick four‑unit building with tenants in place
- Three‑piece package totals approximately half an acre
- Reported building size of 4,200 square feet; built in 1906
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$48,000
Cap Rate
3.43%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
Yes
Paved road access
Yes
Utilities to site
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
$307,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Quadplexes in Detroit, MI
Properties on Market for Quadplexes in Detroit
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Quadplex - An occupied four-unit residence is packaged with two vacant parcels.
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: Brick four‑unit building with tenants in place; Three‑piece package totals approximately half an acre; Reported building size of 4,200 square feet; built in 1906
