Renovated 4-Unit
New
For Sale
$515,000
1501 Glynn Ct, Detroit, MI 48206
Separate utility meters serve updated apartments with new kitchens, bathrooms, flooring, and building systems.
Property Size3,800 SF
Days on Market3
Property Features for 1501 Glynn Ct
General Information
Standard status
Active
Size
3,800 SF
Property subtype
Investment
Site & Location
Neighborhood
Boston Edison
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Individually Metered Utilities
unspecified utilities
Taxes and HOA fees
Annual Taxes
$2,167
Building Details
Building Size
3,800 SF
Year Built
1925
Buildings
1
Units
4
Construction
brick
Listed By:
Brandon Woodbeck · License #6501445216
(248) 302-7936
Source:
Elliman
Added: Nov 4
Last Checked: Nov 4 at 2:39PM
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 Brandon Woodbeck
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Built in 1925, this brick quadplex contains four apartments, each with two bedrooms and one full bathroom. Renovations include new roofing, windows, plumbing, and electrical systems, along with vinyl plank flooring, updated bathrooms, and modern kitchens featuring quartz countertops and stainless steel appliances. Utilities are separately metered.
The property is in Detroit’s Neighborhood Enterprise Zone and is near the historic Boston-Edison neighborhood. The Congregation is within walking distance, and Downtown Detroit is a short drive away.
The property is in Detroit’s Neighborhood Enterprise Zone and is near the historic Boston-Edison neighborhood. The Congregation is within walking distance, and Downtown Detroit is a short drive away.
Key Highlights
- Four apartments, each with 2 bedrooms and 1 full bathroom
- Brick building constructed in 1925
- Separately metered utilities
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$43,428
Cap Rate
8.43%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$868,560
$868.6K
Cap Rate 7%
$620,400
$620.4K
Cap Rate 9%
$482,533
$482.5K
Market Conditions
NOI Build-Up for 3,800 SF
Gross rent
$66.1K $17.40/SF
− Vacancy
−$4.1K −$1.07/SF
EGI
$62.0K $16.33/SF
− OpEx
−$18.6K −$4.90/SF
NOI
$43.4K $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%
$868,560
Cap Rate 7%
$620,400
Cap Rate 9%
$482,533
Alternative Uses
Best Use
Multifamily LT 5
$620.4K
$542.9K – $723.8K
NOI $43,428 @ 7.0% cap · market cap 8.43%
Second Best
Apartment 5plus
$569.5K
$498.3K – $664.4K
NOI $39,865 @ 7.0% cap · market cap 7.74%
Theoretical Best
Office A
$838.3K
$733.5K – $978.0K
NOI $58,681 @ 7.0% cap · market cap 11.39%
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
4
Residential units
Location Intelligence
Trade Area within ½ mile
269
Businesses Nearby
Explore this area
Business Placement
Demographics for 48206, MI
15,712
Population
10,784
Households
1.5
Avg Household Size
38
Median Age
24%
College-Educated
89%
High-School Grad
3.1 sq mi
ZIP Area
5,068
Density / Sq Mi
$43,702
Median Household Income
$36,674
Median Earnings
$923
Median Rent
$102,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/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 - Separate utility meters serve updated apartments with new kitchens, bathrooms, flooring, and building systems.
Where is this quadplex located?
The property is located at 1501 Glynn Ct Detroit, MI.
What is the asking price?
The asking price for this property is $515,000.
What are key features of this property?
This property features: Four apartments, each with 2 bedrooms and 1 full bathroom; Brick building constructed in 1925; Separately metered utilities
