New Construction
For Sale
$899,000
Pending
1541 Elm Street, Detroit, MI 48216
Multifamily, 2 Story, Detroit, MI
Property Size3,980 SF
Lot Size0.11 Acres
Days on Market188
Property Features for 1541 Elm Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
Multi-Family,Residential
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 6, Bedroom 7, Bedroom 8, Bedroom 5, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 4, Bathroom 3, Bedroom 3, Bedroom 2
Parking
8
Pets allowed
Dogs OK, Cats OK
Interior features
Cable Available, Dual-Flush Toilet(s), ENERGY STAR(R) Qualified Door(s), ENERGY STAR(R) Qualified Light Fixture(s), ENERGY STAR(R) Qualified Window(s), High Spd Internet Avail, Laundry Facility, Programmable Thermostat
Subdivision
Mc Keowns Sub
Elementary school district
Detroit
Middle school district
Detroit
High school district
Detroit
Directions
Trumbul/Martin Luther King Jr S of Martin Luther King JR / W of Trumbul
Standard status
Pending
APN
W08I000759S
Size
3,980 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Description
PROPERTY EXEMPT FROM AD VALOREM TAXES AND ASSESSED ON THE SPECIAL ACT ROLL PURSUANT TO PA 261 OF 2003 EXPIRING 12/30/2028. S ELM 92 MC KEOWNS SUB L3 P50 PLATS, W C R 8/43 40 X 115
Tax Annual Amount
38
Legal Description
PROPERTY EXEMPT FROM AD VALOREM TAXES AND ASSESSED ON THE SPECIAL ACT ROLL PURSUANT TO PA 261 OF 2003 EXPIRING 12/30/2028. S ELM 92 MC KEOWNS SUB L3 P50 PLATS, W C R 8/43 40 X 115
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
quartz countertops
gas
laundry hookups
central air conditioning
private entry
heavy-duty security doors
smart locks
smart thermostats
24-hour surveillance cameras
Building Details
Year built
2026
Floors in Building
2
Number of units
4
Building materials
Aluminum, Vinyl
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Keller Williams Paint Creek · Keller Williams Realty
(248) 609-8000
Listed By:
Briyana Jordan · License #6501427277
(616) 469-7164
Added: Mar 23
Changed: Sep 13
Last Checked: Sep 26 at 12:06PM
MLS# 20261016823
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 four-unit multifamily property is under construction with an anticipated 2026 completion. Each residence includes two bedrooms, one full bathroom, a spacious living area, a full kitchen with quartz countertops, laundry hookups, central air conditioning, and a private entrance. Security features include heavy-duty doors, smart locks, smart thermostats, and 24-hour surveillance cameras. The building uses forced-air heating, public water, asphalt roofing, and energy-efficient doors, windows, and light fixtures.
The property is located at 1541 Elm Street in Detroit’s North Corktown area, within ZIP Code 48216. A rear parking lot provides eight spaces. Multi-Family, Residential zoning applies, and a tax exemption is in place through 2033. A seven-unit apartment building is under construction across the street.
The property is located at 1541 Elm Street in Detroit’s North Corktown area, within ZIP Code 48216. A rear parking lot provides eight spaces. Multi-Family, Residential zoning applies, and a tax exemption is in place through 2033. A seven-unit apartment building is under construction across the street.
Key Highlights
- Four‑unit multifamily property under construction with anticipated 2026 completion
- Each unit has 2 bedrooms, 1 full bathroom, a full kitchen, laundry hookups, and central air
- Eight‑space rear parking lot
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
$45,485
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
5.06%
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%
$909,700
$909.7K
Cap Rate 7%
$649,786
$649.8K
Cap Rate 9%
$505,389
$505.4K
Market Conditions
NOI Build-Up for 3,980 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
$69.3K $17.40/SF
− Vacancy
−$4.3K −$1.07/SF
EGI
$65.0K $16.33/SF
− OpEx
−$19.5K −$4.90/SF
NOI
$45.5K $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%
$909,700
Cap Rate 7%
$649,786
Cap Rate 9%
$505,389
Alternative Uses
Best Use
Multifamily LT 5
$649.8K
$568.6K – $758.1K
NOI $45,485 @ 7.0% cap · market cap 5.06%
Second Best
Apartment 5plus
$596.5K
$521.9K – $695.9K
NOI $41,753 @ 7.0% cap · market cap 4.64%
Theoretical Best
Office A
$878.0K
$768.3K – $1.02M
NOI $61,460 @ 7.0% cap · market cap 6.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
666
Businesses Nearby
Explore this area
Business Placement
Demographics for 48216, MI
5,031
Population
3,398
Households
1.5
Avg Household Size
35
Median Age
37%
College-Educated
87%
High-School Grad
2.3 sq mi
ZIP Area
2,187
Density / Sq Mi
$42,278
Median Household Income
$42,189
Median Earnings
$860
Median Rent
$225,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Four matching residences offer private entrances, full kitchens, laundry hookups, and central air conditioning.
Where is this quadplex located?
The property is located at 1541 Elm Street Detroit, MI.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Four‑unit multifamily property under construction with anticipated 2026 completion; Each unit has 2 bedrooms, 1 full bathroom, a full kitchen, laundry hookups, and central air; Eight‑space rear parking lot
