Two-Unit Multifamily
For Sale
$899,000
1541 Elm Street, Detroit, MI 48216
Multifamily, 2 Story, Detroit, MI
Property Size3,980 SF
Lot Size0.11 Acres
Price / SF$225.88
Days on Market202
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
Bedroom 6, Bedroom 8, Bedroom 5, Bathroom 3, Bedroom 7, Bathroom 1, Bedroom 3, Bedroom 2, Bathroom 4, Bedroom 1, Bathroom 2, Bedroom 4
Parking
8
Pets allowed
Cats OK, Dogs 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
Active
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
2
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: Oct 9
Last Checked: Oct 10 at 6:06AM
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 under-construction, two-unit multifamily property contains 3980 square feet on a 0.11-acre lot. The two residences have matching layouts, with four bedrooms apiece, full kitchens, laundry hookups, central air conditioning, and separate entrances. Smart locks and programmable thermostats are among the in-unit features; security doors and surveillance cameras are also provided. A rear parking area has eight spaces.
The property is in Detroit, Michigan. A seven-unit apartment building is under construction across the street. A tax exemption is in place through 2033. The property is zoned for multifamily and residential use.
The property is in Detroit, Michigan. A seven-unit apartment building is under construction across the street. A tax exemption is in place through 2033. The property is zoned for multifamily and residential use.
Key Highlights
- Two multifamily units with four bedrooms in each residence
- 3980 square feet on a 0.11‑acre lot
- Rear parking area with 8 spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$45,485
Cap Rate
5.06%
Suggested Prices Based on Cap Rates
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
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 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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Each residence includes four bedrooms, a private entrance, and central air conditioning.
Where is this duplex 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: Two multifamily units with four bedrooms in each residence; 3980 square feet on a 0.11‑acre lot; Rear parking area with 8 spaces
