Four-Unit Quadplex with
For Sale
$390,000
1626 Gladstone St, Detroit, MI 48206
Three units have been renovated, while additional repairs and finishing work remain.
Property Size3,320 SF
Days on Market58
Property Features for 1626 Gladstone St
General Information
Standard status
Active
Size
3,320 SF
Property subtype
Investment
Property Condition
Severity
Repairs Needed
Evidence
additional repairs and finishing work are needed
Site & Location
Neighborhood
Historic Atkinson
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$8,117
Building Details
Building Size
3,320 SF
Year Built
1920
Units
4
Listing Agency:
JP Dwellings
Listed By:
Jasmine Broski
(734) 757-5194
Source:
Elliman
Added: Sep 10
Changed: Nov 4
Last Checked: Nov 4 at 1:40PM
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 JP Dwellings
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Investment Insights
Based on property information with market context.
Built in 1920, this four-unit residential property at 1626 Gladstone St includes eight bedrooms and four full bathrooms, with each unit configured as a two-bedroom, one-bath residence. Three units have undergone recent renovation work, while improvements remain in progress and additional repairs and finishing are needed throughout the building.
All units are currently vacant, allowing the next owner to continue the renovation program and establish future occupancy. The property is offered as-is. Its Detroit location places it near Henry Ford Hospital, Wayne State University, New Center, and major thoroughfares. WalkScore is 49, TransitScore is 46, and BikeScore is 42.
All units are currently vacant, allowing the next owner to continue the renovation program and establish future occupancy. The property is offered as-is. Its Detroit location places it near Henry Ford Hospital, Wayne State University, New Center, and major thoroughfares. WalkScore is 49, TransitScore is 46, and BikeScore is 42.
Key Highlights
- Four‑unit quadplex with eight bedrooms and four full bathrooms
- Each residence offers two bedrooms and one full bathroom
- Three units have been recently renovated
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,829
Cap Rate
8.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$696,580
$696.6K
Cap Rate 7%
$497,557
$497.6K
Cap Rate 9%
$386,989
$387.0K
Market Conditions
NOI Build-Up for 3,320 SF
Gross rent
$67.7K $20.40/SF
− Vacancy
−$4.4K −$1.33/SF
EGI
$63.3K $19.07/SF
− OpEx
−$28.5K −$8.58/SF
NOI
$34.8K $10.49/SF
Area
Detroit, MI
Vacancy
6.50%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$696,580
Cap Rate 7%
$497,557
Cap Rate 9%
$386,989
Alternative Uses
Best Use
Multifamily LT 5
$542.0K
$474.3K – $632.4K
NOI $37,943 @ 7.0% cap · market cap 9.73%
Second Best
Apartment 5plus
$497.6K
$435.4K – $580.5K
NOI $34,829 @ 7.0% cap · market cap 8.93%
Theoretical Best
Office A
$732.4K
$640.9K – $854.5K
NOI $51,268 @ 7.0% cap · market cap 13.15%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,983
Businesses Nearby
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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
$102,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/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 - Three units have been renovated, while additional repairs and finishing work remain.
Where is this quadplex located?
The property is located at 1626 Gladstone St Detroit, MI.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: Four‑unit quadplex with eight bedrooms and four full bathrooms; Each residence offers two bedrooms and one full bathroom; Three units have been recently renovated
