Four-Unit Quadplex with
New
For Sale
$424,900
1626 Gladstone St, Detroit, MI 48206
Three units have been renovated, while additional repairs and finishing work remain.
Property Size3,320 SF
Days on Market2
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
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
Last Checked: Sep 11 at 7:22AM
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
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 = 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
$37,943
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
8.93%
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%
$758,860
$758.9K
Cap Rate 7%
$542,043
$542.0K
Cap Rate 9%
$421,589
$421.6K
Market Conditions
NOI Build-Up for 3,320 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
$57.8K $17.40/SF
− Vacancy
−$3.6K −$1.07/SF
EGI
$54.2K $16.33/SF
− OpEx
−$16.3K −$4.90/SF
NOI
$37.9K $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%
$758,860
Cap Rate 7%
$542,043
Cap Rate 9%
$421,589
Alternative Uses
Best Use
Multifamily LT 5
$542.0K
$474.3K – $632.4K
NOI $37,943 @ 7.0% cap · market cap 8.93%
Second Best
Apartment 5plus
$497.6K
$435.4K – $580.5K
NOI $34,829 @ 7.0% cap · market cap 8.20%
Theoretical Best
Office A
$732.4K
$640.9K – $854.5K
NOI $51,268 @ 7.0% cap · market cap 12.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,983
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
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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?
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 $424,900.
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
