Six-Property Multifamily
For Sale
$2,999,999
18036 SCHOENHERR St, Detroit, MI 48205
Acquire six multifamily buildings sold as one package, including a fully renovated occupied property and five partially prepared assets.
Property Size16,860 SF
Days on Market52
Property Features for 18036 SCHOENHERR St
General Information
Standard status
Active
Size
16,860 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$16,317
Building Details
Building Size
16,860 SF
Year Built
1938
Units
28
Listing Agency:
eXp Realty
(734) 637-1430
Listed By:
John Goci · License #6501389885
(734) 637-1430
Source:
Elliman
Added: Jun 21
Changed: Aug 8
Last Checked: Aug 10 at 7:27AM
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 eXp Realty
Investment Insights
Based on property information with market context.
This portfolio consists of six multifamily properties in Detroit being sold together as a single package; the seller will not consider individual property sales. One asset, located at 14299 Fordham Street, is fully renovated and currently operating as a single-room rental setup with 62 rentable beds. Reported rent ranges are $450 to $595 per month per bed.
The remaining five properties are positioned for redevelopment. 14296 Glenwood Street is described as a 20-unit apartment building that is approximately 50% rehabilitated, with rough electrical and plumbing work completed and approved. The Schoenherr Street properties at 18036 and 18055 are described as 30-unit and 20-unit buildings, respectively, with brick exteriors cleaned out, boarded, secured, and dried-in. 18029 Schoenherr Street is described as an 18-unit building with the same cleaned-out, boarded, secured, and dried-in condition. 10820 Schoolcraft Road is described as an 18-unit apartment building with the same general condition and preparation.
For investors or developers seeking scale in one transaction, the package includes both an operating asset and vacant properties that have been cleaned out and secured as a foundation for further renovation. Proof of funds is required prior to any showings, and the seller requests that interested parties drive by the properties before requesting tours.
The remaining five properties are positioned for redevelopment. 14296 Glenwood Street is described as a 20-unit apartment building that is approximately 50% rehabilitated, with rough electrical and plumbing work completed and approved. The Schoenherr Street properties at 18036 and 18055 are described as 30-unit and 20-unit buildings, respectively, with brick exteriors cleaned out, boarded, secured, and dried-in. 18029 Schoenherr Street is described as an 18-unit building with the same cleaned-out, boarded, secured, and dried-in condition. 10820 Schoolcraft Road is described as an 18-unit apartment building with the same general condition and preparation.
For investors or developers seeking scale in one transaction, the package includes both an operating asset and vacant properties that have been cleaned out and secured as a foundation for further renovation. Proof of funds is required prior to any showings, and the seller requests that interested parties drive by the properties before requesting tours.
Key Highlights
- Portfolio sale only: six multifamily properties sold together as one package (no individual property sales).
- 14299 Fordham St: fully renovated and occupied single‑room rental with 62 rentable beds; rents range $450–$595 per bed per month.
- 14296 Glenwood St: 20‑unit apartment building approximately 50% rehabilitated; rough electrical and plumbing work completed and approved.
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
$176,873
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
5.90%
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%
$3,537,460
$3.5M
Cap Rate 7%
$2,526,757
$2.5M
Cap Rate 9%
$1,965,256
$2.0M
Market Conditions
NOI Build-Up for 16,860 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
$343.9K $20.40/SF
− Vacancy
−$22.4K −$1.33/SF
EGI
$321.6K $19.07/SF
− OpEx
−$144.7K −$8.58/SF
NOI
$176.9K $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 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%
$3,537,460
Cap Rate 7%
$2,526,757
Cap Rate 9%
$1,965,256
Alternative Uses
Best Use
Apartment 5plus
$2.53M
$2.21M – $2.95M
NOI $176,873 @ 7.0% cap · market cap 5.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.72M
$3.25M – $4.34M
NOI $260,357 @ 7.0% cap · market cap 8.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
462
Businesses Nearby
Explore this area
Business Placement
Demographics for 48205, MI
34,056
Population
17,102
Households
2
Avg Household Size
32
Median Age
9%
College-Educated
85%
High-School Grad
6.4 sq mi
ZIP Area
5,321
Density / Sq Mi
$40,612
Median Household Income
$30,833
Median Earnings
$1,149
Median Rent
$55,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Acquire six multifamily buildings sold as one package, including a fully renovated occupied property and five partially prepared assets.
Where is this apartment building located?
The property is located at 18036 SCHOENHERR St Detroit, MI.
What is the asking price?
The asking price for this property is $2,999,999.
What are key features of this property?
This property features: Portfolio sale only: six multifamily properties sold together as one package (no individual property sales).; 14299 Fordham St: fully renovated and occupied single‑room rental with 62 rentable beds; rents range $450–$595 per bed per month.; 14296 Glenwood St: 20‑unit apartment building approximately 50% rehabilitated; rough electrical and plumbing work completed and approved.
