Six-Property Brick Multifamily
For Sale
$2,999,999
18036 SCHOENHERR Street, Detroit, MI 48205
MULTI_FAMILY - Other - Detroit, MI
Property Size16,860 SF
Lot Size0.30 Acres
Price / SF$177.94
Days on Market59
Property Features for 18036 SCHOENHERR Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Bathrooms
28
Full bathrooms
28
Rooms
Bathroom 16, Bathroom 3, Bathroom 28, Bathroom 7, Bathroom 24, Bathroom 27, Bathroom 17, Bathroom 5, Bathroom 6, Bathroom 2, Bathroom 15, Bathroom 21, Basement, Bathroom 14, Bathroom 20, Bathroom 9, Bathroom 23, Bathroom 19, Bathroom 12, Bathroom 26, Bathroom 22, Bathroom 13, Bathroom 1, Bathroom 10, Bathroom 18, Bathroom 4, Bathroom 8, Bathroom 25, Bathroom 11
Pets allowed
Yes
Subdivision
GROTTO VIEW (PLATS)
Elementary school district
Detroit
Middle school district
Detroit
High school district
Detroit
Directions
To get to 18036 Schoenherr Rd (located between 11 Mile and 12 Mile Roads in Warren/Roseville) from I-94:Take the I-696 West exit (Exit 229).Merge onto I-696 W and travel about 2 miles.Take Exit 24 for Gratiot Ave (M-3).Keep left to take the ramp toward 11 Mile Rd.
Standard status
Active
APN
W21I029466S
Size
16,860 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Description
E SCHOENHERR 38 THRU 36 GROTTO VIEW SUB L50 P74 PLATS, W C R 21/754 112.37 IRREG
Tax Annual Amount
16317
Legal Description
E SCHOENHERR 38 THRU 36 GROTTO VIEW SUB L50 P74 PLATS, W C R 21/754 112.37 IRREG
Utilities
Water source
Public
Building Details
Year built
1938
Number of units
28
Building materials
Brick
Architectural style
Other
Listing Agency:
EXP Realty Main
(888) 501-7085
Listed By:
John Goci · License #6501389885
(888) 501-7085
Added: Jun 11
Changed: Aug 2
Last Checked: Aug 8 at 3:06PM
MLS# 20261044189
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 is a portfolio sale of six multifamily properties in the City of Detroit, sold together as one package. The seller will not consider the sale of individual properties at this time. The portfolio includes 14299 Fordham Street, 14296 Glenwood Street, 18036 Schoenherr Street, 18055 Schoenherr Street, 18029 Schoenherr Street, and 10820 Schoolcraft Road.
The portfolio includes a mix of income-producing and partially completed assets. 14299 Fordham Street is fully renovated and occupied, currently operating as a single-room rental property with 62 rentable beds. 14296 Glenwood Street is a 20-unit apartment building that is approximately 50% rehabilitated, with rough electrical and plumbing work completed and approved. The remaining buildings described at 18036 Schoenherr Street (30 units), 18055 Schoenherr Street (20 units), 18029 Schoenherr Street (18 units), and 10820 Schoolcraft Road (18 units) have brick exteriors and have been cleaned out, boarded, secured, and dried-in.
The information provided includes brick construction, public water, and a year built of 1938. For the subject listing, the lot size is 0.3 acres and property size is 16,860 SF. Proof of funds is required prior to any showings, and prospective buyers are instructed to drive by the properties before requesting showings.
The portfolio includes a mix of income-producing and partially completed assets. 14299 Fordham Street is fully renovated and occupied, currently operating as a single-room rental property with 62 rentable beds. 14296 Glenwood Street is a 20-unit apartment building that is approximately 50% rehabilitated, with rough electrical and plumbing work completed and approved. The remaining buildings described at 18036 Schoenherr Street (30 units), 18055 Schoenherr Street (20 units), 18029 Schoenherr Street (18 units), and 10820 Schoolcraft Road (18 units) have brick exteriors and have been cleaned out, boarded, secured, and dried-in.
The information provided includes brick construction, public water, and a year built of 1938. For the subject listing, the lot size is 0.3 acres and property size is 16,860 SF. Proof of funds is required prior to any showings, and prospective buyers are instructed to drive by the properties before requesting showings.
Key Highlights
- Six multifamily properties sold together as a single portfolio package; individual sales not considered
- 18036 Schoenherr Street: 30‑unit brick building cleaned out, boarded, secured, and dried‑in
- 14296 Glenwood Street: 20‑unit building about 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 - Six multifamily buildings in Detroit zoned multi-family, with public water and brick construction, sold together as a single package.
Where is this apartment building located?
The property is located at 18036 SCHOENHERR Street 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: Six multifamily properties sold together as a single portfolio package; individual sales not considered; 18036 Schoenherr Street: 30‑unit brick building cleaned out, boarded, secured, and dried‑in; 14296 Glenwood Street: 20‑unit building about 50% rehabilitated; rough electrical and plumbing work completed and approved
