Three-Unit Multifamily
For Sale
$250,000
18557 Roscommon St, Harper Woods, MI 48225
Occupied residential income property package with basements, fenced yards, detached garages, and newer dimensional roofs.
Property Size720 SF
Days on Market9
Property Features for 18557 Roscommon St
General Information
Standard status
Active
Size
720 SF
Property subtype
Commercial
Occupancy
100%
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,410
Amenities
full basements
private fenced backyards
Building Details
Building Size
720 SF
Year Built
1944
Buildings
2
Listing Agency:
Market Value Prop Specialists
(586) 222-1411
Listed By:
Michael Hines · License #6501366520
(586) 222-1411
Source:
Elliman
Added: Aug 13
Changed: Aug 14
Last Checked: Aug 20 at 10:59AM
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 Market Value Prop Specialists
Investment Insights
Based on property information with market context.
This multifamily package combines one duplex and one half duplex for a total of three residential units. All units are occupied by long-term tenants, and each includes a full basement, private fenced backyard, and detached garage. Newer dimensional roofs serve all three units.
The properties are positioned near Kelly Road and 8 Mile in Harper Woods. Built in 1944, the package offers an established residential configuration with current rental income and tenant occupancy in place. Interior access requires an accepted offer and a confirmed appointment; occupants should not be approached directly.
The properties are positioned near Kelly Road and 8 Mile in Harper Woods. Built in 1944, the package offers an established residential configuration with current rental income and tenant occupancy in place. Interior access requires an accepted offer and a confirmed appointment; occupants should not be approached directly.
Key Highlights
- Three total units across one full duplex and one half duplex
- All units are occupied by long‑term tenants
- Full basements included with each unit
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
$7,069
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
2.83%
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%
$141,380
$141.4K
Cap Rate 7%
$100,986
$101.0K
Cap Rate 9%
$78,544
$78.5K
Market Conditions
NOI Build-Up for 720 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
$10.8K $15.00/SF
− Vacancy
−$702 −$0.98/SF
EGI
$10.1K $14.03/SF
− OpEx
−$3.0K −$4.21/SF
NOI
$7.1K $9.82/SF
Area
Wayne County, MI
Vacancy
6.50%
Lease Rate
$15.00 /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%
$141,380
Cap Rate 7%
$100,986
Cap Rate 9%
$78,544
Alternative Uses
Best Use
Multifamily LT 5
$101.0K
$88.4K – $117.8K
NOI $7,069 @ 7.0% cap · market cap 2.83%
Second Best
Apartment 5plus
$92.7K
$81.1K – $108.2K
NOI $6,491 @ 7.0% cap · market cap 2.60%
Theoretical Best
Specialty Retail
$133.3K
$116.6K – $155.5K
NOI $9,331 @ 7.0% cap · market cap 3.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
332
Businesses Nearby
Explore this area
Business Placement
Demographics for 48225, MI
15,862
Population
6,271
Households
2.5
Avg Household Size
37
Median Age
23%
College-Educated
93%
High-School Grad
2.7 sq mi
ZIP Area
5,875
Density / Sq Mi
$59,248
Median Household Income
$40,558
Median Earnings
$1,304
Median Rent
$140,800
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?
Multifamily property - Occupied residential income property package with basements, fenced yards, detached garages, and newer dimensional roofs.
Where is this multifamily property located?
The property is located at 18557 Roscommon St Harper Woods, MI.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Three total units across one full duplex and one half duplex; All units are occupied by long‑term tenants; Full basements included with each unit
