3-Unit
New
For Sale
$330,000
Pending
1948 Morrell St, Detroit, MI 48209
An additional lot is included with this residence, which was built in 1901.
Property Size2,183 SF
Days on Market2
Property Features for 1948 Morrell St
General Information
Standard status
Pending
Size
2,183 SF
Property subtype
Investment
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$7,866
Building Details
Building Size
2,183 SF
Year Built
1901
Units
3
Listed By:
Nicholas Kramer · License #6501444907
(917) 446-2108
Source:
Elliman
Added: Sep 26
Last Checked: Sep 26 at 2:39PM
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 Nicholas Kramer
Investment Insights
Based on property information with market context.
This Detroit triplex contains three residential units and was built in 1901. The property also includes an additional lot, providing a second parcel alongside the residence.
At 1948 Morrell St in Southwest Detroit, the property has a Walk Score of 83, a Bike Score of 86, and a Transit Score of 44.
At 1948 Morrell St in Southwest Detroit, the property has a Walk Score of 83, a Bike Score of 86, and a Transit Score of 44.
Key Highlights
- Three residential units
- Additional lot included
- Built in 1901
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
$24,948
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
7.56%
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%
$498,960
$499.0K
Cap Rate 7%
$356,400
$356.4K
Cap Rate 9%
$277,200
$277.2K
Market Conditions
NOI Build-Up for 2,183 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
$38.0K $17.40/SF
− Vacancy
−$2.3K −$1.07/SF
EGI
$35.6K $16.33/SF
− OpEx
−$10.7K −$4.90/SF
NOI
$24.9K $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%
$498,960
Cap Rate 7%
$356,400
Cap Rate 9%
$277,200
Alternative Uses
Best Use
Multifamily LT 5
$356.4K
$311.9K – $415.8K
NOI $24,948 @ 7.0% cap · market cap 7.56%
Second Best
Apartment 5plus
$327.2K
$286.3K – $381.7K
NOI $22,901 @ 7.0% cap · market cap 6.94%
Theoretical Best
Office A
$481.6K
$421.4K – $561.8K
NOI $33,710 @ 7.0% cap · market cap 10.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
600
Businesses Nearby
Explore this area
Business Placement
Demographics for 48209, MI
27,096
Population
11,020
Households
2.5
Avg Household Size
30
Median Age
10%
College-Educated
61%
High-School Grad
6.8 sq mi
ZIP Area
3,985
Density / Sq Mi
$42,152
Median Household Income
$30,091
Median Earnings
$843
Median Rent
$82,800
Median Home Value
Check the figures for this property
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?
Triplex - An additional lot is included with this residence, which was built in 1901.
Where is this triplex located?
The property is located at 1948 Morrell St Detroit, MI.
What is the asking price?
The asking price for this property is $330,000.
What are key features of this property?
This property features: Three residential units; Additional lot included; Built in 1901
