Renovated 4-Plex Investment
For Sale
$625,000
2282 Belvidere St, Detroit, MI 48214
Fully renovated 4-plex with leased 2- and 3-bedroom units, updated kitchens, and in-unit laundry.
Property Size4,050 SF
Days on Market58
Property Features for 2282 Belvidere St
General Information
Standard status
Active
Size
4,050 SF
Property subtype
Investment
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$2,072
Building Details
Building Size
4,050 SF
Year Built
1914
Units
4
Tenancy
Multi
Listing Agency:
(734) 284-5400
Listed By:
Vicki Ashton Hendrixson · License #6501152075
(734) 284-5400
Source:
Elliman
Added: Jun 15
Changed: Aug 8
Last Checked: Aug 10 at 6:01AM
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 Vicki Ashton Hendrixson
Investment Insights
Based on property information with market context.
This completely renovated historic 4-plex has been restored down to the studs. The property features two 3-bedroom, 2-bath units and two 2-bedroom, 2-bath units. Interiors include hardwood floors and updated bathrooms and kitchens, with stainless steel stove, microwave, dishwasher, and refrigerator included. Each unit also has a stand-up washer/dryer. A full basement provides additional space that can be finished into potential extra units.
Located at 2282 Belvidere St in Detroit, the building is described as being blocks from Indian Village/West Village and close to Belle Isle access. The home is situated on a large corner lot. Parking is currently on the street, with room at the back of the property to potentially create a dedicated parking area. The listing also notes bikeScore 68, walkScore 50, and transitScore 54.
All units are currently leased. The unit mix supports a range of tenant needs with both 2- and 3-bedroom layouts, and in-unit appliances and laundry add daily-use convenience. The basement and corner-lot footprint may be attractive to an operator looking for space to reconfigure, subject to applicable approvals, while the current no-pets policy is stated in the offering.}
Located at 2282 Belvidere St in Detroit, the building is described as being blocks from Indian Village/West Village and close to Belle Isle access. The home is situated on a large corner lot. Parking is currently on the street, with room at the back of the property to potentially create a dedicated parking area. The listing also notes bikeScore 68, walkScore 50, and transitScore 54.
All units are currently leased. The unit mix supports a range of tenant needs with both 2- and 3-bedroom layouts, and in-unit appliances and laundry add daily-use convenience. The basement and corner-lot footprint may be attractive to an operator looking for space to reconfigure, subject to applicable approvals, while the current no-pets policy is stated in the offering.}
Key Highlights
- Completely renovated historic 4‑plex originally built in 1914
- Unit mix includes two 2‑bedroom/2‑bath units and two 3‑bedroom/2‑bath units
- All units are currently leased; hardwood floors plus updated baths and kitchens
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
$46,285
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
7.41%
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%
$925,700
$925.7K
Cap Rate 7%
$661,214
$661.2K
Cap Rate 9%
$514,278
$514.3K
Market Conditions
NOI Build-Up for 4,050 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
$70.5K $17.40/SF
− Vacancy
−$4.3K −$1.07/SF
EGI
$66.1K $16.33/SF
− OpEx
−$19.8K −$4.90/SF
NOI
$46.3K $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%
$925,700
Cap Rate 7%
$661,214
Cap Rate 9%
$514,278
Alternative Uses
Best Use
Multifamily LT 5
$661.2K
$578.6K – $771.4K
NOI $46,285 @ 7.0% cap · market cap 7.41%
Second Best
Apartment 5plus
$607.0K
$531.1K – $708.1K
NOI $42,487 @ 7.0% cap · market cap 6.80%
Theoretical Best
Office A
$893.4K
$781.8K – $1.04M
NOI $62,541 @ 7.0% cap · market cap 10.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
313
Businesses Nearby
Explore this area
Business Placement
Demographics for 48214, MI
18,959
Population
13,279
Households
1.4
Avg Household Size
44
Median Age
27%
College-Educated
84%
High-School Grad
5.1 sq mi
ZIP Area
3,717
Density / Sq Mi
$34,807
Median Household Income
$36,625
Median Earnings
$818
Median Rent
$120,500
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?
Quadplex - Fully renovated 4-plex with leased 2- and 3-bedroom units, updated kitchens, and in-unit laundry.
Where is this quadplex located?
The property is located at 2282 Belvidere St Detroit, MI.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Completely renovated historic 4‑plex originally built in 1914; Unit mix includes two 2‑bedroom/2‑bath units and two 3‑bedroom/2‑bath units; All units are currently leased; hardwood floors plus updated baths and kitchens
