Updated Triplex with Finished
2398 Stair Street, Detroit, MI 48209
For Sale
$315,000
Multifamily, 2 Story, Detroit, MI
Property Size2,016 SF
Lot Size0.08 Acres
Price / SF$156.25
Days on Market56
Property Features for 2398 Stair Street
General Information
Property type
Property subtype
Zoning
Bedrooms
Bathrooms
Full bathrooms
Half bathrooms
Rooms
Pets allowed
Subdivision
Elementary school district
Middle school district
High school district
Directions
Standard status
APN
Size
Lot size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Description
Tax Annual Amount
Legal Description
Utilities
Heating system
Cooling system
Water source
Building Details
Year built
Floors in Building
Number of units
Building materials
Architectural style
Listing Agency:
Golden Key Realty Group LLC
(248) 422-6962
Listed By:
Valbona Vulaj · License MI #6501419742
(248) 622-3249
Added: Sep 17
Changed: Oct 30
Last Checked: Nov 11 at 3:06AM
MLS# 20261064156
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.
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Investment Insights
Based on property information with market context.
This 3-unit multifamily property in Detroit contains two 3-bedroom, 2-bath units and one 2-bedroom, 1-bath unit. The two larger apartments are occupied, while the smaller unit is vacant. Finished basement and attic areas add usable interior space beyond the primary living areas. Major updates include a roof and furnace installed in 2024. The 2,016-square-foot building was constructed in 1922 on a 0.08-acre lot and has aluminum construction, forced-air heating, central air, and window unit cooling. Public water serves the property, and the zoning is designated Multi-Family,Residential. The address is 2398 Stair Street in Detroit, within Wayne County and ZIP Code 48209.
Key Highlights
- Three‑unit layout with two 3‑bedroom, 2‑bath units and one 2‑bedroom, 1‑bath unit
- Two units are occupied; one 2‑bedroom unit is vacant
- 2,016 square feet on a 0.08‑acre lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,040
Cap Rate
7.31%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$460,800
$460.8K
Cap Rate 7%
$329,143
$329.1K
Cap Rate 9%
$256,000
$256.0K
Market Conditions
NOI Build-Up for 2,016 SF
Gross rent
$35.1K $17.40/SF
− Vacancy
−$2.2K −$1.07/SF
EGI
$32.9K $16.33/SF
− OpEx
−$9.9K −$4.90/SF
NOI
$23.0K $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 Rate 5%
$460,800
Cap Rate 7%
$329,143
Cap Rate 9%
$256,000
Alternative Uses
Best Use
Multifamily LT 5
$329.1K
$288.0K – $384.0K
NOI $23,040 @ 7.0% cap · market cap 7.31%
Second Best
Apartment 5plus
$302.1K
$264.4K – $352.5K
NOI $21,149 @ 7.0% cap · market cap 6.71%
Theoretical Best
Office A
$444.7K
$389.2K – $518.9K
NOI $31,132 @ 7.0% cap · market cap 9.88%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
531
Businesses Nearby
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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
$82,800
Median Home Value
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Market
Average Price Trend$/SF for Triplexes in Detroit, MI
Properties on Market for Triplexes in Detroit
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit residential property with a varied bedroom mix, recent major improvements, and additional finished interior space.
Where is this triplex located?
The property is located at 2398 Stair Street Detroit, MI.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Three‑unit layout with two 3‑bedroom, 2‑bath units and one 2‑bedroom, 1‑bath unit; Two units are occupied; one 2‑bedroom unit is vacant; 2,016 square feet on a 0.08‑acre lot
