Updated Triplex with Finished
For Sale
$315,000
2398 Stair Street, Detroit, MI 48209
Multifamily, 2 Story, Detroit, MI
Property Size2,016 SF
Lot Size0.08 Acres
Price / SF$156.25
Days on Market10
Property Features for 2398 Stair Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family,Residential
Bedrooms
8
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bathroom 2, Bedroom 5, Bedroom 8, Bedroom 7, Bathroom 1, Bedroom 4, Bedroom 6, Bedroom 1, Basement, Bedroom 2, Bedroom 3
Pets allowed
Yes
Subdivision
Burns Sub Of Pt Lt 7 Sub Pc 60 S Of Dix Road
Elementary school district
Detroit
Middle school district
Detroit
High school district
Detroit
Directions
Take West Vernor Highway To Elsmere St, Then Head South And Turn Right Onto Stair St. The Home Will Be On Your Right
Standard status
Active
APN
W18I010029S
Size
2,016 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Description
E STAIR 152 BURNS SUB L14 P65 PLATS, W C R 18/195 30 X 110
Tax Annual Amount
5223
Legal Description
E STAIR 152 BURNS SUB L14 P65 PLATS, W C R 18/195 30 X 110
Utilities
Heating system
Forced Air
Cooling system
Window Unit(s), Central Air
Water source
Public
Amenities
finished basement
finished attic
Building Details
Year built
1922
Floors in Building
2
Number of units
3
Building materials
Aluminum
Architectural style
Other
Listing Agency:
Golden Key Realty Group LLC
(248) 422-6962
Listed By:
Valbona Vulaj · License #6501419742
(248) 622-3249
Added: Sep 17
Changed: Sep 18
Last Checked: Sep 26 at 10:06AM
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.
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 = 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
$23,040
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
7.31%
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%
$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
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
$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 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%
$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.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
531
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
Questions? Ask Rey
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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
