Remodeled 3-Unit Brick
For Sale
$469,000
2418 Calvert St, Detroit, MI 48206
Remodeled all-brick triplex with three units, private entrances, and laundry serving each level.
Property Size3,800 SF
Price / SF$123.42
Days on Market34
Property Features for 2418 Calvert St
General Information
Standard status
Active
Size
3,800 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 3BR/1BA, 1 x 1BA Loft
Multifamily Units
3
Amenities
finished basement
laundry on every level
private entrances
covered front porch/terrace
upper balcony
Building Details
Year Built
1922
Year Renovated
2025
Construction
all-brick
Listing Agency:
Empire Realty Group
(313) 846-0960
Listed By:
Wael Khalaf
Source:
Premiermichiganhomesearch
Added: Jul 28
Changed: Aug 29
Last Checked: Aug 25 at 5:20AM
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 Empire Realty Group
Investment Insights
Based on property information with market context.
Remodeled in 2025, this all-brick triplex at 2418 Calvert Street includes two main-level residences of approximately 1,400 square feet each and a 1,000-square-foot loft on the upper floor. The two larger units each offer three bedrooms and one bathroom, while the loft includes one bathroom. Laundry facilities are provided on every level, and each residence has a private entrance.
A finished 1,200-square-foot basement adds an additional full bathroom and can support common storage or other tenant amenity use. Exterior features include a covered front porch or terrace and an upper balcony. The property is located in Joy Farm, two streets from historic Boston Edison, with access to major freeways, transit, shopping, and downtown Detroit. The building is designated Residential zoning and is scheduled to be delivered 100% vacant at closing.
A finished 1,200-square-foot basement adds an additional full bathroom and can support common storage or other tenant amenity use. Exterior features include a covered front porch or terrace and an upper balcony. The property is located in Joy Farm, two streets from historic Boston Edison, with access to major freeways, transit, shopping, and downtown Detroit. The building is designated Residential zoning and is scheduled to be delivered 100% vacant at closing.
Key Highlights
- Three‑unit all‑brick triplex remodeled in 2025
- Two 1,400 sq. ft. main‑level units, each with 3 bedrooms and 1 bathroom
- 1,000 sq. ft. upper loft unit with 1 bathroom
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
$39,865
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
8.50%
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%
$797,300
$797.3K
Cap Rate 7%
$569,500
$569.5K
Cap Rate 9%
$442,944
$442.9K
Market Conditions
NOI Build-Up for 3,800 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
$77.5K $20.40/SF
− Vacancy
−$5.0K −$1.33/SF
EGI
$72.5K $19.07/SF
− OpEx
−$32.6K −$8.58/SF
NOI
$39.9K $10.49/SF
Area
Detroit, MI
Vacancy
6.50%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
45.00%
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%
$797,300
Cap Rate 7%
$569,500
Cap Rate 9%
$442,944
Alternative Uses
Best Use
Multifamily LT 5
$620.4K
$542.9K – $723.8K
NOI $43,428 @ 7.0% cap · market cap 9.26%
Second Best
Apartment 5plus
$569.5K
$498.3K – $664.4K
NOI $39,865 @ 7.0% cap · market cap 8.50%
Theoretical Best
Office A
$838.3K
$733.5K – $978.0K
NOI $58,681 @ 7.0% cap · market cap 12.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
337
Businesses Nearby
Explore this area
Business Placement
Demographics for 48206, MI
15,712
Population
10,784
Households
1.5
Avg Household Size
38
Median Age
24%
College-Educated
89%
High-School Grad
3.1 sq mi
ZIP Area
5,068
Density / Sq Mi
$43,702
Median Household Income
$36,674
Median Earnings
$923
Median Rent
$102,300
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?
Triplex - Remodeled all-brick triplex with three units, private entrances, and laundry serving each level.
Where is this triplex located?
The property is located at 2418 Calvert St Detroit, MI.
What is the asking price?
The asking price for this property is $469,000.
What are key features of this property?
This property features: Three‑unit all‑brick triplex remodeled in 2025; Two 1,400 sq. ft. main‑level units, each with 3 bedrooms and 1 bathroom; 1,000 sq. ft. upper loft unit with 1 bathroom
