Remodeled
For Sale
$469,000
2418 Calvert Street, Detroit, MI 48206
MULTI_FAMILY - Other - Detroit, MI
Property Size3,800 SF
Lot Size0.11 Acres
Price / SF$123.42
Days on Market22
Property Features for 2418 Calvert Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 7, Bathroom 4, Bedroom 6, Bedroom 1, Bathroom 3, Bedroom 2, Bathroom 2, Bedroom 8, Bathroom 1, Basement, Bedroom 5, Bedroom 3, Bedroom 4
Pets allowed
Yes
Exterior features
Private Entry
Subdivision
Joy Farm Also P39
Elementary school district
Detroit
Middle school district
Detroit
High school district
Detroit
Directions
From Downtown Detoit take lodge North to Linwood west to Calvert
Standard status
Active
APN
W10I003043S
Size
3,800 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Description
PROPERTY EXEMPT FROM AD VALOREM TAXES AND ASSESSED ON THE SPECIAL ACT ROLL PURSUANT TO PA 261 OF 2003 EXPIRING 12/30/2024. N CALVERT 1282 JOY FARM SUB L32 P39-40 PLATS, W C R 10/99 35 X 137.92A
Tax Annual Amount
937
Legal Description
PROPERTY EXEMPT FROM AD VALOREM TAXES AND ASSESSED ON THE SPECIAL ACT ROLL PURSUANT TO PA 261 OF 2003 EXPIRING 12/30/2024. N CALVERT 1282 JOY FARM SUB L32 P39-40 PLATS, W C R 10/99 35 X 137.92A
Utilities
Heating system
Forced Air
Water source
Public
Amenities
private entrances
covered front porch/terrace
upper balcony
laundry on every level
finished basement with bath
Building Details
Year built
1922
Floors in Building
3
Number of units
3
Building materials
Brick
Architectural style
Other
Listing Agency:
Empire Realty Group
(313) 846-0960
Listed By:
Wael Khalaf
(313) 846-0960
Added: Jul 21
Changed: Aug 1
Last Checked: Aug 11 at 9:06AM
MLS# 20261056631
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.
Remodeled in 2025, this all-brick triplex at 2418 Calvert Street offers a clear, tenant-ready three-unit configuration. The property includes two expansive main-level units of approximately 1,400 SF each and a private top-floor loft unit of approximately 1,000 SF. A full finished basement provides approximately 1,200 SF and includes an additional full bathroom for common storage or tenant amenity use.
Laundry is available on every level, with dedicated laundry facilities for each unit level. The exterior and entry experience include private entrances, a covered front porch/terrace, and an upper balcony.
Built in 1922 with forced-air heating and public water, the property is positioned on a 0.11-acre lot with a total size of 3,800 SF. The zoning is Residential. The unit is delivered 100% vacant at closing, giving an owner the ability to set rents immediately.
Laundry is available on every level, with dedicated laundry facilities for each unit level. The exterior and entry experience include private entrances, a covered front porch/terrace, and an upper balcony.
Built in 1922 with forced-air heating and public water, the property is positioned on a 0.11-acre lot with a total size of 3,800 SF. The zoning is Residential. The unit is delivered 100% vacant at closing, giving an owner the ability to set rents immediately.
Key Highlights
- 2025 remodeled all‑brick triplex with private entrances
- Two main‑level units at approx 1,400 SF each plus a private loft unit at approx 1,000 SF
- Finished basement at approx 1,200 SF with an additional full 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
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
288
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 - Three-unit remodeled brick triplex with private entrances and residential zoning in Detroit.
Where is this triplex located?
The property is located at 2418 Calvert Street 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: 2025 remodeled all‑brick triplex with private entrances; Two main‑level units at approx 1,400 SF each plus a private loft unit at approx 1,000 SF; Finished basement at approx 1,200 SF with an additional full bathroom
