Fourplex with Attached Two-Car
For Sale
$374,900
2441 Holbrook St, Hamtramck, MI 48212
Full-brick fourplex includes a large basement and two-car garage, offering four two-bedroom units plus attic space.
Property Size3,036 SF
Days on Market68
Property Features for 2441 Holbrook St
General Information
Standard status
Active
Size
3,036 SF
Property subtype
Investment
Occupancy
25%
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$2,235
Building Details
Building Size
3,036 SF
Year Built
1914
Units
4
Tenancy
Multi
Listing Agency:
Diamond Realty & Associates
(586) 214-4663
Listed By:
Leanne Conger
(586) 214-4663
Source:
Elliman
Added: Jun 3
Changed: Aug 8
Last Checked: Aug 8 at 1:42PM
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 Diamond Realty & Associates
Investment Insights
Based on property information with market context.
This full-brick fourplex features four two-bedroom units, with a large basement and an additional full-brick two-car garage. The property also includes a huge attic space, providing additional interior storage and potential configuration options. One unit is currently occupied on a month-to-month lease, while the remaining three units are available for full viewing.
Located at 2441 Holbrook St in Hamtramck, the property is described with BikeScore 55 and WalkScore 83, along with a TransitScore of 44. These ratings suggest the area is reasonably walkable and bikeable, with some access to transit.
For buyers seeking a residential income property, this layout offers multiple independent rental units within a solid, durable exterior shell. The combination of a large basement, garage, and attic space can support everyday tenant needs and property operations, while the current occupancy status allows for immediate viewing and planning around lease timing.
Located at 2441 Holbrook St in Hamtramck, the property is described with BikeScore 55 and WalkScore 83, along with a TransitScore of 44. These ratings suggest the area is reasonably walkable and bikeable, with some access to transit.
For buyers seeking a residential income property, this layout offers multiple independent rental units within a solid, durable exterior shell. The combination of a large basement, garage, and attic space can support everyday tenant needs and property operations, while the current occupancy status allows for immediate viewing and planning around lease timing.
Key Highlights
- 1914 full‑brick fourplex with four 2‑bedroom units
- Large basement included
- Full‑brick 2‑car garage
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
$29,806
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
7.95%
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%
$596,120
$596.1K
Cap Rate 7%
$425,800
$425.8K
Cap Rate 9%
$331,178
$331.2K
Market Conditions
NOI Build-Up for 3,036 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
$45.5K $15.00/SF
− Vacancy
−$3.0K −$0.98/SF
EGI
$42.6K $14.03/SF
− OpEx
−$12.8K −$4.21/SF
NOI
$29.8K $9.82/SF
Area
Wayne County, MI
Vacancy
6.50%
Lease Rate
$15.00 /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%
$596,120
Cap Rate 7%
$425,800
Cap Rate 9%
$331,178
Alternative Uses
Best Use
Multifamily LT 5
$425.8K
$372.6K – $496.8K
NOI $29,806 @ 7.0% cap · market cap 7.95%
Second Best
Apartment 5plus
$391.0K
$342.1K – $456.2K
NOI $27,369 @ 7.0% cap · market cap 7.30%
Theoretical Best
Specialty Retail
$562.1K
$491.8K – $655.8K
NOI $39,347 @ 7.0% cap · market cap 10.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
25%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
950
Businesses Nearby
Explore this area
Business Placement
Demographics for 48212, MI
43,192
Population
14,739
Households
2.9
Avg Household Size
29
Median Age
16%
College-Educated
68%
High-School Grad
5.3 sq mi
ZIP Area
8,149
Density / Sq Mi
$37,293
Median Household Income
$28,894
Median Earnings
$935
Median Rent
$98,200
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 - Full-brick fourplex includes a large basement and two-car garage, offering four two-bedroom units plus attic space.
Where is this quadplex located?
The property is located at 2441 Holbrook St Hamtramck, MI.
What is the asking price?
The asking price for this property is $374,900.
What are key features of this property?
This property features: 1914 full‑brick fourplex with four 2‑bedroom units; Large basement included; Full‑brick 2‑car garage
