Updated Brick Quadplex with
New
For Sale
$349,900
2441 Holbrook St, Hamtramck, MI 48212
Rental-certified multifamily property with separate entrances, basement laundry hookups, and flexible unit access.
Property Size3,036 SF
Price / SF$115.25
Days on Market2
Property Features for 2441 Holbrook St
General Information
Standard status
Active
Size
3,036 SF
Property subtype
Multi-Family
Building Details
Year Built
1914
Listing Agency:
Diamond Realty & Associates, LLC
Listed By:
Leanne Conger
(586) 214-4663
Source:
Premiermichiganhomesearch
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 3 at 2:04AM
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, LLC
Investment Insights
Based on property information with market context.
This updated, rental-certified quadplex contains four residential units, each with a kitchen, bathroom, living room, and two bedrooms. Separate entrances serve the units, including two front entries, one rear entry, and one side entry. The brick building includes a large front porch, a common hallway, a full basement, and attic space. A detached? No, source says brick two-car garage; avoid detached. The property also includes a brick two-car garage.
The shared hallway connects to the basement and attic, while the basement provides multiple washer and dryer hookups. One unit is occupied under a month-to-month lease, and the other three units are available for full viewing. The property was built in 1914 and is located in Hamtramck with access to major freeways and downtown Detroit.
The shared hallway connects to the basement and attic, while the basement provides multiple washer and dryer hookups. One unit is occupied under a month-to-month lease, and the other three units are available for full viewing. The property was built in 1914 and is located in Hamtramck with access to major freeways and downtown Detroit.
Key Highlights
- Four‑unit rental‑certified property with updated interiors
- Brick construction with a brick two‑car garage
- Each unit includes a kitchen, bath, living room, and two bedrooms
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
8.52%
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 8.52%
Second Best
Apartment 5plus
$391.0K
$342.1K – $456.2K
NOI $27,369 @ 7.0% cap · market cap 7.82%
Theoretical Best
Specialty Retail
$562.1K
$491.8K – $655.8K
NOI $39,347 @ 7.0% cap · market cap 11.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Rental-certified multifamily property with separate entrances, basement laundry hookups, and flexible unit access.
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 $349,900.
What are key features of this property?
This property features: Four‑unit rental‑certified property with updated interiors; Brick construction with a brick two‑car garage; Each unit includes a kitchen, bath, living room, and two bedrooms
