Historic Multifamily
New
For Sale
$449,000
255 E Ferry Street, Detroit, MI 48202
Multifamily, 3 Story, Detroit, MI
Property Size3,876 SF
Lot Size0.26 Acres
Price / SF$115.84
Days on Market4
Property Features for 255 E Ferry Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bedrooms
5
Bathrooms
4
Full bathrooms
3
Half bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Basement, Bedroom 5, Bedroom 4, Bedroom 2, Bathroom 2, Bathroom 3, Bedroom 1
Pets allowed
Yes, Call
Subdivision
D M Ferrys Sub Of Park Lt 41Plats
Elementary school district
Detroit
Middle school district
Detroit
High school district
Detroit
Directions
on North side of Ferry btwn John R and Brush Streets- driveway off Ferry
Standard status
Active
APN
W01I001504S
Size
3,876 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Description
N FERRY 11 D M FERRYS L10 P4 PLATS, W C R 1/82 70 X 161.42
Tax Annual Amount
26818
Legal Description
N FERRY 11 D M FERRYS L10 P4 PLATS, W C R 1/82 70 X 161.42
Utilities
Heating system
Forced Air
Water source
Public
Building Details
Year built
1890
Floors in Building
3
Number of units
3
Building materials
Brick
Architectural style
Other
Listing Agency:
@properties Christie's Int'l R.E. Detroit
(313) 230-0510
Listed By:
Elizabeth D Tintinalli
(313) 617-2699
Added: Oct 19
Changed: Oct 21
Last Checked: Oct 22 at 3:06PM
MLS# 20261084756
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.
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Investment Insights
Based on property information with market context.
Built in 1890, this brick property sits on a 0.26-acre lot in Detroit’s Art Center Historic District. The basement has a private exterior entrance, and the site includes a private driveway and yard. The property currently has no power, and showings are limited to daylight hours. Entry requires a signed disclosure.
Architectural, construction, and landscape plans have received Historic District Commission approval and are ready to proceed to city permitting. The property is near the Detroit Institute of Arts, College for Creative Studies, and QLINE. Its zoning is Residential.
Architectural, construction, and landscape plans have received Historic District Commission approval and are ready to proceed to city permitting. The property is near the Detroit Institute of Arts, College for Creative Studies, and QLINE. Its zoning is Residential.
Key Highlights
- 0.26‑acre lot with a private driveway and yard
- Brick property built in 1890
- Basement has a private exterior entrance
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,662
Cap Rate
9.06%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$813,240
$813.2K
Cap Rate 7%
$580,886
$580.9K
Cap Rate 9%
$451,800
$451.8K
Market Conditions
NOI Build-Up for 3,876 SF
Gross rent
$79.1K $20.40/SF
− Vacancy
−$5.1K −$1.33/SF
EGI
$73.9K $19.07/SF
− OpEx
−$33.3K −$8.58/SF
NOI
$40.7K $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 Rate 5%
$813,240
Cap Rate 7%
$580,886
Cap Rate 9%
$451,800
Alternative Uses
Best Use
Apartment 5plus
$580.9K
$508.3K – $677.7K
NOI $40,662 @ 7.0% cap · market cap 9.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$855.1K
$748.2K – $997.6K
NOI $59,854 @ 7.0% cap · market cap 13.33%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Location Intelligence
Trade Area within ½ mile
1,760
Businesses Nearby
Explore this area
Business Placement
Demographics for 48202, MI
17,260
Population
10,078
Households
1.7
Avg Household Size
32
Median Age
38%
College-Educated
91%
High-School Grad
3.4 sq mi
ZIP Area
5,076
Density / Sq Mi
$36,536
Median Household Income
$31,725
Median Earnings
$894
Median Rent
$193,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Multifamily property - Historic District Commission-approved plans cover architectural, construction, and landscape work and are ready for city permitting.
Where is this multifamily property located?
The property is located at 255 E Ferry Street Detroit, MI.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: 0.26‑acre lot with a private driveway and yard; Brick property built in 1890; Basement has a private exterior entrance
