Multifamily
3234 S Gladstone, Detroit, MI 48206
For Sale
New
Contact for pricing
This rental is near Boston-Edison, with access to Midtown and Downtown Detroit.
Property Size1,106 SF
Price / SF$1.13
Days on Market3
Property Features for 3234 S Gladstone
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Building Details
Year Built
Listing Agency:
Century 21 Affiliated
(517) 887-0800
Listed By:
Oak & Stone Real Estate
(248) 266-0584
Source:
Oakandstonerealestate
Added: Nov 12
Last Checked: Nov 12 at 2:27PM
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 Century 21 Affiliated
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Offered as a rental, this 1,106-square-foot multifamily property was built in 1920. The listing describes a bright, functional floor plan and presents the property as move-in ready.
The property is near the historic Boston-Edison neighborhood, with access to Midtown and Downtown Detroit.
The property is near the historic Boston-Edison neighborhood, with access to Midtown and Downtown Detroit.
Key Highlights
- 1,106‑square‑foot property
- Built in 1920
- Near the historic Boston‑Edison neighborhood
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$11,603
Suggested Prices Based on Cap Rates
Cap Rate 5%
$232,060
$232.1K
Cap Rate 7%
$165,757
$165.8K
Cap Rate 9%
$128,922
$128.9K
Market Conditions
NOI Build-Up for 1,106 SF
Gross rent
$22.6K $20.40/SF
− Vacancy
−$1.5K −$1.33/SF
EGI
$21.1K $19.07/SF
− OpEx
−$9.5K −$8.58/SF
NOI
$11.6K $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%
$232,060
Cap Rate 7%
$165,757
Cap Rate 9%
$128,922
Alternative Uses
Best Use
Apartment 5plus
$165.8K
$145.0K – $193.4K
NOI $11,603 @ 7.0% cap
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$244.0K
$213.5K – $284.7K
NOI $17,079 @ 7.0% cap
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Location Intelligence
Trade Area within ½ mile
294
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
$102,300
Median Home Value
Market
Average Price Trend$/SF for Multifamily properties in Detroit, MI
Properties on Market for Multifamily properties in Detroit
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Multifamily property - This rental is near Boston-Edison, with access to Midtown and Downtown Detroit.
Where is this multifamily property located?
The property is located at 3234 S Gladstone Detroit, MI.
What are key features of this property?
This property features: 1,106‑square‑foot property; Built in 1920; Near the historic Boston‑Edison neighborhood
