All-Brick Quadplex with Attic
New
For Sale
$360,000
3238 McClellan Street, Detroit, MI 48214
Multifamily, 2 Story, Detroit, MI
Property Size2,862 SF
Lot Size0.08 Acres
Price / SF$125.79
Days on Market4
Property Features for 3238 McClellan Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Bedrooms
10
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 6, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 5, Bedroom 9, Bathroom 3, Bedroom 8, Bedroom 3, Bedroom 4, Bathroom 4, Basement, Bedroom 7, Bedroom 10, Bathroom 2
Pets allowed
Call
Subdivision
A Hesselbachers Sub
Elementary school district
Detroit
Middle school district
Detroit
High school district
Detroit
Directions
S of Mack Ave
Standard status
Active
APN
W19I006733S
Size
2,862 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Description
E MC CLELLAN 157 A HESSELBACHERS SUB L15 P20 PLATS, W C R 19/48 30 X 120
Tax Annual Amount
1073
Legal Description
E MC CLELLAN 157 A HESSELBACHERS SUB L15 P20 PLATS, W C R 19/48 30 X 120
Utilities
Heating system
Forced Air
Water source
Public
Building Details
Year built
1910
Floors in Building
2
Number of units
4
Building materials
Brick
Architectural style
Other
Listing Agency:
Keller Williams Paint Creek · Keller Williams Realty
(248) 609-8000
Listed By:
Jeff Todd · License #6502366093
(248) 609-8200
Added: Aug 17
Changed: Aug 20
Last Checked: Aug 20 at 11:06PM
MLS# 20261065466
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.
This all-brick quadplex, built in 1910, contains four existing units and offers a configuration that may support two additional rental units. The attic is accessible through its own exterior entry as well as an interior staircase, while the basement includes egress. Forced-air heating and public water are in place.
The property includes four additional lots, expanding the site beyond the building footprint for potential parking, expansion, or future development. Located in Detroit, the asset is zoned Multi-Family. The building requires substantial renovation, presenting a redevelopment-oriented project for an owner or investor prepared to complete the necessary work.
The property includes four additional lots, expanding the site beyond the building footprint for potential parking, expansion, or future development. Located in Detroit, the asset is zoned Multi-Family. The building requires substantial renovation, presenting a redevelopment-oriented project for an owner or investor prepared to complete the necessary work.
Key Highlights
- Four existing units with potential for two additional rental units
- All‑brick construction; built in 1910
- Attic has a private exterior entrance and interior staircase
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
$32,708
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
9.09%
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%
$654,160
$654.2K
Cap Rate 7%
$467,257
$467.3K
Cap Rate 9%
$363,422
$363.4K
Market Conditions
NOI Build-Up for 2,862 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
$49.8K $17.40/SF
− Vacancy
−$3.1K −$1.07/SF
EGI
$46.7K $16.33/SF
− OpEx
−$14.0K −$4.90/SF
NOI
$32.7K $11.43/SF
Area
Detroit, MI
Vacancy
6.17%
Lease Rate
$17.40 /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%
$654,160
Cap Rate 7%
$467,257
Cap Rate 9%
$363,422
Alternative Uses
Best Use
Multifamily LT 5
$467.3K
$408.9K – $545.1K
NOI $32,708 @ 7.0% cap · market cap 9.09%
Second Best
Apartment 5plus
$428.9K
$375.3K – $500.4K
NOI $30,024 @ 7.0% cap · market cap 8.34%
Theoretical Best
Office A
$631.4K
$552.5K – $736.6K
NOI $44,196 @ 7.0% cap · market cap 12.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
218
Businesses Nearby
Explore this area
Business Placement
Demographics for 48214, MI
18,959
Population
13,279
Households
1.4
Avg Household Size
44
Median Age
27%
College-Educated
84%
High-School Grad
5.1 sq mi
ZIP Area
3,717
Density / Sq Mi
$34,807
Median Household Income
$36,625
Median Earnings
$818
Median Rent
$120,500
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 - All-brick multifamily building with four existing units, attic access, and basement egress.
Where is this quadplex located?
The property is located at 3238 McClellan Street Detroit, MI.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: Four existing units with potential for two additional rental units; All‑brick construction; built in 1910; Attic has a private exterior entrance and interior staircase
