20-Unit Updated Apartment
For Sale
$900,000
3737 Scovel Place, Detroit, MI 48208
Occupied multifamily property with renovated interiors, individual electric meters, and dedicated parking beside the building.
Property Size6,534 SF
Price / SF$137.74
Days on Market3406
Property Features for 3737 Scovel Place
General Information
Standard status
Active
Size
6,534 SF
Property subtype
Multi Family / 5+ Units
Units
Unit Mix
10 x 1BR, 10 x studio
Multifamily Units
20
Taxes and HOA fees
Annual Taxes
$12,844
Amenities
camera system
keyless/digital entry
Radiant, Yes
Yes
Radiant
Natural Gas
0.0
Rubber
Paved
Full
Brick
Building Details
Year Built
1927
Buildings
1
Units
20
Listing Agency:
Golden Key Real Estate LLC
(248) 251-4670
Listed By:
Ryan Heward · License #6502401117
(248) 251-4670
Source:
Compass
Added: May 4, 2017
Changed: Aug 30
Last Checked: Aug 30 at 8:14AM
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 Golden Key Real Estate LLC
Investment Insights
Based on property information with market context.
This 20-unit apartment building in Detroit includes an even mix of 10 one-bedroom apartments and 10 studio units. The property is occupied with leases in place, and most apartments feature updated flooring, paint, and lighting. Each residence has separate electric metering, heating and cooling equipment, steel entry doors with digital or keyless access, and deadbolt locks. One-bedroom units have new furnaces and AC systems, while the studios use mini-split systems for heating and cooling.
Building improvements include replacement of most plumbing stacks, newer windows, LED fixtures in common areas, upgraded front and rear doors, and a camera system serving the interior and exterior. The aluminum-seal-coated roof and building-wide hot water tank were replaced or treated in 2016. A paved concrete parking lot is located directly beside the building. The property has completed city rental certification and lead inspection, with downtown less than 10 minutes away and midtown approximately 5 minutes away.
Building improvements include replacement of most plumbing stacks, newer windows, LED fixtures in common areas, upgraded front and rear doors, and a camera system serving the interior and exterior. The aluminum-seal-coated roof and building-wide hot water tank were replaced or treated in 2016. A paved concrete parking lot is located directly beside the building. The property has completed city rental certification and lead inspection, with downtown less than 10 minutes away and midtown approximately 5 minutes away.
Key Highlights
- 20 occupied units: 10 one‑bedroom apartments and 10 studios
- Leases are in place across the occupied apartment building
- Each unit has its own electric meter and pays its own electric bill
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
$68,546
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
7.62%
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%
$1,370,920
$1.4M
Cap Rate 7%
$979,229
$979.2K
Cap Rate 9%
$761,622
$761.6K
Market Conditions
NOI Build-Up for 6,534 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
$133.3K $20.40/SF
− Vacancy
−$8.7K −$1.33/SF
EGI
$124.6K $19.07/SF
− OpEx
−$56.1K −$8.58/SF
NOI
$68.5K $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 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%
$1,370,920
Cap Rate 7%
$979,229
Cap Rate 9%
$761,622
Alternative Uses
Best Use
Apartment 5plus
$979.2K
$856.8K – $1.14M
NOI $68,546 @ 7.0% cap · market cap 7.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $100,900 @ 7.0% cap · market cap 11.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20
Residential units
Location Intelligence
Trade Area within ½ mile
577
Businesses Nearby
Explore this area
Business Placement
Demographics for 48208, MI
8,090
Population
5,226
Households
1.5
Avg Household Size
37
Median Age
27%
College-Educated
79%
High-School Grad
3.2 sq mi
ZIP Area
2,528
Density / Sq Mi
$29,742
Median Household Income
$39,526
Median Earnings
$842
Median Rent
$186,700
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?
Apartment building - Occupied multifamily property with renovated interiors, individual electric meters, and dedicated parking beside the building.
Where is this apartment building located?
The property is located at 3737 Scovel Place Detroit, MI.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: 20 occupied units: 10 one‑bedroom apartments and 10 studios; Leases are in place across the occupied apartment building; Each unit has its own electric meter and pays its own electric bill
