Renovated Three-Unit
For Sale
$159,000
3810 Tyler St, Detroit, MI 48238
Turnkey renovated three-unit property with fireplaces and multiple one-bedroom layouts in Detroit’s Buena Vista neighborhood.
Property Size2,650 SF
Price / SF$132.50
Days on Market106
Property Features for 3810 Tyler St
General Information
Standard status
Active
Size
2,650 SF
Property subtype
Investment
Additional Details
Business Included
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$2,924
Building Details
Building Size
2,650 SF
Year Built
1927
Units
3
Tenancy
Multi
Listing Agency:
Keller Williams Royal Oak
Listed By:
Zaquay M Edwards · License #6501400700
(248) 266-4808
Source:
Elliman
Added: Jun 3
Changed: Sep 5
Last Checked: Sep 16 at 3:35PM
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 Keller Williams Royal Oak
Investment Insights
Based on property information with market context.
This beautifully renovated three-unit multifamily property blends early 20th-century character with modern updates. The spacious lower unit offers 3 bedrooms and 1 bathroom, along with a fireplace and nearly 1,200 square feet of living space. The two upper units each provide 1 bedroom and 1 bathroom, creating separate, self-contained living options. One upper unit includes a dining room, a private balcony, and a fireplace, while the other features a convenient Murphy bed.
Located in Detroit’s historic Buena Vista neighborhood, the property benefits from everyday walkability and bikeability, with BikeScore 54 and WalkScore 55, plus a TransitScore of 48. It is offered for sale as a turnkey opportunity for an investor or an owner-occupant seeking rental income.
For tenants, the unit mix supports flexible living arrangements, from a larger three-bedroom lower unit to two distinct one-bedroom layouts upstairs. For buyers, the configuration provides multiple rental options within one building and includes the standout amenities already present across units, including fireplaces in the lower unit and in one of the upper units, plus a private balcony on one upper layout. The seller’s remarks indicate the property has potential to generate up to $3,500 per month in rental income, subject to tenant occupancy and lease terms.
Located in Detroit’s historic Buena Vista neighborhood, the property benefits from everyday walkability and bikeability, with BikeScore 54 and WalkScore 55, plus a TransitScore of 48. It is offered for sale as a turnkey opportunity for an investor or an owner-occupant seeking rental income.
For tenants, the unit mix supports flexible living arrangements, from a larger three-bedroom lower unit to two distinct one-bedroom layouts upstairs. For buyers, the configuration provides multiple rental options within one building and includes the standout amenities already present across units, including fireplaces in the lower unit and in one of the upper units, plus a private balcony on one upper layout. The seller’s remarks indicate the property has potential to generate up to $3,500 per month in rental income, subject to tenant occupancy and lease terms.
Key Highlights
- Three‑unit multifamily in Detroit’s Buena Vista neighborhood, built in 1927
- Lower unit features 3 bedrooms, 1 bathroom, a fireplace, and nearly 1,200 sq ft of living space
- Two upper 1‑bedroom/1‑bath units, including one with a private balcony and fireplace
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
$13,714
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
8.63%
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%
$274,280
$274.3K
Cap Rate 7%
$195,914
$195.9K
Cap Rate 9%
$152,378
$152.4K
Market Conditions
NOI Build-Up for 1,200 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
$20.9K $17.40/SF
− Vacancy
−$1.3K −$1.07/SF
EGI
$19.6K $16.33/SF
− OpEx
−$5.9K −$4.90/SF
NOI
$13.7K $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%
$274,280
Cap Rate 7%
$195,914
Cap Rate 9%
$152,378
Alternative Uses
Best Use
Multifamily LT 5
$195.9K
$171.4K – $228.6K
NOI $13,714 @ 7.0% cap · market cap 8.63%
Second Best
Apartment 5plus
$179.8K
$157.4K – $209.8K
NOI $12,589 @ 7.0% cap · market cap 7.92%
Theoretical Best
Office A
$264.7K
$231.6K – $308.9K
NOI $18,531 @ 7.0% cap · market cap 11.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
477
Businesses Nearby
Explore this area
Business Placement
Demographics for 48238, MI
25,747
Population
16,341
Households
1.6
Avg Household Size
37
Median Age
13%
College-Educated
84%
High-School Grad
5.4 sq mi
ZIP Area
4,768
Density / Sq Mi
$30,286
Median Household Income
$25,948
Median Earnings
$950
Median Rent
$58,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Triplex - Turnkey renovated three-unit property with fireplaces and multiple one-bedroom layouts in Detroit’s Buena Vista neighborhood.
Where is this triplex located?
The property is located at 3810 Tyler St Detroit, MI.
What is the asking price?
The asking price for this property is $159,000.
What are key features of this property?
This property features: Three‑unit multifamily in Detroit’s Buena Vista neighborhood, built in 1927; Lower unit features 3 bedrooms, 1 bathroom, a fireplace, and nearly 1,200 sq ft of living space; Two upper 1‑bedroom/1‑bath units, including one with a private balcony and fireplace
