Spacious Multi-Family Investment
For Sale
$323,900
3935 Caely St, Detroit, MI 48212
Multi-family home with two units near Hamtramck border.
Property Size2,084 SF
Lot Size0.07 Acres
Days on Market266
Property Features for 3935 Caely St
General Information
Standard status
Active
Size
2,084 SF
Lot size
0.07 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$1,834
Building Details
Building Size
2,084 SF
Year Built
1924
Units
2
Listing Agency:
Amin Realty
(313) 200-5114
Listed By:
Iftihaz Hussain
(313) 200-5114
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 8
Last Checked: Aug 8 at 5:39AM
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 Amin Realty
Investment Insights
Based on property information with market context.
This multi-family home presents an investment opportunity near the Hamtramck border. The property features two large units, each containing 3 bedrooms and bright living areas. The upper level includes space that can be converted into 2 additional bedrooms, offering further income potential. The layout is practical, with natural light and charm throughout. The property is located off Conant Street, providing convenient access to grocery stores, schools, restaurants, and cafes. Major roads and freeways are easily accessible.
Key Highlights
- Multi‑family home featuring two large 3‑bedroom units, great for rental income.
- Potential to convert upper level into 2 additional bedrooms for increased income.
- Convenient location near Conant Street, close to grocery stores, schools, restaurants, and cafes.
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
$23,817
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
7.35%
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%
$476,340
$476.3K
Cap Rate 7%
$340,243
$340.2K
Cap Rate 9%
$264,633
$264.6K
Market Conditions
NOI Build-Up for 2,084 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
$36.3K $17.40/SF
− Vacancy
−$2.2K −$1.07/SF
EGI
$34.0K $16.33/SF
− OpEx
−$10.2K −$4.90/SF
NOI
$23.8K $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%
$476,340
Cap Rate 7%
$340,243
Cap Rate 9%
$264,633
Alternative Uses
Best Use
Multifamily LT 5
$340.2K
$297.7K – $397.0K
NOI $23,817 @ 7.0% cap · market cap 7.35%
Second Best
Apartment 5plus
$312.3K
$273.3K – $364.4K
NOI $21,863 @ 7.0% cap · market cap 6.75%
Theoretical Best
Office A
$459.7K
$402.3K – $536.4K
NOI $32,182 @ 7.0% cap · market cap 9.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
843
Businesses Nearby
Explore this area
Business Placement
Demographics for 48212, MI
43,192
Population
14,739
Households
2.9
Avg Household Size
29
Median Age
16%
College-Educated
68%
High-School Grad
5.3 sq mi
ZIP Area
8,149
Density / Sq Mi
$37,293
Median Household Income
$28,894
Median Earnings
$935
Median Rent
$98,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Multi-family home with two units near Hamtramck border.
Where is this duplex located?
The property is located at 3935 Caely St Detroit, MI.
What is the asking price?
The asking price for this property is $323,900.
What are key features of this property?
This property features: Multi‑family home featuring two large 3‑bedroom units, great for rental income.; Potential to convert upper level into 2 additional bedrooms for increased income.; Convenient location near Conant Street, close to grocery stores, schools, restaurants, and cafes.
