Mixed-Use Property With
New
For Sale
$1,800,000
4165 Cass Avenue, Detroit, MI 48201
Six apartments and three retail tenants support a combined residential and commercial configuration.
Property Size11,413 SF
Days on Market4
Property Features for 4165 Cass Avenue
General Information
Standard status
Active
Size
11,413 SF
Total Parking Spaces
59
Property subtype
Retail
Zoning
SD 2
Occupancy
100%
Net Operating Income
$179,198
Financials
Asking Price
$1,800,000
Cap Rate
10%
Opportunity Zone
Yes
Additional Details
Multifamily Units
6
Building Details
Building Size
11,413 SF
Year Built
1921
Year Renovated
2011
Tenancy
Multi
Listing Agency:
Friedman Integrated Real Estate
(586) 243-4260
Listed By:
Bruce A. Morrison
(586) 243-4260
Source:
Friedmanrealestate
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 11 at 6:24AM
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 Friedman Integrated Real Estate
Investment Insights
Based on property information with market context.
Built in 1921, this mixed-use property combines residential and retail components at 4165 Cass Avenue in Detroit. The asset includes six residential apartments and 11,413 SF identified as multifamily/residential space, together with 5,475 SF of retail space occupied by three tenants. Overall occupancy is reported at 100%.
The property is designated SD 2 and located within an Opportunity Zone. Its reported investment metrics include a 10% cap rate. The residential and retail components create a single asset with both apartment and commercial occupancy at the Cass Avenue address.
The property is designated SD 2 and located within an Opportunity Zone. Its reported investment metrics include a 10% cap rate. The residential and retail components create a single asset with both apartment and commercial occupancy at the Cass Avenue address.
Key Highlights
- Six residential apartments
- 11,413 SF of multifamily/residential space
- 5,475 SF of retail space with 3 tenants
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
$140,573
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
7.81%
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%
$2,811,460
$2.8M
Cap Rate 7%
$2,008,186
$2.0M
Cap Rate 9%
$1,561,922
$1.6M
Market Conditions
NOI Build-Up for 11,413 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
$212.3K $18.60/SF
− Vacancy
−$11.5K −$1.00/SF
EGI
$200.8K $17.60/SF
− OpEx
−$60.2K −$5.28/SF
NOI
$140.6K $12.32/SF
Area
Detroit, MI
Vacancy
5.40%
Lease Rate
$18.60 /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%
$2,811,460
Cap Rate 7%
$2,008,186
Cap Rate 9%
$1,561,922
Alternative Uses
Best Use
Retail
$2.01M
$1.76M – $2.34M
NOI $140,573 @ 7.0% cap · market cap 7.81%
Second Best
Mixed Use
$1.94M
$1.69M – $2.26M
NOI $135,586 @ 7.0% cap · market cap 7.53%
Theoretical Best
Office A
$2.52M
$2.20M – $2.94M
NOI $176,243 @ 7.0% cap · market cap 9.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,753
Businesses Nearby
Explore this area
Business Placement
Demographics for 48201, MI
14,500
Population
9,900
Households
1.5
Avg Household Size
33
Median Age
37%
College-Educated
88%
High-School Grad
1.9 sq mi
ZIP Area
7,632
Density / Sq Mi
$24,392
Median Household Income
$36,835
Median Earnings
$841
Median Rent
$401,500
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?
Mixed-use property - Six apartments and three retail tenants support a combined residential and commercial configuration.
Where is this mixed-use property located?
The property is located at 4165 Cass Avenue Detroit, MI.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Six residential apartments; 11,413 SF of multifamily/residential space; 5,475 SF of retail space with 3 tenants
