9-Unit Multifamily
For Sale
Contact for pricing
Pending
4742-4754 Anthony Wayne Drive 4742, Detroit, MI 48201
Nine-unit multifamily building near Wayne State and Midtown demand drivers, offering an investor-focused income profile.
Property Size12,658 SF
Days on Market57
Property Features for 4742-4754 Anthony Wayne Drive 4742
General Information
Standard status
Pending
Size
12,658 SF
Property subtype
Multifamily, Land
Additional Details
Cap Rate
8.1%
Multifamily Units
9
Building Details
Year Built
1913
Units
9
Listing Agency:
RE/MAX Dream Properties
(734) 462-3600
Listed By:
Glen Brown · License #6501272277
Source:
Crexi
Added: Jun 26
Changed: Aug 8
Last Checked: Jul 28 at 1:39PM
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 RE/MAX Dream Properties
Investment Insights
Based on property information with market context.
The property at 4742-4754 Anthony Wayne Drive is a 9-unit multifamily building built to serve residential income needs. It presents as an investor-oriented asset with a reported 8.1% cap rate.
The building is located in Midtown Detroit and positioned near Wayne State University, as well as the Medical Center and other major Midtown demand drivers referenced in the materials. This proximity can be relevant for tenants seeking convenient access to established employment and education centers.
For buyers and operators, this 9-unit configuration offers straightforward scale within a single multifamily property. The offering is presented as a well-located investment in a recognized rental corridor, with the seller noting additional upside potential. Interested parties should review the operating history and lease details directly to confirm current income, expenses, and the basis for any projected performance changes.
The building is located in Midtown Detroit and positioned near Wayne State University, as well as the Medical Center and other major Midtown demand drivers referenced in the materials. This proximity can be relevant for tenants seeking convenient access to established employment and education centers.
For buyers and operators, this 9-unit configuration offers straightforward scale within a single multifamily property. The offering is presented as a well-located investment in a recognized rental corridor, with the seller noting additional upside potential. Interested parties should review the operating history and lease details directly to confirm current income, expenses, and the basis for any projected performance changes.
Key Highlights
- 9‑unit multifamily building
- Year built: 1913
- Offered at $2,100,000
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
$132,791
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
6.32%
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%
$2,655,820
$2.7M
Cap Rate 7%
$1,897,014
$1.9M
Cap Rate 9%
$1,475,456
$1.5M
Market Conditions
NOI Build-Up for 12,658 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
$258.2K $20.40/SF
− Vacancy
−$16.8K −$1.33/SF
EGI
$241.4K $19.07/SF
− OpEx
−$108.6K −$8.58/SF
NOI
$132.8K $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%
$2,655,820
Cap Rate 7%
$1,897,014
Cap Rate 9%
$1,475,456
Alternative Uses
Best Use
Apartment 5plus
$1.90M
$1.66M – $2.21M
NOI $132,791 @ 7.0% cap · market cap 6.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.79M
$2.44M – $3.26M
NOI $195,468 @ 7.0% cap · market cap 9.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
2,033
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Nine-unit multifamily building near Wayne State and Midtown demand drivers, offering an investor-focused income profile.
Where is this apartment building located?
The property is located at 4742-4754 Anthony Wayne Drive 4742 Detroit, MI.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 9‑unit multifamily building; Year built: 1913; Offered at $2,100,000
