Nine-Unit Multifamily
For Sale
$2,100,000
4742-4754 Anthony Wayne Drive #4742, Detroit, MI 48201
Nine-unit multifamily property for sale near Wayne State University in Midtown Detroit.
Property Size12,658 SF
Days on Market46
Property Features for 4742-4754 Anthony Wayne Drive #4742
General Information
Standard status
Active
Size
12,658 SF
Property subtype
Commercial
Zoning
Commercial, Residential
Building Details
Building Size
12,658 SF
Year Built
1913
Stories
2
Units
9
Listing Agency:
RE/MAX Dream Properties
(734) 462-3600
Listed By:
Glen L Brown · License #6501272277
(734) 462-3600
Source:
Homesforsaleinmich
Added: Jun 26
Changed: Aug 8
Last Checked: Aug 9 at 1:04PM
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.
4742–4754 Anthony Wayne Drive is a 9-unit multifamily property offered for sale in Detroit, Michigan. The asset is positioned near Wayne State University in Midtown Detroit.
This offering presents a straightforward multi-tenant residential income property with a defined unit count, suitable for investors seeking a compact, manageable portfolio configuration in an established Midtown rental area.
This offering presents a straightforward multi-tenant residential income property with a defined unit count, suitable for investors seeking a compact, manageable portfolio configuration in an established Midtown rental area.
Key Highlights
- 9‑unit multifamily property for sale at 4742–4754 Anthony Wayne Drive in Midtown Detroit
- Built in 1913
- Reported 8.1% cap rate
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
Current Use
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 property for sale near Wayne State University in Midtown Detroit.
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 property for sale at 4742–4754 Anthony Wayne Drive in Midtown Detroit; Built in 1913; Reported 8.1% cap rate
