9-Unit Multifamily
For Sale
$2,100,000
47424754 4742-4754 Anthony Wayne Dr, Detroit, MI 48201
Historic rental property near Wayne State University, the Medical Center, and Midtown Detroit demand drivers.
Property Size12,658 SF
Price / SF$165.90
Days on Market26
Property Features for 47424754 4742-4754 Anthony Wayne Dr
General Information
Standard status
Active
Size
12,658 SF
Financials
Asking Price
$2,100,000
Cap Rate
8.1%
Additional Details
Multifamily Units
9
Building Details
Year Built
1913
Listing Agency:
RE/MAX Dream Properties
Listed By:
Glen L Brown · License #6501272277
(734) 462-3600
Source:
Katie-k
Added: Aug 12
Changed: Aug 29
Last Checked: Sep 5 at 9:53AM
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.
This 9-unit multifamily property contains 12,658 square feet and was built in 1913. The building is positioned as a rental asset within Midtown Detroit and is located near Wayne State University and the Medical Center.
The property is situated along Anthony Wayne Drive in Detroit, with access to established institutional and medical destinations in the surrounding Midtown area. The reported 8.1% cap rate provides a stated measure of the asset’s operating profile.
The property is situated along Anthony Wayne Drive in Detroit, with access to established institutional and medical destinations in the surrounding Midtown area. The reported 8.1% cap rate provides a stated measure of the asset’s operating profile.
Key Highlights
- 9‑unit multifamily property
- 12,658 square feet
- Built in 1913
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
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
1,910
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?
Apartment building - Historic rental property near Wayne State University, the Medical Center, and Midtown Detroit demand drivers.
Where is this apartment building located?
The property is located at 47424754 4742-4754 Anthony Wayne Dr 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; 12,658 square feet; Built in 1913
