9-Unit Multifamily
47424754 4742-4754 Anthony Wayne Dr, Detroit, MI 48201
For Sale
$2,100,000
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 Market91
Property Features for 47424754 4742-4754 Anthony Wayne Dr
General Information
Standard status
Size
Financials
Asking Price
Cap Rate
Site & Location
Neighborhood
Additional Details
Multifamily Units
Building Details
Year Built
Listing Agency:
RE/MAX Dream Properties
Listed By:
Glen L Brown · License MI #6501272277
(313) 878-1642
Source:
Katie-k
Added: Aug 12
Changed: Nov 9
Last Checked: Oct 7 at 2:49PM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$132,791
Cap Rate
6.32%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
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
$401,500
Median Home Value
Market
Average Price Trend$/SF for Apartment buildings in Detroit, MI
Properties on Market for Apartment buildings in Detroit
Vacancy Rate% for Multifamily in Midwest region
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
