Assisted Living
For Sale
$365,000
485 E Grand Blvd, Detroit, MI 48216
Tenant-occupied assisted living residence with nine bedrooms and four full bathrooms, formerly licensed for adult foster care.
Property Size2,884 SF
Price / SF$126.56
Days on Market46
Property Features for 485 E Grand Blvd
General Information
Standard status
Active
Size
2,884 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$4,191
Building Details
Tenancy
Multi
Listing Agency:
@properties Christie's Int'l R.E. Birmingham
(248) 385-7788
Listed By:
Charles A Siciliano · License #6501383141
(248) 385-7788
Source:
Exprealty
Added: Jul 9
Changed: Aug 23
Last Checked: Aug 23 at 3:15AM
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 @properties Christie's Int'l R.E. Birmingham
Investment Insights
Based on property information with market context.
This assisted living facility has operated as a licensed adult foster care setting for more than 50 years and was previously approved for up to 20 residents. The property is currently tenant-occupied with ten long-term residents. The interior layout is designed for flexibility, featuring nine bedrooms, four full bathrooms, and two half baths.
The building was constructed in 1912 and has an asphalt roof. The property sits on an 80.00 x 146.00 lot, providing a substantial residential footprint for continued care and occupancy.
With a proven history of serving long-term residents and a bedroom-and-bath configuration that supports larger group living, the property offers an adaptable foundation for ongoing assisted living operations.
The building was constructed in 1912 and has an asphalt roof. The property sits on an 80.00 x 146.00 lot, providing a substantial residential footprint for continued care and occupancy.
With a proven history of serving long-term residents and a bedroom-and-bath configuration that supports larger group living, the property offers an adaptable foundation for ongoing assisted living operations.
Key Highlights
- Licensed adult foster care operation for over 50 years
- Previously approved for up to 20 residents
- Currently tenant‑occupied with ten long‑term residents
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
$30,255
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
8.29%
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%
$605,100
$605.1K
Cap Rate 7%
$432,214
$432.2K
Cap Rate 9%
$336,167
$336.2K
Market Conditions
NOI Build-Up for 2,884 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
$58.8K $20.40/SF
− Vacancy
−$3.8K −$1.33/SF
EGI
$55.0K $19.07/SF
− OpEx
−$24.8K −$8.58/SF
NOI
$30.3K $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%
$605,100
Cap Rate 7%
$432,214
Cap Rate 9%
$336,167
Alternative Uses
Best Use
Apartment 5plus
$432.2K
$378.2K – $504.3K
NOI $30,255 @ 7.0% cap · market cap 8.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$636.2K
$556.7K – $742.3K
NOI $44,536 @ 7.0% cap · market cap 12.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
589
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48216, MI
5,031
Population
3,398
Households
1.5
Avg Household Size
35
Median Age
37%
College-Educated
87%
High-School Grad
2.3 sq mi
ZIP Area
2,187
Density / Sq Mi
$42,278
Median Household Income
$42,189
Median Earnings
$860
Median Rent
$225,300
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Passion and Caring Home For The Elderly LLC — 570 E Grand Blvd, Detroit, MI 48207
- Hitt home — 485 E Grand Blvd, Detroit, MI 48207
- Templeton Adult Foster Care — 180 E Grand Blvd, Detroit, MI 48207
- Brighter Haven Inc — 560 E Grand Blvd, Detroit, MI 48207
- Terry Adult Foster Care — 1754 Van Dyke St, Detroit, MI 48214
Frequently Asked Questions
What type of property is this?
Assisted living facility - Tenant-occupied assisted living residence with nine bedrooms and four full bathrooms, formerly licensed for adult foster care.
Where is this assisted living facility located?
The property is located at 485 E Grand Blvd Detroit, MI.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Licensed adult foster care operation for over 50 years; Previously approved for up to 20 residents; Currently tenant‑occupied with ten long‑term residents
