Multifamily
New
For Sale
$2,200,000
6335 Pelham Rd, Allen Park, MI 48101
Established multifamily asset constructed in 1967.
Property Size18,522 SF
Days on Market4
Property Features for 6335 Pelham Rd
General Information
Standard status
Active
Size
18,522 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$27,378
Building Details
Building Size
18,522 SF
Year Built
1967
Units
24
Listing Agency:
Century 21 Curran & Oberski
(313) 478-0819
Listed By:
Jessica Tremonti · License #6501364166
(313) 478-0819
Source:
Elliman
Added: Aug 18
Changed: Aug 19
Last Checked: Aug 20 at 9:31AM
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 Century 21 Curran & Oberski
Investment Insights
Based on property information with market context.
This multifamily property was constructed in 1967 and is located at 6335 Pelham Rd in Allen Park, Michigan. The surrounding area records a Walk Score of 52, classified as Somewhat Walkable, and a Bike Score of 44, classified as Somewhat Bikeable.
Key Highlights
- Built in 1967
- Walk Score: 52, Somewhat Walkable
- Bike Score: 44, Somewhat Bikeable
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
$166,975
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
7.59%
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%
$3,339,500
$3.3M
Cap Rate 7%
$2,385,357
$2.4M
Cap Rate 9%
$1,855,278
$1.9M
Market Conditions
NOI Build-Up for 18,522 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
$322.3K $17.40/SF
− Vacancy
−$18.7K −$1.01/SF
EGI
$303.6K $16.39/SF
− OpEx
−$136.6K −$7.38/SF
NOI
$167.0K $9.01/SF
Area
Wayne County, MI
Vacancy
5.80%
Lease Rate
$17.40 /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%
$3,339,500
Cap Rate 7%
$2,385,357
Cap Rate 9%
$1,855,278
Alternative Uses
Best Use
Apartment 5plus
$2.39M
$2.09M – $2.78M
NOI $166,975 @ 7.0% cap · market cap 7.59%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.43M
$3.00M – $4.00M
NOI $240,045 @ 7.0% cap · market cap 10.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
398
Businesses Nearby
Explore this area
Business Placement
Demographics for 48101, MI
28,664
Population
12,413
Households
2.3
Avg Household Size
41
Median Age
30%
College-Educated
94%
High-School Grad
7.0 sq mi
ZIP Area
4,095
Density / Sq Mi
$80,045
Median Household Income
$51,658
Median Earnings
$1,181
Median Rent
$174,500
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?
Multifamily property - Established multifamily asset constructed in 1967.
Where is this multifamily property located?
The property is located at 6335 Pelham Rd Allen Park, MI.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Built in 1967; Walk Score: 52, Somewhat Walkable; Bike Score: 44, Somewhat Bikeable
