Historic Four-Unit Queen Anne
For Sale
$1,450,000
669 W Canfield St, Detroit, MI 48201
Queen Anne residence with a modernized carriage house, private driveway, and approved plans for additional attic space.
Property Size5,812 SF
Price / SF$249.48
Days on Market12
Property Features for 669 W Canfield St
General Information
Standard status
Active
Size
5,812 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
4
Amenities
private driveway
spacious backyard
Building Details
Year Built
1880
Buildings
2
Construction
Queen Anne
Listing Agency:
Golden Key Realty Group LLC
(313) 290-3716
Listed By:
D'Asia P Taylor · License #6501418855
Source:
Metrodetroithomeguide
Added: Aug 21
Changed: Aug 31
Last Checked: Aug 31 at 5:34PM
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 Golden Key Realty Group LLC
Investment Insights
Based on property information with market context.
Located at 669 W Canfield St in Detroit’s Canfield Historic District, this Queen Anne property is arranged as a four-unit asset with three units in the primary residence and one unit in a separate Carriage House. The 1880-built property includes renovated kitchens and bathrooms, updated flooring, restored walls, structural reinforcement, and a restored front porch.
Major building systems have been upgraded, including HVAC equipment, ductwork, electrical wiring, a 200-amp panel, GFCI outlets, and interconnected smoke and carbon monoxide detectors. Basement improvements add a bonus room and epoxy flooring. The renovated Carriage House includes a kitchen and 1.5 baths, along with septic repairs and wildlife mitigation.
Approved architectural plans support future development of an approximately 1,433-square-foot attic studio with a private balcony. The property also offers a private driveway, spacious backyard, existing rental income, and submitted applications involving PRE, NEZ, and PILOT tax programs.
Major building systems have been upgraded, including HVAC equipment, ductwork, electrical wiring, a 200-amp panel, GFCI outlets, and interconnected smoke and carbon monoxide detectors. Basement improvements add a bonus room and epoxy flooring. The renovated Carriage House includes a kitchen and 1.5 baths, along with septic repairs and wildlife mitigation.
Approved architectural plans support future development of an approximately 1,433-square-foot attic studio with a private balcony. The property also offers a private driveway, spacious backyard, existing rental income, and submitted applications involving PRE, NEZ, and PILOT tax programs.
Key Highlights
- Four‑unit configuration with 3 units in the main residence and 1 in the Carriage House
- Approved plans for an approximately 1,433 sq. ft. attic studio with private balcony
- 1880‑built Queen Anne property in Detroit’s Canfield Historic District
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
$66,422
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
4.58%
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%
$1,328,440
$1.3M
Cap Rate 7%
$948,886
$948.9K
Cap Rate 9%
$738,022
$738.0K
Market Conditions
NOI Build-Up for 5,812 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
$101.1K $17.40/SF
− Vacancy
−$6.2K −$1.07/SF
EGI
$94.9K $16.33/SF
− OpEx
−$28.5K −$4.90/SF
NOI
$66.4K $11.43/SF
Area
Detroit, MI
Vacancy
6.17%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$1,328,440
Cap Rate 7%
$948,886
Cap Rate 9%
$738,022
Alternative Uses
Best Use
Multifamily LT 5
$948.9K
$830.3K – $1.11M
NOI $66,422 @ 7.0% cap · market cap 4.58%
Second Best
Apartment 5plus
$871.0K
$762.2K – $1.02M
NOI $60,972 @ 7.0% cap · market cap 4.20%
Theoretical Best
Office A
$1.28M
$1.12M – $1.50M
NOI $89,750 @ 7.0% cap · market cap 6.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
3,214
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?
Quadplex - Queen Anne residence with a modernized carriage house, private driveway, and approved plans for additional attic space.
Where is this quadplex located?
The property is located at 669 W Canfield St Detroit, MI.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Four‑unit configuration with 3 units in the main residence and 1 in the Carriage House; Approved plans for an approximately 1,433 sq. ft. attic studio with private balcony; 1880‑built Queen Anne property in Detroit’s Canfield Historic District
