Historic Building in Willis-Selden
For Sale
$6,500,000
677 SELDEN St, Detroit, MI 48201
Historic building with development potential in prestigious Midtown location.
Property Size30,000 SF
Days on Market132
Property Features for 677 SELDEN St
General Information
Standard status
Active
Size
30,000 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$15,277
Building Details
Building Size
30,000 SF
Year Built
1919
Units
14
Listing Agency:
(313) 510-2091
Listed By:
Colette Hughes
(313) 510-2091
Source:
Elliman
Added: Apr 3
Changed: Aug 8
Last Checked: Aug 11 at 9:01AM
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 Colette Hughes
Investment Insights
Based on property information with market context.
The Commodore is a historic building located in the Willis-Selden Historic District of Midtown. The property's architecture and features offer development possibilities, such as transforming it into condominiums or high-end apartments. The building features high ceilings and original wood flooring. A private 8,000 square foot parking lot with 20 spaces is included in the sale. The location has a bike score of 94, indicating it is a biker's paradise, and a walk score of 94, indicating it is a walker's paradise. The transit score is 63, indicating good transit options. Survey and floor plans are available.
Key Highlights
- Prime location in the prestigious Willis‑Selden Historic District, Midtown.
- Includes a rare and valuable private 8,000 SF parking lot with 20 spaces.
- Remarkable historic building with distinct architecture and exquisite features.
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
$314,721
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
4.84%
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%
$6,294,420
$6.3M
Cap Rate 7%
$4,496,014
$4.5M
Cap Rate 9%
$3,496,900
$3.5M
Market Conditions
NOI Build-Up for 30,000 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
$612.0K $20.40/SF
− Vacancy
−$39.8K −$1.33/SF
EGI
$572.2K $19.07/SF
− OpEx
−$257.5K −$8.58/SF
NOI
$314.7K $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%
$6,294,420
Cap Rate 7%
$4,496,014
Cap Rate 9%
$3,496,900
Alternative Uses
Best Use
Apartment 5plus
$4.50M
$3.93M – $5.25M
NOI $314,721 @ 7.0% cap · market cap 4.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.62M
$5.79M – $7.72M
NOI $463,268 @ 7.0% cap · market cap 7.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,603
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 building with development potential in prestigious Midtown location.
Where is this apartment building located?
The property is located at 677 SELDEN St Detroit, MI.
What is the asking price?
The asking price for this property is $6,500,000.
What are key features of this property?
This property features: Prime location in the prestigious Willis‑Selden Historic District, Midtown.; Includes a rare and valuable private 8,000 SF parking lot with 20 spaces.; Remarkable historic building with distinct architecture and exquisite features.
