Four-Unit Carriage
For Sale
$1,200,000
681 W Canfield St, Detroit, MI 48201
Preserved multifamily property with apartment-scale layouts, dedicated parking, and substantial capital improvements in Midtown Detroit.
Property Size7,000 SF
Price / SF$171.43
Days on Market8
Property Features for 681 W Canfield St
General Information
Standard status
Active
Size
7,000 SF
Total Parking Spaces
10
Property subtype
Investment
Occupancy
75%
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
4 x 2BR
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$3,960
Amenities
private in-unit laundry
common laundry area
Building Details
Building Size
7,000 SF
Year Built
1910
Units
4
Construction
carriage house
Tenancy
Multi
Listing Agency:
S&P Realty
(313) 454-8608
Listed By:
Shane Parker · License #6501397534
(313) 454-8608
Source:
Elliman
Added: Aug 13
Changed: Aug 17
Last Checked: Aug 20 at 8:26AM
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 S&P Realty
Investment Insights
Based on property information with market context.
This 1910 carriage house contains approximately 7,000 square feet arranged as four two-bedroom apartments. Three units have private laundry, while the remaining apartment uses a shared laundry area. The property includes a newer roof and gutters, tuckpointing, vinyl replacement windows, updated plumbing, separate gas and electric meters, and updated mechanical systems. Three of the four apartments are occupied. A secure, newly built fenced and gated parking area adds approximately 10 off-street spaces, supported by recorded easement and maintenance agreements.
Located at 681 W Canfield St in Midtown Detroit, the property is near Mad Nice, Selden Standard, SheWolf, Awake Cafe, Oak & Reel, Whole Foods Market, and the Detroit Institute of Arts. Wayne State University, Detroit Medical Center, Children's Hospital of Michigan, Henry Ford Health, the QLINE, I-75, I-94, and Downtown Detroit are also accessible from the property. WalkScore is 89, BikeScore is 82, and TransitScore is 59.
Located at 681 W Canfield St in Midtown Detroit, the property is near Mad Nice, Selden Standard, SheWolf, Awake Cafe, Oak & Reel, Whole Foods Market, and the Detroit Institute of Arts. Wayne State University, Detroit Medical Center, Children's Hospital of Michigan, Henry Ford Health, the QLINE, I-75, I-94, and Downtown Detroit are also accessible from the property. WalkScore is 89, BikeScore is 82, and TransitScore is 59.
Key Highlights
- Four two‑bedroom apartments within approximately 7,000 square feet
- 1910 carriage house with newer roof, gutters, windows, plumbing, and mechanical systems
- Three of four units occupied
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
$79,999
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
6.67%
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%
$1,599,980
$1.6M
Cap Rate 7%
$1,142,843
$1.1M
Cap Rate 9%
$888,878
$888.9K
Market Conditions
NOI Build-Up for 7,000 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
$121.8K $17.40/SF
− Vacancy
−$7.5K −$1.07/SF
EGI
$114.3K $16.33/SF
− OpEx
−$34.3K −$4.90/SF
NOI
$80.0K $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%
$1,599,980
Cap Rate 7%
$1,142,843
Cap Rate 9%
$888,878
Alternative Uses
Best Use
Multifamily LT 5
$1.14M
$1,000.0K – $1.33M
NOI $79,999 @ 7.0% cap · market cap 6.67%
Second Best
Apartment 5plus
$1.05M
$917.9K – $1.22M
NOI $73,435 @ 7.0% cap · market cap 6.12%
Theoretical Best
Office A
$1.54M
$1.35M – $1.80M
NOI $108,096 @ 7.0% cap · market cap 9.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
75%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
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 - Preserved multifamily property with apartment-scale layouts, dedicated parking, and substantial capital improvements in Midtown Detroit.
Where is this quadplex located?
The property is located at 681 W Canfield St Detroit, MI.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Four two‑bedroom apartments within approximately 7,000 square feet; 1910 carriage house with newer roof, gutters, windows, plumbing, and mechanical systems; Three of four units occupied
