Four-Unit Apartment
For Sale
Contact for pricing
681 W Canfield, Detroit, MI 48201
Historic carriage house conversion with two-bedroom apartments and updated mechanical systems.
Property Size7,000 SF
Price / SF$142.86
Days on Market11
Property Features for 681 W Canfield
General Information
Standard status
Active
Size
7,000 SF
Class
B
Total Parking Spaces
10
Property subtype
Multifamily
Occupancy
75%
Investment Type
Value Add
Building Details
Year Built
1910
Buildings
1
Units
4
Tenancy
Multi
Listing Agency:
S&P Realty
(734) 333-7219
Listed By:
Shane Parker · License #MI 397534
Source:
Crexi
Added: Aug 22
Changed: Aug 31
Last Checked: Aug 31 at 8:25AM
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.
Built in 1910, this approximately 7,000-square-foot carriage house has been adapted into a four-unit apartment property. Each residence offers two bedrooms. Three apartments include private washer and dryer hookups, while the remaining unit is supported by a common laundry area. The building has been maintained with modern mechanical updates.
The property is located at 681 W. Canfield in Detroit’s Historic West Canfield neighborhood. Three of the four units are occupied, with one unit vacant for showings, providing a clear view of the available layout and finishes.
The property is located at 681 W. Canfield in Detroit’s Historic West Canfield neighborhood. Three of the four units are occupied, with one unit vacant for showings, providing a clear view of the available layout and finishes.
Key Highlights
- Four‑unit apartment building with four two‑bedroom residences
- Approximately 7,000 square feet in a carriage house built in 1910
- Three units include private in‑unit washer and dryer hookups
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
8.00%
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 8.00%
Second Best
Apartment 5plus
$1.05M
$917.9K – $1.22M
NOI $73,435 @ 7.0% cap · market cap 7.34%
Theoretical Best
Office A
$1.54M
$1.35M – $1.80M
NOI $108,096 @ 7.0% cap · market cap 10.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Historic carriage house conversion with two-bedroom apartments and updated mechanical systems.
Where is this quadplex located?
The property is located at 681 W Canfield Detroit, MI.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Four‑unit apartment building with four two‑bedroom residences; Approximately 7,000 square feet in a carriage house built in 1910; Three units include private in‑unit washer and dryer hookups
