Building Details

Year Built 1910

Buildings 1

Units 4

Tenancy Multi

Listing Agency: S&P Realty

Listed By: Shane Parker · License #MI 397534 Show Phone

Source: Crexi

Added: Aug 22 Changed: Sep 10 Last Checked: Oct 16 at 6:06AM

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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.

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 / Yr

$79,999

Cap Rate

8.00%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,599,980 $1.6M

Cap Rate 7%

$1,142,843 $1.1M

Cap Rate 9%

$888,878 $888.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 7,000 SF

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 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 (±1% cap)

NOI $79,999 @ 7.0% cap · market cap 8.00%

Second Best

Apartment 5plus

$1.05M

$917.9K – $1.22M (±1% cap)

NOI $73,435 @ 7.0% cap · market cap 7.34%

Theoretical Best

Office A

$1.54M

$1.35M – $1.80M (±1% cap)

NOI $108,096 @ 7.0% cap · market cap 10.81%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Quadplexes

Suggested Use

Top Pick Nail Salon Electrical Service Kitchen & Bath Showroom Barber Shop Accounting Firm Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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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