Four-Unit Brick
For Sale
$1,200,000
681 W Canfield Street, Detroit, MI 48201
MULTI_FAMILY - Other - Detroit, MI
Property Size7,000 SF
Lot Size0.10 Acres
Price / SF$171.43
Days on Market9
Property Features for 681 W Canfield Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Bedrooms
8
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 2, Bathroom 4, Bedroom 4, Bedroom 8, Bedroom 7, Bedroom 1, Bathroom 5, Bathroom 2, Bedroom 5, Bedroom 3, Bedroom 6, Bathroom 1, Bathroom 3
Parking
10
Subdivision
Cass Farm Sub Of Blks 97 & 98
Elementary school district
Detroit
Middle school district
Detroit
High school district
Detroit
Directions
Enter off of Willis alley between 2nd and 3rd street. Residents enter through 3rd Street gate
Standard status
Active
APN
W04I000900S
Size
7,000 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Description
S CANFIELD S 71.38 FT 9 REAR PARCEL AND HALF VAC ALLEY ADJ BLK 98 CASS FARM SUB L1 P259 PLATS, W C R 4/40 60 X 71.38
Tax Annual Amount
3960
Legal Description
S CANFIELD S 71.38 FT 9 REAR PARCEL AND HALF VAC ALLEY ADJ BLK 98 CASS FARM SUB L1 P259 PLATS, W C R 4/40 60 X 71.38
Utilities
Heating system
Forced Air
Water source
Public
Amenities
in-unit laundry
common laundry area
Building Details
Year built
1910
Floors in Building
2
Number of units
4
Building materials
Brick
Architectural style
Other
Listing Agency:
S&P Realty
(734) 333-7219
Listed By:
Shane Parker · License #6501397534
(313) 454-8608
Added: Aug 12
Changed: Aug 13
Last Checked: Aug 20 at 6:06PM
MLS# 20261063150
Copyright © 2026 Realcomp Limited II. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1910 brick quadplex 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. Three of the four apartments are occupied, providing existing rental income. Improvements include a newer roof and gutters, tuckpointing, vinyl replacement windows, updated plumbing, separate gas and electric metering, and modern mechanical systems.
The sale includes 4230 3rd Street, a dedicated parking parcel with a newly built secured fence and gate enclosing approximately 10 off-street spaces. Recorded easements and maintenance agreements support the parking arrangement. The property is on West Canfield Street in Midtown Detroit, 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 identified as nearby destinations or connections.
The sale includes 4230 3rd Street, a dedicated parking parcel with a newly built secured fence and gate enclosing approximately 10 off-street spaces. Recorded easements and maintenance agreements support the parking arrangement. The property is on West Canfield Street in Midtown Detroit, 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 identified as nearby destinations or connections.
Key Highlights
- Four two‑bedroom apartments within approximately 7,000 square feet
- Three of four units occupied with existing rental income
- Dedicated parking parcel at 4230 3rd Street with approximately 10 spaces
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
Yes
Paved road access
Yes
Utilities to site
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 - Income-producing residential property with renovated systems, dedicated parking, and three occupied apartments.
Where is this quadplex located?
The property is located at 681 W Canfield Street 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; Three of four units occupied with existing rental income; Dedicated parking parcel at 4230 3rd Street with approximately 10 spaces
