Eight-Unit Apartment
For Sale
$800,000
70 Westminster St, Detroit, MI 48202
Well-maintained eight-unit apartment building located in Detroit’s Boston-Edison neighborhood.
Property Size4,986 SF
Price / SF$160.45
Days on Market785
Property Features for 70 Westminster St
General Information
Standard status
Active
Size
4,986 SF
Property subtype
Multifamily
Zoning
R3
Additional Details
Multifamily Units
8
Building Details
Building Size
4,986 SF
Year Built
1912
Buildings
1
Stories
3
Listing Agency:
Thomas A. Duke Company
(248) 476-3700
Listed By:
Andrew G Battersby · License #6501384188
Source:
Cpix.resimplifi
Added: Jun 18, 2024
Changed: Aug 8
Last Checked: Aug 11 at 4:41AM
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 Thomas A. Duke Company
Investment Insights
Based on property information with market context.
This offering is an eight-unit apartment building in Detroit, presented for sale as a multi-family residential income property. The property is identified as an eight-unit building, providing a straightforward residential income configuration.
The building is located on Westminster St, just east of Woodward Ave, within the Boston-Edison neighborhood. The listing describes it as a rare redevelopment opportunity, and prospective buyers are encouraged to contact the broker for additional details.
For buyers seeking an apartment building in the Historic Detroit area, this eight-unit asset on Westminster St offers a compact, manageable size within the stated location parameters.
The building is located on Westminster St, just east of Woodward Ave, within the Boston-Edison neighborhood. The listing describes it as a rare redevelopment opportunity, and prospective buyers are encouraged to contact the broker for additional details.
For buyers seeking an apartment building in the Historic Detroit area, this eight-unit asset on Westminster St offers a compact, manageable size within the stated location parameters.
Key Highlights
- Eight‑unit apartment building built in 1912
- Located on Westminster St, just east of Woodward Ave
- Situated in Detroit’s Boston‑Edison (Historic Detroit) neighborhood
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
$52,307
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
6.54%
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%
$1,046,140
$1.0M
Cap Rate 7%
$747,243
$747.2K
Cap Rate 9%
$581,189
$581.2K
Market Conditions
NOI Build-Up for 4,986 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
$101.7K $20.40/SF
− Vacancy
−$6.6K −$1.33/SF
EGI
$95.1K $19.07/SF
− OpEx
−$42.8K −$8.58/SF
NOI
$52.3K $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%
$1,046,140
Cap Rate 7%
$747,243
Cap Rate 9%
$581,189
Alternative Uses
Best Use
Apartment 5plus
$747.2K
$653.8K – $871.8K
NOI $52,307 @ 7.0% cap · market cap 6.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.10M
$962.4K – $1.28M
NOI $76,995 @ 7.0% cap · market cap 9.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
393
Businesses Nearby
Explore this area
Business Placement
Demographics for 48202, MI
17,260
Population
10,078
Households
1.7
Avg Household Size
32
Median Age
38%
College-Educated
91%
High-School Grad
3.4 sq mi
ZIP Area
5,076
Density / Sq Mi
$36,536
Median Household Income
$31,725
Median Earnings
$894
Median Rent
$193,700
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 - Well-maintained eight-unit apartment building located in Detroit’s Boston-Edison neighborhood.
Where is this apartment building located?
The property is located at 70 Westminster St Detroit, MI.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Eight‑unit apartment building built in 1912; Located on Westminster St, just east of Woodward Ave; Situated in Detroit’s Boston‑Edison (Historic Detroit) neighborhood
