Eight-Unit Apartment
70 Westminster St, Detroit, MI 48202
For Sale
$800,000
Well-maintained eight-unit apartment building located in Detroit’s Boston-Edison neighborhood.
Property Size4,986 SF
Price / SF$160.45
Days on Market876
Property Features for 70 Westminster St
General Information
Standard status
Size
Property subtype
Zoning
Site & Location
Neighborhood
Additional Details
Multifamily Units
Building Details
Building Size
Year Built
Buildings
Stories
Listing Agency:
Thomas A. Duke Company
Listed By:
Andrew G Battersby · License MI #6501384188
(248) 631-8085
Source:
Cpix.resimplifi
Added: Jun 18, 2024
Changed: Oct 31
Last Checked: Nov 10 at 5:08AM
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
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Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$52,307
Cap Rate
6.54%
Suggested Prices Based on Cap Rates
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
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 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.
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Who owns this building?
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Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
422
Businesses Nearby
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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
$193,700
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Detroit, MI
Properties on Market for Apartment buildings in Detroit
Vacancy Rate% for Multifamily in Midwest region
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
