Midtown Detroit Multifamily
For Sale
$11,000,000
710 East Ferry Street, Detroit, MI 48202
Located in Detroit's Art and Cultural District, walkable to attractions.
Property Size39,844 SF
Price / SF$276.08
Days on Market332
Property Features for 710 East Ferry Street
General Information
Standard status
Active
Size
39,844 SF
Class
B
Property subtype
Multi-Family
Zoning
R-5
Building Details
Building Size
39,844 SF
Year Built
2017
Listing Agency:
RE/MAX
(248) 505-2509
Listed By:
Ellen Mahoney · License #6504392818
(248) 505-2509
Source:
Remaxcommercial
Added: Sep 25, 2025
Changed: Aug 8
Last Checked: Aug 22 at 3:31AM
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 RE/MAX
Investment Insights
Based on property information with market context.
Located in the Art and Cultural District of Midtown Detroit, this multifamily property offers a walkable location close to numerous attractions. These include the Detroit Institute of Arts, the Charles H. Wright Museum of African American History, Bas Bleu Detroit, University Prep., Wayne State University, The Center for Creative Studies, and several medical centers. The property encompasses a total size of 39844 square feet.
Key Highlights
- Located in the Art and Cultural District of Midtown Detroit
- Highly walkable area
- Close proximity to the Detroit Institute of Arts
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
$417,991
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
3.80%
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%
$8,359,820
$8.4M
Cap Rate 7%
$5,971,300
$6.0M
Cap Rate 9%
$4,644,344
$4.6M
Market Conditions
NOI Build-Up for 39,844 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
$812.8K $20.40/SF
− Vacancy
−$52.8K −$1.33/SF
EGI
$760.0K $19.07/SF
− OpEx
−$342.0K −$8.58/SF
NOI
$418.0K $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%
$8,359,820
Cap Rate 7%
$5,971,300
Cap Rate 9%
$4,644,344
Alternative Uses
Best Use
Apartment 5plus
$5.97M
$5.22M – $6.97M
NOI $417,991 @ 7.0% cap · market cap 3.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.79M
$7.69M – $10.25M
NOI $615,282 @ 7.0% cap · market cap 5.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
917
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 - Located in Detroit's Art and Cultural District, walkable to attractions.
Where is this apartment building located?
The property is located at 710 East Ferry Street Detroit, MI.
What is the asking price?
The asking price for this property is $11,000,000.
What are key features of this property?
This property features: Located in the Art and Cultural District of Midtown Detroit; Highly walkable area; Close proximity to the Detroit Institute of Arts
