Four-Unit Loft Apartment
New
For Sale
$550,000
8820 Joseph Campau, Hamtramck, MI 48212
Leased residences feature duplex layouts, private outdoor areas, and a detached garage with dedicated parking and storage.
Property Size4,700 SF
Days on Market3
Property Features for 8820 Joseph Campau
General Information
Standard status
Active
Size
4,700 SF
Property subtype
Investment
Occupancy
100%
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$15,708
Amenities
detached garage
fenced backyard patio areas
full basement
walkout balconies
Building Details
Building Size
4,700 SF
Year Built
1915
Units
8
Listing Agency:
Clyde Realty LLC
Listed By:
Benjamin Ness · License #6501394137
(248) 736-1175
Source:
Elliman
Added: Sep 30
Last Checked: Oct 1 at 11:00AM
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 Clyde Realty LLC
Investment Insights
Based on property information with market context.
This 1915 four-unit apartment property contains updated bi-level residences with hardwood flooring, exposed steel beams, and vaulted ceilings. Upper-level apartments have walkout balconies, while fenced patio areas provide additional outdoor space. A detached garage includes separate parking and storage areas, and the building also has a full basement. All four units are leased, and the property is professionally managed.
The property is at 8820 Joseph Campau in Hamtramck, near Veteran's Park, Painted Lady, Yemen Cafe, and Al Harmain International Foods. WalkScore is 80, BikeScore is 52, and TransitScore is 36.
The property is at 8820 Joseph Campau in Hamtramck, near Veteran's Park, Painted Lady, Yemen Cafe, and Al Harmain International Foods. WalkScore is 80, BikeScore is 52, and TransitScore is 36.
Key Highlights
- Four apartment units; all are leased
- Built in 1915
- Updated bi‑level layouts with hardwood floors, exposed steel beams, and vaulted ceilings
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
$46,142
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
8.39%
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%
$922,840
$922.8K
Cap Rate 7%
$659,171
$659.2K
Cap Rate 9%
$512,689
$512.7K
Market Conditions
NOI Build-Up for 4,700 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
$70.5K $15.00/SF
− Vacancy
−$4.6K −$0.98/SF
EGI
$65.9K $14.03/SF
− OpEx
−$19.8K −$4.21/SF
NOI
$46.1K $9.82/SF
Area
Wayne County, MI
Vacancy
6.50%
Lease Rate
$15.00 /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%
$922,840
Cap Rate 7%
$659,171
Cap Rate 9%
$512,689
Alternative Uses
Best Use
Multifamily LT 5
$659.2K
$576.8K – $769.0K
NOI $46,142 @ 7.0% cap · market cap 8.39%
Second Best
Apartment 5plus
$605.3K
$529.6K – $706.2K
NOI $42,370 @ 7.0% cap · market cap 7.70%
Theoretical Best
Specialty Retail
$870.2K
$761.4K – $1.02M
NOI $60,912 @ 7.0% cap · market cap 11.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
670
Businesses Nearby
Explore this area
Business Placement
Demographics for 48212, MI
43,192
Population
14,739
Households
2.9
Avg Household Size
29
Median Age
16%
College-Educated
68%
High-School Grad
5.3 sq mi
ZIP Area
8,149
Density / Sq Mi
$37,293
Median Household Income
$28,894
Median Earnings
$935
Median Rent
$98,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Quadplex - Leased residences feature duplex layouts, private outdoor areas, and a detached garage with dedicated parking and storage.
Where is this quadplex located?
The property is located at 8820 Joseph Campau Hamtramck, MI.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Four apartment units; all are leased; Built in 1915; Updated bi‑level layouts with hardwood floors, exposed steel beams, and vaulted ceilings
