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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1606 Gladstone St Detroit, MI 48206

    • Commercial real estate
    • 3,514 SF
    • 0.14 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0007967
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 1606 Gladstone St

    Year built
    1916
    Lot size
    0.14 lot acres
    Property size
    3,514 SF
    Property type
    Commercial real estate
    APN
    08002478

    Description

    This vacant, four-unit apartment building at 1606 Gladstone St, Detroit, MI 48206, presents a compelling redevelopment opportunity. The 3,514 square foot property, situated on a 0.14-acre lot (APN 08002478), is a two-story, Class C building constructed in 1916 and renovated in 2021. Significant structural and framing work has already been completed, including a new roof and newer windows and doors. The building is currently vacant and requires the completion of plumbing and electrical systems, along with all interior finishes. Quotes from licensed contractors for these systems are readily available. Each unit features two bedrooms and one bathroom with in-unit laundry. The property is securely fenced and located just five minutes from Midtown, surrounded by occupied multifamily buildings. A comparable property recently sold for $380,000, highlighting the potential return on investment. This is a for-sale-by-owner property, zoned for multifamily use, offering a blank slate for a savvy investor to create significant value. The asking price is $250,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.0952
    Latitude
    42.3750656

    Comparable in this City

    • $345,000
      2,668 SF

      Detroit Multifamily Investment Opportunity

      High-quality, turnkey 2-unit apartment building.
      1645 Taylor St, Detroit, MI 48206
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    • $210,000
      5,040 SF

      Detroit Multifamily Investment Opportunity

      Spacious multifamily property near Boston Edison district, Detroit.
      3230 Richton St, Detroit, MI 48206
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    • $199,000

      Renovated Multi-Family Unit

      Renovated multi-family unit with upgrades, ready for tenants.
      2642 Webb St, Detroit, MI 48206
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    • $495,000
      37,143 SF

      Dexter Ave Multifamily Investment

      33-Unit Detroit Apartment Building
      12170 Dexter Ave, Detroit, MI 48206
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    • $175,000

      34-Unit Apartment Building Opportunity

      34-unit apartment building on Detroit's West Side.
      2987 Gladstone St, Detroit, MI 48206
      View Details
    • $185,000
      15,188 SF

      Multi-Unit Property with Improvements

      Multi-unit property with substantial completed improvements, ready for new owner.
      2972 Rochester St, Detroit, MI 48206
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    Similar Nearby for Sale

    • $495,000
      37,143 SF

      Dexter Ave Multifamily Investment

      33-Unit Detroit Apartment Building
      12170 Dexter Ave, Detroit, MI 48206
      View Details
    • $175,000

      34-Unit Apartment Building Opportunity

      34-unit apartment building on Detroit's West Side.
      2987 Gladstone St, Detroit, MI 48206
      View Details
    • $345,000
      2,668 SF

      Detroit Multifamily Investment Opportunity

      High-quality, turnkey 2-unit apartment building.
      1645 Taylor St, Detroit, MI 48206
      View Details
    • $210,000
      5,040 SF

      Detroit Multifamily Investment Opportunity

      Spacious multifamily property near Boston Edison district, Detroit.
      3230 Richton St, Detroit, MI 48206
      View Details
    • $199,000

      Renovated Multi-Family Unit

      Renovated multi-family unit with upgrades, ready for tenants.
      2642 Webb St, Detroit, MI 48206
      View Details
    • $185,000
      15,188 SF

      Multi-Unit Property with Improvements

      Multi-unit property with substantial completed improvements, ready for new owner.
      2972 Rochester St, Detroit, MI 48206
      View Details

    Similar Nearby for Lease

    • $16 SF/Yr
      6,902 SF

      Detroit Retail Space: 3 Units Available

      Flexible Retail Space, 6902 sq ft, Detroit, MI
      9200 Dexter Ave, Detroit, MI 48206
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    • $9 SF/Yr
      12,112 SF

      Retail Space on Joy Road

      Available retail space with open layout and strong visibility.
      3431 Joy Rd, Detroit, MI 48206
      View Details
    • $14 SF/Yr
      947 SF

      Retail Space on Dexter Avenue

      Retail space available for lease in Detroit, Michigan.
      9200-9224 Dexter Ave, Detroit, MI 48206
      View Details
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    1606 Gladstone St
    Detroit, MI 48206
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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