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

    1980 Elmhurst St Detroit, MI 48206

    • Commercial real estate
    • 0.11 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0682194
    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 1980 Elmhurst St

    Lot size
    0.11 lot acres
    Property type
    Commercial real estate
    APN
    W08I003582S

    Description

    This exceptional 0.11-acre parcel of land, located at 1980 Elmhurst St, Detroit, MI 48206 (APN: W08I003582S), presents a compelling investment opportunity in a rapidly developing area. Zoned for multi-family use, this property offers significant potential for both residential and commercial development. Situated in Wayne County, the land's strategic location on Rosa Parks Boulevard places it within a high-demand zone where investors are actively seeking properties. The asking price is $9,841, translating to a land value of $89,463.63 per acre. This represents a unique chance to capitalize on the current market trends and build immediate equity or hold for future appreciation. The property's versatility allows for a range of development options, catering to diverse investment strategies. Whether you choose to develop the land immediately or hold it as a long-term investment, this property promises substantial returns. Don't miss this chance to secure a piece of Detroit's thriving real estate market. Act quickly, as opportunities like this are quickly snatched up.

    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
    -83.108401237721
    Latitude
    42.387399491928

    Comparable in this City

    • $60,000
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      Detroit Residential Land - $60K

      0.51-acre lot, R6 zoning, prime development site.
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      0.31 Acres

      Detroit Vacant Land Development Opportunity

      R3 zoned land ideal for multifamily development in Detroit.
      2025 W Euclid St, Detroit, MI 48206
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    • $90,000

      Multi-Unit Investment Opportunity

      Package sale: 18 units plus lot in growing area.
      9440 Savery St, Detroit, MI 48206
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      0.10 Acres

      Detroit Colonial Requiring Full Rehab

      Residential property with two vacant lots, requires complete rehabilitation.
      3740 Rochester St, Detroit, MI 48206
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    • $345,000
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      Detroit Multifamily Investment Opportunity

      High-quality, turnkey 2-unit apartment building.
      1645 Taylor St, Detroit, MI 48206
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    • $210,000
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      Detroit Multifamily Investment Opportunity

      Spacious multifamily property near Boston Edison district, Detroit.
      3230 Richton St, Detroit, MI 48206
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    Similar Nearby for Sale

    • $60,000
      0.51 Acres

      Detroit Residential Land - $60K

      0.51-acre lot, R6 zoning, prime development site.
      3421 Chicago, Detroit, MI 48206
      View Details
    • $90,000

      Multi-Unit Investment Opportunity

      Package sale: 18 units plus lot in growing area.
      9440 Savery St, Detroit, MI 48206
      View Details
    • Contact for pricing
      0.31 Acres

      Detroit Vacant Land Development Opportunity

      R3 zoned land ideal for multifamily development in Detroit.
      2025 W Euclid St, Detroit, MI 48206
      View Details
    • Contact for pricing
      0.10 Acres

      Detroit Colonial Requiring Full Rehab

      Residential property with two vacant lots, requires complete rehabilitation.
      3740 Rochester St, Detroit, MI 48206
      View Details
    • $85,000

      Multi-Unit Package For Sale

      Multi-unit properties being sold as a package.
      3236 Whitney St, Detroit, MI 48206
      View Details
    • $229,900

      Spacious Brick Duplex in Detroit

      Charming duplex with hardwood floors, updated kitchens, and separate entrances.
      2513 W Euclid St, Detroit, MI 48206
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    Similar Nearby for Lease

    • $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
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    • $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
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    • $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
      View Details
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    1980 Elmhurst 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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