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

    2028 Ewald Cir Detroit, MI 48238

    • Commercial real estate
    • 9,003 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0315638
    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 2028 Ewald Cir

    Property size
    9,003 SF
    Property type
    Commercial real estate

    Description

    This exceptional 12-unit multifamily investment property, located at 2028 Ewald Circle in Detroit, Michigan, presents a compelling opportunity for savvy investors. The property comprises a portfolio of twelve rental units, strategically arranged as six half-duplexes and three full duplexes, all situated on Ewald Circle. Boasting a total of 9,003 square feet, this two-story building offers a strong rental income stream. Each unit benefits from the significant renovations completed in 2016, ensuring modern amenities and attractive living spaces for tenants. The asking price is $650,000, translating to a price per square foot of $72.20. All necessary Certificates of Compliance are readily available for prospective buyers, providing peace of mind and streamlining the acquisition process. Furthermore, seller financing options are available, making this an even more accessible and attractive investment proposition. This well-maintained property in a desirable Detroit location offers a solid foundation for building long-term wealth through rental income and potential appreciation. The property's strong occupancy rate and consistent cash flow make it an ideal addition to any investment portfolio. Don't miss this chance to acquire a turnkey multifamily investment in a thriving Detroit neighborhood. The property is located in Wayne County, Michigan, zip code 48238.

    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
    -83.1312433
    Latitude
    42.3948975

    Comparable in this City

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      Ewald Circle Multifamily Investment

      Eight-unit Detroit apartment building, excellent ROI.
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    Similar Nearby for Sale

    • $625,000
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      Detroit Multifamily Investment Opportunity

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      4234 W Davison, Detroit, MI 48238
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    • $595,000
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      Ewald Circle Multifamily Investment

      Eight-unit Detroit apartment building, excellent ROI.
      3447-3471 Ewald Cir, Detroit, MI 48238
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    • $269,900
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      Remodeled Multi-Family Property with Bonus Home

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      Detroit Duplex: Income Producing Investment

      Charming 2-unit brick building, excellent cash flow.
      15867 Cherrylawn St, Detroit, MI 48238
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      24-Unit Apartment Building with Land

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      12835 La Salle Blvd, Detroit, MI 48238
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      3,828 SF

      Detroit Multifamily Investment Opportunity

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      2302 W Grand St, Detroit, MI 48238
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    Similar Nearby for Lease

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      Detroit Retail Space For Lease

      Prime Detroit retail, multiple spaces available.
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      Prime Retail Center in Detroit

      Retail and warehouse spaces available for lease in Detroit.
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      Lyndon Street Warehouse - For Sale

      2,800 SF Warehouse, Ideal Location
      8747 Lyndon St, Detroit, MI 48238
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    2028 Ewald Cir
    Detroit, MI 48238
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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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