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    1456 Wayburn St Detroit, MI 48230

    Sponsored
    For Sale
    $335,000

    1 1/2 Story, Multi-Family - Grosse Pointe Park, MI

    Property size:
    2,000 SF
    Days on Market:
    17
    Last Refresh:
    Jan 25 at 8:06 pm

    Property Features for 1456 Wayburn St

    General Information

    Property type
    Residential Multi Family
    Standard status
    Active
    Zoning
    Residential
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5, Dining Room
    Bedrooms
    5
    Bathrooms
    2
    APN
    39-007-08-0045-000
    Patio and Porch features
    Porch
    Interior features
    Hardwood Floors
    Exterior features
    Porch, Exterior Balcony
    Basement Y/N
    1
    Appliances
    Dishwasher, Dryer, Microwave, Range, Refrigerator, Washer
    Size
    2,000 SF

    Utilities

    Heating system
    Forced Air
    Water front features
    Lake/River Access, Lake/River Access

    Building Details

    Year built
    1921
    Floors in Building
    1.5
    Number of units
    2
    Building materials
    Vinyl Siding
    Architectural style
    Other

    We can help!

    Listing Contact
    Eric Goosen
    Eric Goosen

    Realty Executives Select (586) 774-2300

    Listing agent Eric Goosen (586) 774-2300 License #6506037428

    Listing date Jan 9, 2026

    MLS# 50171256 Listing URL

    Copyright © 2026 Multiple Listing Service MiRealSource. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Grosse Pointe Park Two-Family Home

    Located on a quiet dead-end street near the municipal building in Grosse Pointe Park, this two-family home offers classic character with modern improvements. The property features hardwood floors, natural oak trim, and leaded stained-glass windows. Exterior updates include vinyl siding, a newer roof, thermal windows, and updated electrical service. Driveway parking with a pass-through to the alley provides additional off-street parking options. All appliances owned by the seller are included. The property is tenant-occupied, presenting an investment opportunity. The upper unit has 3 bedrooms and rents for $1400, while the lower unit has 2 bedrooms and rents for $1300. Tenants pay separate gas and electric. Both units have separate GFA furnace and HWT. The seller pays for water, insurance, and taxes. Tenants are responsible for lawn care and snow removal. The property is located in a walkable West Park location and has a property size of 2000 square feet and a lot size of 0 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -82.945667
    Latitude
    42.386519

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    FAQs

    What type of property is this?
    Duplex - Charming, updated two-family home in desirable West Park location.
    Where is this duplex located?
    The property is located at 1456 Wayburn St Detroit, MI.
    What is the asking price?
    The asking price for this property is $335,000.
    What are key features of this property?
    This property features: - Investment opportunity: Tenant-occupied two-family home with positive cash flow ($1400 + $1300 monthly rent).; - Desirable location: Quiet dead-end street in walkable West Park, Grosse Pointe Park, near the new municipal building.; - Major exterior updates: New vinyl siding, newer roof, thermal windows, and updated electrical service.
    (586) 899-3659
    Request Owner's contact information
    1456 Wayburn St Detroit, MI 48230
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    Detroit, MI 48230
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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
    1456 Wayburn St Detroit, MI 48230
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    We can help!
    Listing Contact
    Eric Goosen
    Eric Goosen
    Real Estate License ID: 6506037428
    (586) 899-3659
    Learn more
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