Brick Side-by-Side
New
For Sale
$610,000
205-207 S Pleasant Street, Royal Oak, MI 48067
Multifamily, 2 Story, Royal Oak, MI
Property Size2,200 SF
Lot Size0.14 Acres
Price / SF$277.27
Days on Market2
Property Features for 205-207 S Pleasant Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family,Residential
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 1, Bedroom 2, Bedroom 3, Basement, Bedroom 4, Bathroom 2
Parking
2
Pets allowed
Call
Interior features
Laundry Facility
Exterior features
Private Entry
Subdivision
Meadow Park Add
Elementary school district
Royal Oak
Middle school district
Royal Oak
High school district
Royal Oak
Directions
South of 11 Mile on the East Side of S. Pleasant
Standard status
Active
APN
2521204007
Size
2,200 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Description
T1N, R11E, SEC 21 MEADOW PARK ADD LOT 138, ALSO LOT 139 EXC N 10 FT
Tax Annual Amount
10578
Legal Description
T1N, R11E, SEC 21 MEADOW PARK ADD LOT 138, ALSO LOT 139 EXC N 10 FT
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
shared backyard
washer and dryer
Building Details
Year built
1951
Floors in Building
2
Number of units
2
Building materials
Brick
Architectural style
Other
Listing Agency:
KW Metro · Keller Williams Realty
(248) 288-3500
Listed By:
Nicole Abbiss · License #6501420918
(989) 284-4292
Added: Sep 14
Changed: Sep 15
Last Checked: Sep 15 at 3:06PM
MLS# 20261073901
Copyright © 2026 Realcomp Limited II. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,200-square-foot side-by-side duplex includes two residential units, each with a living room, formal dining area, kitchen, two bedrooms, and a full bathroom. Hardwood flooring, updated kitchen appliances, butcher block countertops, private entries, and separate basements with laundry provide practical unit-level functionality. The brick structure was built in 1951 and includes forced-air heating, central air conditioning, and public water service.
The property occupies 0.14 acres at 205-207 S Pleasant Street in Royal Oak. Downtown Royal Oak shops, restaurants, grocery stores, and entertainment are within walking distance, with major highway access nearby. One unit is occupied under a lease through May 2027, while the second unit is vacant and available for occupancy.
Each unit has separate utilities and its own basement storage area. The basements are described as dry and include washer and dryer equipment, while the shared backyard provides outdoor space for the property.
The property occupies 0.14 acres at 205-207 S Pleasant Street in Royal Oak. Downtown Royal Oak shops, restaurants, grocery stores, and entertainment are within walking distance, with major highway access nearby. One unit is occupied under a lease through May 2027, while the second unit is vacant and available for occupancy.
Each unit has separate utilities and its own basement storage area. The basements are described as dry and include washer and dryer equipment, while the shared backyard provides outdoor space for the property.
Key Highlights
- Side‑by‑side duplex totaling 2,200 SF on a 0.14‑acre lot
- Each unit includes 2 bedrooms, a full bathroom, and a private basement
- Separate utilities and individual washer and dryer areas
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
$29,120
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
4.77%
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%
$582,400
$582.4K
Cap Rate 7%
$416,000
$416.0K
Cap Rate 9%
$323,556
$323.6K
Market Conditions
NOI Build-Up for 2,200 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
$43.6K $19.80/SF
− Vacancy
−$2.0K −$0.89/SF
EGI
$41.6K $18.91/SF
− OpEx
−$12.5K −$5.67/SF
NOI
$29.1K $13.24/SF
Area
Oakland County, MI
Vacancy
4.50%
Lease Rate
$19.80 /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%
$582,400
Cap Rate 7%
$416,000
Cap Rate 9%
$323,556
Alternative Uses
Best Use
Multifamily LT 5
$416.0K
$364.0K – $485.3K
NOI $29,120 @ 7.0% cap · market cap 4.77%
Second Best
Apartment 5plus
$385.5K
$337.3K – $449.8K
NOI $26,986 @ 7.0% cap · market cap 4.42%
Theoretical Best
Specialty Retail
$474.5K
$415.2K – $553.6K
NOI $33,216 @ 7.0% cap · market cap 5.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,836
Businesses Nearby
Explore this area
Business Placement
Demographics for 48067, MI
24,589
Population
13,714
Households
1.8
Avg Household Size
36
Median Age
67%
College-Educated
96%
High-School Grad
4.6 sq mi
ZIP Area
5,345
Density / Sq Mi
$107,355
Median Household Income
$76,700
Median Earnings
$1,435
Median Rent
$309,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with separate utilities, private basements, and a walkable Downtown Royal Oak setting.
Where is this duplex located?
The property is located at 205-207 S Pleasant Street Royal Oak, MI.
What is the asking price?
The asking price for this property is $610,000.
What are key features of this property?
This property features: Side‑by‑side duplex totaling 2,200 SF on a 0.14‑acre lot; Each unit includes 2 bedrooms, a full bathroom, and a private basement; Separate utilities and individual washer and dryer areas
