Two-Unit Duplex with Updated
For Sale
$225,000
21857 Le Fever Avenue, Warren, MI 48091
Multifamily, 2 Story, Warren, MI
Property Size1,418 SF
Lot Size0.23 Acres
Price / SF$158.67
Days on Market225
Property Features for 21857 Le Fever Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bedroom 2, Bedroom 1, Bedroom 3, Bedroom 4, Bathroom 3, Bathroom 1, Bathroom 2
Pets allowed
Call
Interior features
Smoke Alarm
Exterior features
Awning/Overhang(s)
Subdivision
S/P Highland Farms
Elementary school district
Fitzgerald
Middle school district
Fitzgerald
High school district
Fitzgerald
Directions
N of Toepher/E of Ryan
Standard status
Active
APN
1332153035
Size
1,418 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Description
SUPERVISORS PLAT OF HIGHLAND FARMS LOT 43 EXC S 102.0 FT. L19 P32
Tax Annual Amount
5954
Legal Description
SUPERVISORS PLAT OF HIGHLAND FARMS LOT 43 EXC S 102.0 FT. L19 P32
Utilities
Heating system
Radiant, Baseboard
Cooling system
Window Unit(s), Ceiling Fan(s)
Water source
Public
Building Details
Year built
1942
Floors in Building
2
Number of units
2
Building materials
Vinyl
Roof type
Asphalt
Architectural style
Other
Listing Agency:
KW Domain · Keller Williams Realty
(248) 590-0800
Listed By:
Melanie S Bishop · License #6501217402
(248) 867-7800
Added: Jan 27
Changed: Sep 4
Last Checked: Sep 9 at 1:06AM
MLS# 20261002542
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 1,418-square-foot duplex was built in 1942 and contains two residential units, each with two bedrooms and one full bathroom. The lower apartment includes hardwood flooring, tile in the kitchen, an open living arrangement, and a kitchen dining nook. The upper apartment has newer flooring and updated interior finishes. Current long-term tenants are in place, and the property includes a basement, vinyl exterior, asphalt roof, and awning or overhang features.
Recent improvements include flooring, paint, windows, a boiler, hot water heaters, and the roof. Heating is provided by radiant and baseboard systems, while cooling includes window units and ceiling fans. The property occupies 0.23 acres in Warren and is served by public water. Residential zoning supports its existing duplex configuration.
Recent improvements include flooring, paint, windows, a boiler, hot water heaters, and the roof. Heating is provided by radiant and baseboard systems, while cooling includes window units and ceiling fans. The property occupies 0.23 acres in Warren and is served by public water. Residential zoning supports its existing duplex configuration.
Key Highlights
- Two‑unit duplex with two bedrooms and one full bathroom per unit
- 1,418 square feet on a 0.23‑acre lot
- Current long‑term tenants in place
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
$13,921
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
6.19%
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%
$278,420
$278.4K
Cap Rate 7%
$198,871
$198.9K
Cap Rate 9%
$154,678
$154.7K
Market Conditions
NOI Build-Up for 1,418 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
$21.3K $15.00/SF
− Vacancy
−$1.4K −$0.98/SF
EGI
$19.9K $14.03/SF
− OpEx
−$6.0K −$4.21/SF
NOI
$13.9K $9.82/SF
Area
Warren, MI
Vacancy
6.50%
Lease Rate
$15.00 /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%
$278,420
Cap Rate 7%
$198,871
Cap Rate 9%
$154,678
Alternative Uses
Best Use
Multifamily LT 5
$198.9K
$174.0K – $232.0K
NOI $13,921 @ 7.0% cap · market cap 6.19%
Second Best
Apartment 5plus
$185.1K
$162.0K – $216.0K
NOI $12,960 @ 7.0% cap · market cap 5.76%
Theoretical Best
Office A
$312.8K
$273.7K – $365.0K
NOI $21,897 @ 7.0% cap · market cap 9.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
368
Businesses Nearby
Explore this area
Business Placement
Demographics for 48091, MI
32,267
Population
12,919
Households
2.5
Avg Household Size
37
Median Age
17%
College-Educated
82%
High-School Grad
7.9 sq mi
ZIP Area
4,084
Density / Sq Mi
$53,400
Median Household Income
$31,877
Median Earnings
$1,231
Median Rent
$138,700
Median Home Value
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 - Residentially zoned duplex with tenants in place, refreshed upper-level finishes, and two-bedroom layouts in both units.
Where is this duplex located?
The property is located at 21857 Le Fever Avenue Warren, MI.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Two‑unit duplex with two bedrooms and one full bathroom per unit; 1,418 square feet on a 0.23‑acre lot; Current long‑term tenants in place
