Remodeled Two-Unit
For Sale
$314,900
273 Southbound Gratiot Avenue, Mount Clemens, MI 48043
MULTIFAMILY, Mount Clemens, MI
Property Size2,326 SF
Lot Size0.36 Acres
Price / SF$135.38
Days on Market69
Property Features for 273 Southbound Gratiot Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Mixed Use, Professional Office, Commercial, Residential
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 4, Bathroom 1, Bedroom 1, Bedroom 2, Basement, Bedroom 5, Bedroom 3
Subdivision
A/P # 22 Mt Clemens
Elementary school district
Mt Clemens Community Schools
Middle school district
Mt Clemens Community Schools
High school district
Mt Clemens Community Schools
Standard status
Active
APN
05-11-14-379-012
Size
2,326 SF
Lot size
0.36 Acres
Taxes and HOA fees
Tax Annual Amount
4441
Utilities
Heating system
Forced Air
Water source
Public
Building Details
Year built
1923
Floors in Building
2
Number of units
2
Architectural style
Colonial
Listing Agency:
Berkshire Hathaway HomeServices Kee Realty NB · Real Living
(586) 315-5700
Listed By:
James Fennell · License #6501242077
(586) 996-1251
Added: Jun 22
Changed: Aug 28
Last Checked: Aug 29 at 10:06PM
MLS# 50212319
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.
Investment Insights
Based on property information with market context.
This 2,326-square-foot Colonial duplex, built in 1923, contains two residential units with updated finishes. The first-floor residence includes one bedroom, a full bathroom, and a spacious kitchen. Upstairs, the three-bedroom unit provides a full bathroom, kitchen, and large sitting area that can also function as a home office. A basement adds additional property space, and forced-air heating serves the building.
The property occupies a 0.36-acre lot at 273 Southbound Gratiot Avenue in Mount Clemens, Michigan. Public water serves the building. The two-unit configuration offers distinct layouts within a single residential property.
The property occupies a 0.36-acre lot at 273 Southbound Gratiot Avenue in Mount Clemens, Michigan. Public water serves the building. The two-unit configuration offers distinct layouts within a single residential property.
Key Highlights
- 2,326‑square‑foot two‑unit duplex
- 0.36‑acre lot at 273 Southbound Gratiot Avenue
- First‑floor unit with 1 bedroom, full bath, and spacious kitchen
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
$24,623
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
7.82%
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%
$492,460
$492.5K
Cap Rate 7%
$351,757
$351.8K
Cap Rate 9%
$273,589
$273.6K
Market Conditions
NOI Build-Up for 2,326 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
$37.7K $16.20/SF
− Vacancy
−$2.5K −$1.08/SF
EGI
$35.2K $15.12/SF
− OpEx
−$10.6K −$4.54/SF
NOI
$24.6K $10.59/SF
Area
Macomb County, MI
Vacancy
6.65%
Lease Rate
$16.20 /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%
$492,460
Cap Rate 7%
$351,757
Cap Rate 9%
$273,589
Alternative Uses
Best Use
Multifamily LT 5
$351.8K
$307.8K – $410.4K
NOI $24,623 @ 7.0% cap · market cap 7.82%
Second Best
Apartment 5plus
$312.1K
$273.1K – $364.1K
NOI $21,844 @ 7.0% cap · market cap 6.94%
Theoretical Best
Specialty Retail
$435.5K
$381.0K – $508.1K
NOI $30,483 @ 7.0% cap · market cap 9.68%
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
598
Businesses Nearby
Explore this area
Business Placement
Demographics for 48043, MI
15,665
Population
7,059
Households
2.2
Avg Household Size
41
Median Age
18%
College-Educated
88%
High-School Grad
4.1 sq mi
ZIP Area
3,821
Density / Sq Mi
$57,315
Median Household Income
$37,683
Median Earnings
$896
Median Rent
$169,000
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 - Colonial-style duplex with one- and three-bedroom residences, updated finishes, and a basement.
Where is this duplex located?
The property is located at 273 Southbound Gratiot Avenue Mount Clemens, MI.
What is the asking price?
The asking price for this property is $314,900.
What are key features of this property?
This property features: 2,326‑square‑foot two‑unit duplex; 0.36‑acre lot at 273 Southbound Gratiot Avenue; First‑floor unit with 1 bedroom, full bath, and spacious kitchen
