Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Remodeled Multi-Family Property, Mount Clemens Title is generated by Realmo AI

    273 Southbound Gratiot, Mount Clemens, MI 48043

    View on Map
    Claim this Listing
    For Sale
    $324,900

    Multi-Family, 2 Story - Mount Clemens, MI

    Property size:
    2,326 SF
    Lot size:
    0.36 Acres
    Price / SF:
    $139/SF
    Added:
    Feb 16, 2026
    Days on Market:
    90
    Last Refresh:
    May 17 at 9:06 am

    Property Features for 273 Southbound Gratiot

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    Mixed Use,Professional Office,Commercial,Residential
    Bedrooms
    5
    Bathrooms
    2
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5, Kitchen
    Basement Y/N
    1
    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
    4440.96

    Utilities

    Heating system
    Forced Air

    Building Details

    Year built
    1923
    Floors in Building
    2
    Number of units
    2
    Architectural style
    Other

    We can help!

    Listing Contact
    James Fennell

    Listing agent James Fennell License #6501242077

    Listing office Berkshire Hathaway HomeServices Kee Realty NB 36622 Green St, Clinton Twp, MI

    Listing date Feb 16, 2026

    MLS# 50199530 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.

    HighLights

    • Move‑in ready, totally remodeled 2‑unit multi‑family home.
    • Potential to split the lot into 2 parcels for additional value.
    • Versatile property suitable for multi‑family, group home, office, or commercial use.
    • First‑floor unit: spacious one‑bedroom layout with large kitchen and full bath.
    • Upper unit: three bedrooms, full bath, kitchen, and large sitting area.
    • Ideal for owner‑occupants or investors: live in one unit and rent the other.

    Overview

    This remodeled two-unit multi-family property is move-in ready. It is suitable for a multi-family home, group home, office, or other commercial needs. The first-floor unit features a one-bedroom layout with a large kitchen and full bath. The upper unit offers three bedrooms, a full bath, a kitchen, and a large sitting area suitable for additional living space or a home office. It is ideal for owner-occupants or investors looking to live in one unit and rent the other. The property is located in Mount Clemens, MI, and the lot size is 0.36 acres. The property size is 2326 square feet. The zoning allows for mixed-use, professional office, commercial, and residential purposes. There is potential to split the lot into two parcels and sell the back parcel.

    Financial Insights

    Value Estimation Calculated for Multifamily LT 5

    Conservative
    $273.6K
    NOI $24,623 @ 9.00% cap · cautious / downside scenario
    Moderate
    $351.8K
    NOI $24,623 @ 7.00% cap · market / base-case scenario
    Aggressive
    $492.5K
    NOI $24,623 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Multifamily LT 5

    Component $ $/SF
    Gross rent $37.7k $16.20
    − Vacancy −$2.5k −$1.08
    EGI $35.2k $15.12
    − OpEx −$10.6k −$4.54
    NOI $24.6k $10.59
    2,326 SF · lease $16.20/SF/yr · vacancy 6.65% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Multifamily LT 5
    $351.8K
    $307.8K – $410.4K (±1% cap)
    NOI $24,623 @ 7.0% cap · market cap 7.58%
    Second Best
    Apartment 5plus
    $312.1K
    $273.1K – $364.1K (±1% cap)
    NOI $21,844 @ 7.0% cap · market cap 6.72%
    Theoretical Best
    Specialty Retail
    $435.5K
    $381.0K – $508.1K (±1% cap)
    NOI $30,483 @ 7.0% cap · market cap 9.38%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Mount Clemens
    County
    Macomb
    State
    Michigan
    Longitude
    -82.88179
    Latitude
    42.587154

    Nearby Similar for Sale

    • $550,000
      5,529 SF

      Commercial Property in Mt. Clemens

      Commercial property with established tenants in high-traffic area.
      209 Northbound Gratiot Avenue, Mt. Clemens, MI 48043
      View Details
    • $250,000
      2,572 SF

      Victorian Duplex in Mt. Clemens

      Charming Victorian duplex with investment or owner-occupant potential.
      98 ELDREDGE Street, Mt. Clemens, MI 48043
      View Details
    • $349,900
      2,134 SF

      Updated Triplex in Mount Clemens

      Well-maintained triplex with modern updates and full occupancy.
      40 Ahrens, Mount Clemens, MI 48043
      View Details
    • $239,900
      1,969 SF

      Occupied Multifamily Investment Opportunity

      Five-unit multifamily property in Mt. Clemens with long-term tenants.
      104 Grand Avenue, Mt. Clemens, MI 48043
      View Details
    • $529,000
      3,702 SF

      Remodeled Commercial Property in Downtown

      Prime commercial property in downtown Mount Clemens' bustling social district.
      104 MACOMB Pl, Mt Clemens City, MI 48043
      View Details
    • $475,000
      3,934 SF

      Historic Office and Retail Building

      Historic Mt. Clemens building suitable for office or retail.
      56 Macomb Place, Mt Clemens City, MI 48043
      View Details
    • $529,000
      3,702 SF

      Remodeled Commercial Property in Mt. Clemens

      Prime commercial property in downtown Mt. Clemens with high-end remodel.
      104 MACOMB, Mt. Clemens, MI 48043
      View Details
    • $550,000

      Established Retail Property For Sale

      High-traffic location with long-term tenants, strong investment opportunity.
      209 Northbound Gratiot Ave, Mount Clemens, MI 48043
      View Details
    • $324,900

      Remodeled Multi-Unit Property

      Move-in ready, remodeled two-unit property with potential for lot split.
      273 Southbound Gratiot Ave, Mount Clemens, MI 48043
      View Details
    • $250,000

      Charming Victorian Duplex Investment Opportunity

      Victorian duplex with rental income potential in Mt. Clemens.
      98 ELDREDGE St, Mount Clemens, MI 48043
      View Details
    • $225,000
      2,000 SF

      Mount Clemens Office Investment Opportunity

      Office building in Mount Clemens with ample parking and easy access.
      289 Southbound Gratiot, Mount Clemens, MI 48043
      View Details
    • $310,000
      2,204 SF

      Updated Office Building For Sale

      2,204 SF office building in downtown Mount Clemens.
      117 Crocker Boulevard, Mount Clemens, MI 48043
      View Details

    FAQs

    What type of property is this?
    Duplex - Move-in ready, remodeled multi-family property suitable for residential or commercial use.
    Where is this duplex located?
    The property is located at 273 Southbound Gratiot Mount Clemens, MI.
    What is the asking price?
    The asking price for this property is $324,900.
    What are key features of this property?
    This property features: Move‑in ready, totally remodeled 2‑unit multi‑family home.; Potential to split the lot into 2 parcels for additional value.; Versatile property suitable for multi‑family, group home, office, or commercial use.
    (586) 840-0400
    We can help!
    Listing Contact
    James Fennell
    Real Estate License ID: 6501242077
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    273 Southbound Gratiot, Mount Clemens, MI 48043
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!