Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    3023 Gray St Detroit, MI 48215

    Sponsored
    For Sale
    $189,900

    Colonial - Detroit, MI

    Property size:
    2,054 SF
    Lot size:
    0.10 Acres
    Days on Market:
    8
    Last Refresh:
    Mar 2 at 11:06 pm

    Property Features for 3023 Gray St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Multi-Family
    Rooms
    Basement, Bathroom 1, Bathroom 2
    Bathrooms
    2
    APN
    W21I048727S
    Basement Y/N
    1
    Size
    2,054 SF
    Lot size
    0.10 Acres

    Utilities

    Heating system
    Forced Air, Natural Gas

    Building Details

    Year built
    1924
    Floors in Building
    2
    Building materials
    Brick
    Architectural style
    Colonial

    We can help!

    Listing Contact
    Yasir Abulaban

    Own It Realty (313) 395-0000

    Listing agent Yasir Abulaban (313) 395-0000

    Listing date Feb 23, 2026

    MLS# 20261010512 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Detroit Duplex: Income Potential

    This well-maintained duplex in Detroit presents an opportunity for owner-occupants or investors. Each unit features 2 bedrooms and 1 full bathroom, offering comfortable living space and income potential. The property's layout includes functional living areas and generous bedroom sizes. The property is located conveniently near shopping, dining, schools, and major freeways. The lot size is 0.1 acres and the property size is 2054 square feet. The property is located in Wayne County, Detroit, MI 48215.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -82.9612799
    Latitude
    42.3810282

    Nearby Similar for Sale

    • $399,999
      9,164 SF

      Detroit Office Building on Grand River

      Classic brick office building with value-add opportunity on high-traffic corridor.
      16625 Grand River Ave, Detroit, MI 48227
      View Details
    • $350,000
      7,679 SF

      Detroit Commercial Building on Fenkell

      Spacious 8,000 SF commercial building in Detroit's Fenkell Corridor.
      20650 Fenkell Ave, Detroit, MI 48223
      View Details
    • $575,000
      5,246 SF

      Detroit Commercial Property on Vernor

      Prime commercial property in Detroit's vibrant Mexicantown neighborhood.
      4435 W Vernor Hwy, Detroit, MI 48209
      View Details
    • $389,900
      4,468 SF

      Established Auto Repair Shop For Sale

      Profitable, turnkey auto repair shop with real estate in Detroit.
      13118 Gratiot Ave, Detroit, MI 48205
      View Details
    • $674,990
      13,735 SF

      Detroit Industrial/Commercial Opportunity Awaits

      Flexible 13,735 sqft space on 0.7-acre lot in Detroit.
      9900 Northlawn St, Detroit, MI 48204
      View Details
    • New
      $89,000
      1,226 SF

      Detroit Retail Space For Sale

      Commercial space previously used for retail in Detroit, Michigan.
      13657 Grand River Ave, Detroit, MI 48227
      View Details
    • $179,000
      2,000 SF

      Detroit Retail Space on Eight Mile

      Former nail salon on busy Eight Mile Road for sale.
      8235 W 8 Mile Rd, Detroit, MI 48221
      View Details
    • $199,000
      1,227 SF

      Detroit Commercial Building with Drive-Thru

      Versatile 1,200 SF commercial building with drive-thru and parking.
      8300 Livernois Ave, Detroit, MI 48204
      View Details
    • $100,000
      8,281 SF

      Detroit Commercial Canvas on Harper Avenue

      8,281 sq ft commercial property zoned B4 in Detroit.
      14320 Harper Ave, Detroit, MI 48213
      View Details
    • $525,000
      3,000 SF

      Grosse Pointe Woods Commercial Building

      3,000 SF commercial building on high-traffic Mack Avenue.
      20439 Mack Ave, Detroit, MI 48236
      View Details
    • New
      $249,900
      4,828 SF

      Detroit Restaurant with Full Kitchen

      Restaurant/bar with full kitchen and banquet hall potential.
      11233 Morang Dr, Detroit, MI 48224
      View Details
    • $800,000
      9,050 SF

      Detroit Retail Center on Joy

      Eight-unit retail center with high visibility and value-add potential.
      10501 Joy Rd, Detroit, MI 48204
      View Details

    FAQs

    What type of property is this?
    Duplex - Well-maintained Detroit duplex with strong income potential near amenities.
    Where is this duplex located?
    The property is located at 3023 Gray St Detroit, MI.
    What is the asking price?
    The asking price for this property is $189,900.
    What are key features of this property?
    This property features: - Income-producing duplex: Ideal for owner-occupants or investors.; - Two units, each with 2 bedrooms and 1 full bathroom.; - Suitable for FHA, VA, and conventional financing.
    (313) 395-0000
    Request Owner's contact information
    3023 Gray St Detroit, MI 48215
    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.
    3023 Gray St
    Detroit, MI 48215
    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
    3023 Gray St Detroit, MI 48215
    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

    We can help!
    Listing Contact
    Yasir Abulaban
    (313) 395-0000
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!