Upper-Lower
For Sale
$275,000
31 W BARRETT Avenue, Madison Heights, MI 48071
Multifamily, 2 Story, Madison Heights, MI
Property Size1,584 SF
Lot Size0.10 Acres
Price / SF$173.61
Days on Market206
Property Features for 31 W BARRETT Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 1, Bathroom 1, Bedroom 4, Basement, Bathroom 2, Bedroom 2
Pets allowed
Call
Subdivision
SLATER PARK SUB
Elementary school district
Madison (Madison Hts.)
Middle school district
Madison (Madison Hts.)
High school district
Madison (Madison Hts.)
Directions
Enter Street Off John R South Of Lincoln
Standard status
Active
APN
2523482012
Size
1,584 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Description
T1N, R11E, SEC 23 SLATER PARK SUB LOT 54
Tax Annual Amount
5501
Legal Description
T1N, R11E, SEC 23 SLATER PARK SUB LOT 54
Utilities
Heating system
Forced Air
Cooling system
Ceiling Fan(s), Central Air
Water source
Public
Building Details
Year built
1928
Floors in Building
2
Number of units
2
Building materials
Aluminum
Roof type
Asphalt
Architectural style
Bungalow
Listing Agency:
Keller Williams Paint Creek · Keller Williams Realty
(248) 609-8000
Listed By:
Evan Bassy
(586) 663-0473
Added: Feb 5
Changed: Aug 19
Last Checked: Aug 30 at 7:06AM
MLS# 20261007644
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.
31 W Barrett Avenue is an upper-lower duplex with two separate residential units totaling 1,584 square feet. Built in 1928 with bungalow styling, the property includes four bedrooms, two bathrooms, a basement, aluminum construction, forced-air heating, central air, and ceiling fans. Public water serves the property, which occupies 0.1 acres in Madison Heights, Michigan.
Both units are occupied under month-to-month leases. The upper apartment participates in Section 8, while the lower apartment is identified as having renovation potential. Tenants pay utilities directly, with water handled by the landlord and reimbursed through a bill-back arrangement. The property is zoned Multi-Family and is located in Oakland County within the 48071 postal area.
Both units are occupied under month-to-month leases. The upper apartment participates in Section 8, while the lower apartment is identified as having renovation potential. Tenants pay utilities directly, with water handled by the landlord and reimbursed through a bill-back arrangement. The property is zoned Multi-Family and is located in Oakland County within the 48071 postal area.
Key Highlights
- Two‑unit upper‑lower duplex totaling 1,584 square feet
- 0.1‑acre lot in Madison Heights, MI 48071
- Built in 1928 with bungalow architecture and aluminum construction
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
$20,966
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
7.62%
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%
$419,320
$419.3K
Cap Rate 7%
$299,514
$299.5K
Cap Rate 9%
$232,956
$233.0K
Market Conditions
NOI Build-Up for 1,584 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
$31.4K $19.80/SF
− Vacancy
−$1.4K −$0.89/SF
EGI
$30.0K $18.91/SF
− OpEx
−$9.0K −$5.67/SF
NOI
$21.0K $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%
$419,320
Cap Rate 7%
$299,514
Cap Rate 9%
$232,956
Alternative Uses
Best Use
Multifamily LT 5
$299.5K
$262.1K – $349.4K
NOI $20,966 @ 7.0% cap · market cap 7.62%
Second Best
Apartment 5plus
$277.6K
$242.9K – $323.8K
NOI $19,430 @ 7.0% cap · market cap 7.07%
Theoretical Best
Specialty Retail
$341.7K
$299.0K – $398.6K
NOI $23,916 @ 7.0% cap · market cap 8.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
412
Businesses Nearby
Explore this area
Business Placement
Demographics for 48071, MI
28,468
Population
14,690
Households
1.9
Avg Household Size
39
Median Age
32%
College-Educated
89%
High-School Grad
7.1 sq mi
ZIP Area
4,010
Density / Sq Mi
$66,726
Median Household Income
$49,151
Median Earnings
$1,138
Median Rent
$190,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two separate units with month-to-month tenancy and tenant-paid utilities create a flexible residential income property.
Where is this duplex located?
The property is located at 31 W BARRETT Avenue Madison Heights, MI.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Two‑unit upper‑lower duplex totaling 1,584 square feet; 0.1‑acre lot in Madison Heights, MI 48071; Built in 1928 with bungalow architecture and aluminum construction
