31 W BARRETT Avenue Madison Heights, MI 48071
MULTI_FAMILY - Bungalow - Madison Heights, MI
Property Features for 31 W BARRETT Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- Multi-Family
- Bedrooms
- 4
- Bathrooms
- 2
- Rooms
- Bathroom 1, Bathroom 2, Bedroom 4, Basement, Bedroom 3, Bedroom 2, Bedroom 1
- Pets allowed
- Call
- 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
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 agent Evan Bassy (248) 649-7200
Listing office Keller Williams Paint Creek 440 S Main Street, Troy, MI (248) 609-8000
Listing date Feb 5, 2026
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Investment Insights
Based on property information with market context.
Key Highlights
- Upper‑lower duplex with 2 separate units and tenants on month‑to‑month leases
- Upper unit is Section 8 and also rented month to month
- Lower unit is month to month and offers value‑add potential for new owners
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $31.4k | $19.80 |
| − Vacancy | −$1.4k | −$0.89 |
| EGI | $30.0k | $18.91 |
| − OpEx | −$9.0k | −$5.67 |
| NOI | $21.0k | $13.24 |
