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    35324/ Chestnut St Wayne, MI 48184

    View on Map
    Sponsored
    For Sale
    $183,900

    MULTI_FAMILY - Wayne, MI

    Property size:
    2,432 SF
    Lot size:
    0.16 Acres
    Days on Market:
    2
    Last Refresh:
    Mar 25 at 12:06 am

    Property Features for 35324/ Chestnut St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bedroom 4, Bathroom 1, Basement, Bedroom 3, Bedroom 6, Bedroom 1, Bedroom 2, Laundry Room, Bathroom 2, Bedroom 5
    Bedrooms
    6
    APN
    55-003-01-0072-000
    Parking
    4
    Basement
    Full
    Size
    2,432 SF
    Lot size
    0.16 Acres

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer
    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1920
    Number of units
    2
    Building materials
    Wood Siding

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    Listing Contact
    Howard Watts
    Howard Watts

    Coldwell Banker Professionals

    Listing agent Howard Watts

    Listing date Mar 24, 2026

    MLS# 26010006

    Copyright © 2026 Michigan Regional Information Center, LLC. 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

    Charming 1920s Duplex in Wayne

    This charming 1920s two-story duplex is located on a peaceful, tree-lined street. The property is ideal for owner-occupancy and/or first-time homebuyers. It is conveniently located within walking distance of downtown shopping, grocery stores, and restaurants, and offers convenient commuting to Canton, Ann Arbor, Novi, Plymouth, Detroit Metro Airport, Dearborn, and other west Detroit neighborhoods. The property includes 35324 Chestnut, which is move-in ready and has been recently enhanced with new carpet in the bedrooms, hall, and main living area, freshly painted kitchen walls and basement floor, new kitchen faucets, newer kitchen appliances, and a new H20 heater scheduled for installation in August 2024. 35326 Chestnut has been occupied by the same tenant for over 15 years on a month-to-month lease. Both sides have an identical floor plan of 1216 square feet each, plus a full basement and attic with a large window. A two-car garage has a divider wall in the middle, providing each renter with covered parking, plus additional parking in the large paved driveway. Each unit has its own water meter, updated electric panel (breakers), and gas meter. There are four glass block windows with vents installed in the basement, providing energy efficiency, extra security, plus great natural light. Newer vinyl windows were installed on the main two floors and in the attics. The property is located in Wayne, MI, in Wayne County, and has a lot size of 0.16 acres.
    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
    Wayne
    County
    Wayne
    State
    Michigan
    Longitude
    -83.386928
    Latitude
    42.28764

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    FAQs

    What type of property is this?
    Duplex - Two-story duplex near downtown shopping, ideal for owner-occupancy.
    Where is this duplex located?
    The property is located at 35324/ Chestnut St Wayne, MI.
    What is the asking price?
    The asking price for this property is $183,900.
    What are key features of this property?
    This property features: - Move-in ready duplex with recent updates including new carpet, fresh paint, newer appliances, and a new H20 heater (Aug 2024).; - Excellent location: walking distance to downtown shopping, groceries, and restaurants; convenient commute to Canton, Ann Arbor, Novi, Plymouth, Detroit Metro Airport, and Dearborn.; - Ideal for owner-occupancy or first-time home buyer with potential rental income from the tenant-occupied unit (35326 Chestnut).
    (734) 645-3907
    Request Owner's contact information
    35324/ Chestnut St Wayne, MI 48184
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    Wayne, MI 48184
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    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
    35324/ Chestnut St Wayne, MI 48184
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    We can help!
    Listing Contact
    Howard Watts
    Howard Watts
    Real Estate License ID: 6501308142
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