Renovated Duplex in Detroit's North
403 Mt Vernon Street Detroit, MI 48202
For Sale
$350,000
Pending
MULTI_FAMILY - Colonial - Detroit, MI
Property Size1,853 SF
Lot Size0.24 Acres
Days on Market408
Property Features for 403 Mt Vernon Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bedrooms
4
Bathrooms
2
Rooms
Bathroom 2, Basement, Bathroom 1, Bedroom 2, Bedroom 4, Bedroom 3, Bedroom 1
Pets allowed
Yes
Exterior features
Fenced
Fencing
Fenced
Standard status
Pending
APN
01002413
Size
1,853 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Description
PROPERTY EXEMPT FROM AD VALOREM TAXES AND ASSESSED ON THE SPECIAL ACT ROLL PURSUANT TO PA 261 OF 2003 EXPIRING 12/30/2021. N MT VERNON 112KOCHS SUB L8 P14 PLATS, WCR 1/108 33.3 X 110
Tax Annual Amount
34
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1915
Floors in Building
2
Number of units
2
Building materials
Wood
Architectural style
Colonial
Listing Agency:
KW Domain
(248) 590-0800
Listed By:
Alan Davidov · License #6505433487
(248) 590-0800
Added: Jun 17, 2025
Changed: Jul 15
Last Checked: Jul 29 at 11:06AM
MLS# 20251009087
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.
This turnkey 2-unit property is located on Mt Vernon Street in Detroit's rapidly developing North End. Each unit features 2 bedrooms and 1 full bath. The property has been fully renovated with an updated roof, windows, electrical system, plumbing, furnace, and water heater. Fresh exterior paint has been applied. The home is situated on a fully fenced double lot, with 403 and 407 Mt Vernon included in the sale, offering potential for added outdoor space, parking, or future development. A new back porch adds charm, and gated off-street parking is available. Long-term tenants are in place, generating steady income. The property is located near the Q-Line and Fisher Building, and is just minutes from New Center, Midtown, and Downtown. The property size is 1853 square feet and the lot size is 0.24 acres.
Key Highlights
- Turnkey 2‑unit property at 415 Mt Vernon with long‑term tenants in place
- Each unit offers 2 bedrooms and 1 full bath
- Renovations include updated roof, windows, electrical, plumbing, furnace, and water heater
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 | $32.2k | $17.40 |
| − Vacancy | −$2.0k | −$1.07 |
| EGI | $30.3k | $16.33 |
| − OpEx | −$9.1k | −$4.90 |
| NOI | $21.2k | $11.43 |
1,853 SF · lease $17.40/SF/yr · vacancy 6.17% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$302.5K
$264.7K – $353.0K
NOI $21,177 @ 7.0% cap · market cap 6.05%
Second Best
Apartment 5plus
$277.7K
$243.0K – $324.0K
NOI $19,439 @ 7.0% cap · market cap 5.55%
Theoretical Best
Office A
$408.8K
$357.7K – $476.9K
NOI $28,615 @ 7.0% cap · market cap 8.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Duplex - Turnkey 2-unit property with steady income in Detroit's North End.
Where is this duplex located?
The property is located at 403 Mt Vernon Street Detroit, MI.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Turnkey 2‑unit property at 415 Mt Vernon with long‑term tenants in place; Each unit offers 2 bedrooms and 1 full bath; Renovations include updated roof, windows, electrical, plumbing, furnace, and water heater
