Renovated Brick
New
For Sale
$299,000
4073 W Philadelphia Street, Detroit, MI 48204
Multifamily, 2 Story, Detroit, MI
Property Size2,340 SF
Lot Size0.08 Acres
Price / SF$127.78
Days on Market4
Property Features for 4073 W Philadelphia Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family,Residential
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 2, Bathroom 2, Bedroom 3, Bedroom 5, Bedroom 6, Bathroom 1, Bedroom 7, Basement, Bathroom 3, Bedroom 1
Pets allowed
Yes
Interior features
Exterior Video Surveillance
Exterior features
Lighting
Subdivision
Stormfeltz-Lovely Co Sub
Elementary school district
Detroit
Middle school district
Detroit
High school district
Detroit
Directions
N of Grand River Ave, W of Dexter Ave
Standard status
Active
APN
W14I002913S
Size
2,340 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Description
S PHILADELPHIA 207 STORMFELTZ-LOVELEY CO SUB L29 P99 PLATS, W C R 14/167 35 X 104
Legal Description
S PHILADELPHIA 207 STORMFELTZ-LOVELEY CO SUB L29 P99 PLATS, W C R 14/167 35 X 104
Utilities
Heating system
Forced Air
Cooling system
Ceiling Fan(s)
Water source
Public
Amenities
front porch
private balcony
Building Details
Year built
1917
Floors in Building
2
Number of units
2
Building materials
Brick
Architectural style
Other
Listing Agency:
KW Domain · Keller Williams Realty
(248) 590-0800
Listed By:
Bethany Reyes · License #6501396840
(248) 259-6583
Added: Sep 23
Changed: Sep 24
Last Checked: Sep 26 at 12:06PM
MLS# 20261076629
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 2,340-square-foot duplex is a brick two-family property built in 1917, with a two-story configuration and a 0.08-acre lot. The first unit includes 3 bedrooms, 1 full bath, and a front porch. The second unit provides 4 bedrooms, 2 full baths, and a private balcony. Both units have been fully renovated, while the property retains its classic brick construction and includes a basement.
The property is located in Detroit, Michigan, within a Multi-Family, Residential zoning designation. A shared driveway and street parking serve the two-unit layout. Additional features include forced-air heating, ceiling fans, public water, exterior lighting, and exterior video surveillance.
The property is located in Detroit, Michigan, within a Multi-Family, Residential zoning designation. A shared driveway and street parking serve the two-unit layout. Additional features include forced-air heating, ceiling fans, public water, exterior lighting, and exterior video surveillance.
Key Highlights
- 2,340‑square‑foot duplex on a 0.08‑acre lot
- Two units: 3 bedrooms and 1 full bath downstairs; 4 bedrooms and 2 full baths upstairs
- Both units fully renovated
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
$26,743
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
8.94%
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%
$534,860
$534.9K
Cap Rate 7%
$382,043
$382.0K
Cap Rate 9%
$297,144
$297.1K
Market Conditions
NOI Build-Up for 2,340 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
$40.7K $17.40/SF
− Vacancy
−$2.5K −$1.07/SF
EGI
$38.2K $16.33/SF
− OpEx
−$11.5K −$4.90/SF
NOI
$26.7K $11.43/SF
Area
Detroit, MI
Vacancy
6.17%
Lease Rate
$17.40 /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%
$534,860
Cap Rate 7%
$382,043
Cap Rate 9%
$297,144
Alternative Uses
Best Use
Multifamily LT 5
$382.0K
$334.3K – $445.7K
NOI $26,743 @ 7.0% cap · market cap 8.94%
Second Best
Apartment 5plus
$350.7K
$306.9K – $409.1K
NOI $24,548 @ 7.0% cap · market cap 8.21%
Theoretical Best
Office A
$516.2K
$451.7K – $602.3K
NOI $36,135 @ 7.0% cap · market cap 12.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
334
Businesses Nearby
Explore this area
Business Placement
Demographics for 48204, MI
21,738
Population
13,691
Households
1.6
Avg Household Size
37
Median Age
10%
College-Educated
83%
High-School Grad
5.0 sq mi
ZIP Area
4,348
Density / Sq Mi
$32,875
Median Household Income
$26,701
Median Earnings
$970
Median Rent
$53,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer distinct layouts, outdoor spaces, and shared parking access.
Where is this duplex located?
The property is located at 4073 W Philadelphia Street Detroit, MI.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: 2,340‑square‑foot duplex on a 0.08‑acre lot; Two units: 3 bedrooms and 1 full bath downstairs; 4 bedrooms and 2 full baths upstairs; Both units fully renovated
