Renovated Two-Unit
For Sale
$289,900
632 Clairmount Street, Detroit, MI 48202
Multifamily, 2 Story, Detroit, MI
Property Size2,262 SF
Lot Size0.10 Acres
Price / SF$128.16
Days on Market55
Property Features for 632 Clairmount Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 1, Basement, Bedroom 5, Bedroom 6, Bathroom 2, Bedroom 4, Bedroom 2, Bathroom 1
Pets allowed
Call
Subdivision
Hubbard & Dingwalls Sub Of Lt 8
Elementary school district
Detroit
Middle school district
Detroit
High school district
Detroit
Directions
South Of Chicago And East Of The Lodge
Standard status
Active
APN
W04I002504S
Size
2,262 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Description
N CLAIRMOUNT W 32 FT 19 AND VAC BANCROFT AVE IN REAR HUBBARD & DINGWALLS SUB L10 P84 PLATS, W C R 4/89 32 X 139
Tax Annual Amount
1899
Legal Description
N CLAIRMOUNT W 32 FT 19 AND VAC BANCROFT AVE IN REAR HUBBARD & DINGWALLS SUB L10 P84 PLATS, W C R 4/89 32 X 139
Utilities
Heating system
Forced Air
Water source
Public
Building Details
Year built
1905
Floors in Building
2
Number of units
2
Building materials
Brick
Architectural style
Other
Listing Agency:
RE/MAX Leading Edge · RE/MAX International
(313) 277-7777
Listed By:
Sherri Saad · License #6502418620
(313) 598-5322
Added: Aug 3
Changed: Sep 14
Last Checked: Sep 26 at 2:06PM
MLS# 20261060674
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 renovated duplex contains two residential units within a 2,262-square-foot building. Each unit is configured with 3 bedrooms and 1 full bathroom, along with a living room and updated kitchen featuring white cabinetry and counter space. The property also includes a basement and brick construction.
Built in 1905 on a 0.1-acre lot, the home is served by public water and forced-air heating. Both units are described as ready for immediate occupancy. The property is located in Detroit, Michigan, within Wayne County, and carries Residential zoning.
Built in 1905 on a 0.1-acre lot, the home is served by public water and forced-air heating. Both units are described as ready for immediate occupancy. The property is located in Detroit, Michigan, within Wayne County, and carries Residential zoning.
Key Highlights
- Two‑unit duplex with 3 bedrooms and 1 full bathroom per unit
- 2,262 square feet on a 0.1‑acre lot
- Renovated interiors with updated kitchens and white cabinetry
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
$25,851
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
8.92%
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%
$517,020
$517.0K
Cap Rate 7%
$369,300
$369.3K
Cap Rate 9%
$287,233
$287.2K
Market Conditions
NOI Build-Up for 2,262 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
$39.4K $17.40/SF
− Vacancy
−$2.4K −$1.07/SF
EGI
$36.9K $16.33/SF
− OpEx
−$11.1K −$4.90/SF
NOI
$25.9K $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%
$517,020
Cap Rate 7%
$369,300
Cap Rate 9%
$287,233
Alternative Uses
Best Use
Multifamily LT 5
$369.3K
$323.1K – $430.9K
NOI $25,851 @ 7.0% cap · market cap 8.92%
Second Best
Apartment 5plus
$339.0K
$296.6K – $395.5K
NOI $23,730 @ 7.0% cap · market cap 8.19%
Theoretical Best
Office A
$499.0K
$436.6K – $582.2K
NOI $34,930 @ 7.0% cap · market cap 12.05%
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
470
Businesses Nearby
Explore this area
Business Placement
Demographics for 48202, MI
17,260
Population
10,078
Households
1.7
Avg Household Size
32
Median Age
38%
College-Educated
91%
High-School Grad
3.4 sq mi
ZIP Area
5,076
Density / Sq Mi
$36,536
Median Household Income
$31,725
Median Earnings
$894
Median Rent
$193,700
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
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Frequently Asked Questions
What type of property is this?
Duplex - Each residence offers three bedrooms, one full bathroom, and an updated kitchen with white cabinetry.
Where is this duplex located?
The property is located at 632 Clairmount Street Detroit, MI.
What is the asking price?
The asking price for this property is $289,900.
What are key features of this property?
This property features: Two‑unit duplex with 3 bedrooms and 1 full bathroom per unit; 2,262 square feet on a 0.1‑acre lot; Renovated interiors with updated kitchens and white cabinetry
