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    Renovated Duplex with Oversized Backyard Title is generated by Realmo AI

    1083 Lakepointe Street, Grosse Pointe Park, MI 48230

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    Pending
    $260,000

    MULTI_FAMILY - Grosse Pointe Park, MI

    Property size:
    1,140 SF
    Lot size:
    0.11 Acres
    Added:
    Apr 23, 2026
    Days on Market:
    44
    Last Refresh:
    Jun 5 at 8:06 pm

    Property Features for 1083 Lakepointe Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    3
    Bathrooms
    2
    Rooms
    Bedroom 2, Basement, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 3
    Standard status
    Pending
    APN
    39-008-03-0022-000
    Size
    1,140 SF
    Lot size
    0.11 Acres

    Taxes and HOA fees

    Tax Annual Amount
    5754

    Utilities

    Heating system
    Forced Air
    Water source
    Public

    Building Details

    Year built
    1915
    Floors in Building
    2
    Number of units
    2

    We can help!

    Listing Contact
    Michael DeFauw
    Michael DeFauw

    Listing agent Michael DeFauw License #6501387091

    Listing office Sine & Monaghan LLC 18412 Mack Ave, Grosse Pointe Farms, MI

    Listing date Apr 23, 2026

    MLS# 50205223 Listing URL

    Copyright © 2026 Multiple Listing Service MiRealSource. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Renovated duplex with forced air heating and public water
    • Year built 1915 duplex with 2 units: lower 2BR/1BA and upper 1BR/1BA
    • New kitchen and new bathroom plus new carpeting and flooring in both units
    • Lower unit is vacant; upper unit has a tenant scheduled to move out May 1, 2026
    • Off‑street parking for up to four cars and an oversized backyard
    • Access to two exclusive waterfront parks with amenities including movie theaters, swimming pools, splash pad, and tennis courts

    Overview

    This renovated duplex has been completely redone and is presented as a turnkey property. The updates include a brand-new kitchen and bathroom, along with new carpeting and flooring in both units. The lower unit offers two bedrooms and one bath with an eat-in kitchen, dining area, and living room, and it is currently vacant. The upper unit features a large one-bedroom layout with a bath and living room. Outside, the property includes an oversized backyard for additional outdoor space and off-street parking for up to four cars.

    Located at 1083 Lakepointe Street in Grosse Pointe Park, the home provides access to two exclusive waterfront parks. Those parks offer amenities including movie theaters, swimming pools, a splash pad, tennis courts, and additional features.

    For tenants, the current configuration supports separate living spaces with updated interiors in both units, with the lower unit available for immediate occupancy. The upper unit is occupied by a current tenant who is scheduled to move out on May 1, 2026. Per the listing, showings are limited to the vacant lower unit first, with an accepted offer required prior to viewing the upper unit.
    Property Profile 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 Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Grosse Pointe Park
    County
    Wayne
    State
    Michigan
    Longitude
    -82.938266
    Latitude
    42.378749

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    FAQs

    What type of property is this?
    Duplex - Turnkey renovated duplex with vacant lower unit, updated finishes, and off-street parking for up to four cars.
    Where is this duplex located?
    The property is located at 1083 Lakepointe Street Grosse Pointe Park, MI.
    What is the asking price?
    The asking price for this property is $260,000.
    What are key features of this property?
    This property features: Renovated duplex with forced air heating and public water; Year built 1915 duplex with 2 units: lower 2BR/1BA and upper 1BR/1BA; New kitchen and new bathroom plus new carpeting and flooring in both units
    (313) 820-5428
    We can help!
    Listing Contact
    Michael DeFauw
    Michael DeFauw
    Real Estate License ID: 6501387091
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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.

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