Side-by-Side Ranch
New
For Sale
$335,000
Pending
11046 Russell St, Utica, MI 48317
Two separate residences offer distinct utility systems, dedicated boilers, and a detached garage with additional parking.
Property Size2,150 SF
Days on Market3
Property Features for 11046 Russell St
General Information
Standard status
Pending
Size
2,150 SF
Total Parking Spaces
2
Property subtype
Investment
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,367
Building Details
Building Size
2,150 SF
Year Built
1959
Buildings
1
Units
2
Construction
ranch
Listing Agency:
REALTEAM LLC
(586) 212-1237
Listed By:
Amy Moore · License #6502393501
(586) 212-1237
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 9 at 6:32AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of REALTEAM LLC
Investment Insights
Based on property information with market context.
Built in 1959, this side-by-side ranch duplex contains just over 2,100 sq ft across two separate residences. The first unit provides 900 sq ft with 2 bedrooms and 1 full bathroom, along with updated carpet and luxury vinyl plank flooring, a range, microwave, and dryer. The second residence includes 1,250 sq ft, 3 bedrooms, and 2 full bathrooms in a ranch-style layout, plus ceiling fans, an updated bathroom, a 2025 water heater, kitchen appliances, and laundry equipment.
Each residence has its own boiler and separate utilities. Exterior improvements include a detached 2-car garage and additional parking. The property is located near shopping, restaurants, parks, and expressways at 11046 Russell St in Utica, MI.
Each residence has its own boiler and separate utilities. Exterior improvements include a detached 2-car garage and additional parking. The property is located near shopping, restaurants, parks, and expressways at 11046 Russell St in Utica, MI.
Key Highlights
- Side‑by‑side duplex with 2 residences and just over 2,100 sq ft of living space
- One residence has 2 bedrooms, 1 full bathroom, and 900 sq ft
- Second residence offers 3 bedrooms, 2 full bathrooms, and 1,250 sq ft
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
$22,230
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
6.64%
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%
$444,600
$444.6K
Cap Rate 7%
$317,571
$317.6K
Cap Rate 9%
$247,000
$247.0K
Market Conditions
NOI Build-Up for 2,100 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
$34.0K $16.20/SF
− Vacancy
−$2.3K −$1.08/SF
EGI
$31.8K $15.12/SF
− OpEx
−$9.5K −$4.54/SF
NOI
$22.2K $10.59/SF
Area
Macomb County, MI
Vacancy
6.65%
Lease Rate
$16.20 /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%
$444,600
Cap Rate 7%
$317,571
Cap Rate 9%
$247,000
Alternative Uses
Best Use
Multifamily LT 5
$317.6K
$277.9K – $370.5K
NOI $22,230 @ 7.0% cap · market cap 6.64%
Second Best
Apartment 5plus
$281.7K
$246.5K – $328.7K
NOI $19,721 @ 7.0% cap · market cap 5.89%
Theoretical Best
Specialty Retail
$393.2K
$344.0K – $458.7K
NOI $27,521 @ 7.0% cap · market cap 8.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
474
Businesses Nearby
Explore this area
Business Placement
Demographics for 48317, MI
27,864
Population
12,936
Households
2.2
Avg Household Size
39
Median Age
32%
College-Educated
90%
High-School Grad
12.0 sq mi
ZIP Area
2,322
Density / Sq Mi
$72,465
Median Household Income
$41,895
Median Earnings
$1,227
Median Rent
$248,700
Median Home Value
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 separate residences offer distinct utility systems, dedicated boilers, and a detached garage with additional parking.
Where is this duplex located?
The property is located at 11046 Russell St Utica, MI.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: Side‑by‑side duplex with 2 residences and just over 2,100 sq ft of living space; One residence has 2 bedrooms, 1 full bathroom, and 900 sq ft; Second residence offers 3 bedrooms, 2 full bathrooms, and 1,250 sq ft
