Renovated Duplex with Modern
For Sale
$349,900
625 HORTON St, Detroit, MI 48202
Move-in-ready duplex featuring comprehensive renovations and modern amenities.
Property Size2,146 SF
Lot Size0.09 Acres
Price / SF$163.05
Days on Market167
Property Features for 625 HORTON St
General Information
Standard status
Active
Size
2,146 SF
Lot size
0.09 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$1,569
Building Details
Building Size
2,146 SF
Year Built
1913
Units
2
Listing Agency:
Creekstone Realty
(248) 762-9186
Listed By:
Sean Konja · License #6502408794
(248) 762-9186
Source:
Elliman
Added: Mar 10
Changed: Aug 16
Last Checked: Aug 23 at 5:08AM
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 Creekstone Realty
Investment Insights
Based on property information with market context.
Located at 625 Horton Street, this multifamily property features a comprehensive top-to-bottom renovation, including upgraded soffits, windows, electrical, plumbing, and paint. The property contains two units, each approximately 1073 square feet, featuring identical layouts. The well-designed kitchens are equipped with stainless steel appliances, ample cabinet storage and counter space, stylish tile backsplash, and luxurious marble-tiled floors. The spacious living rooms are illuminated with recessed lighting, creating a welcoming atmosphere. Additional storage space is available in both the basement and attic. This move-in-ready home offers both comfort and financial potential. It is suitable for investors seeking a turnkey property or buyers looking to reside in one unit while renting out the other. Please note that the seller is not accepting land contract or seller financing offers at this time. Buyer to verify all information.
Key Highlights
- Completely renovated with new soffits, windows, electrical, plumbing, and paint.
- Two identical units, each approximately 1073 sqft.
- Modern kitchens feature stainless steel appliances, ample storage, and marble‑tiled floors.
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
$24,526
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
7.01%
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%
$490,520
$490.5K
Cap Rate 7%
$350,371
$350.4K
Cap Rate 9%
$272,511
$272.5K
Market Conditions
NOI Build-Up for 2,146 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
$37.3K $17.40/SF
− Vacancy
−$2.3K −$1.07/SF
EGI
$35.0K $16.33/SF
− OpEx
−$10.5K −$4.90/SF
NOI
$24.5K $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%
$490,520
Cap Rate 7%
$350,371
Cap Rate 9%
$272,511
Alternative Uses
Best Use
Multifamily LT 5
$350.4K
$306.6K – $408.8K
NOI $24,526 @ 7.0% cap · market cap 7.01%
Second Best
Apartment 5plus
$321.6K
$281.4K – $375.2K
NOI $22,513 @ 7.0% cap · market cap 6.43%
Theoretical Best
Office A
$473.4K
$414.2K – $552.3K
NOI $33,139 @ 7.0% cap · market cap 9.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,771
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Move-in-ready duplex featuring comprehensive renovations and modern amenities.
Where is this duplex located?
The property is located at 625 HORTON St Detroit, MI.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Completely renovated with new soffits, windows, electrical, plumbing, and paint.; Two identical units, each approximately 1073 sqft.; Modern kitchens feature stainless steel appliances, ample storage, and marble‑tiled floors.
