Turn-Key Two-Unit Income
For Sale
$274,900
1774 N Carlson St, Westland, MI 48185
Well-maintained, remodeled two-unit property in a prime location.
Property Size1,872 SF
Days on Market132
Property Features for 1774 N Carlson St
General Information
Standard status
Active
Size
1,872 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$8,139
Building Details
Building Size
1,872 SF
Year Built
1980
Units
2
Listing Agency:
CENTURY 21 Curran & Oberski Dearborn Heights
(313) 274-7200
Listed By:
Ali T Charara · License #6501340600
(313) 274-7200
Source:
Elliman
Added: Apr 24
Changed: Aug 14
Last Checked: Sep 1 at 8:00PM
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 CENTURY 21 Curran & Oberski Dearborn Heights
Investment Insights
Based on property information with market context.
This is a well-maintained and beautifully remodeled two-unit property that is fully updated and move-in ready. Each unit features 2 bedrooms, 1 full bathroom, and a modern kitchen. The property sits on a slab foundation. Updates include a newer roof installed in 2024, quartz countertops in the bathroom vanity and one kitchen, new tile flooring throughout, and updated lighting. One unit is currently rented at $1,400 per month. The second unit is Section 8 at $1,169 per month with the tenant vacating at month-end, allowing the opportunity to increase rent to market value. Market rents are estimated at $1,400 per unit. Rents have not been increased in over 18 months, offering immediate value-add potential. The property is located directly across from a park and police station and near a Kroger-anchored shopping center. This location provides strong rental demand and convenience. It is ideal for investors or owner-occupants seeking a turn-key, cash-flowing property in a desirable area. The bike score is 56, indicating it is bikeable, and the walk score is 79, indicating it is very walkable.
Key Highlights
- Turn‑key, fully updated two‑unit income property, ready for immediate occupancy and cash flow.
- Prime location across from a park and police station, near a Kroger‑anchored shopping center, ensuring strong rental demand and convenience.
- Immediate value‑add potential with the ability to increase rents to market rate ($1,400 per unit) upon vacancy.
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
$18,378
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
6.69%
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%
$367,560
$367.6K
Cap Rate 7%
$262,543
$262.5K
Cap Rate 9%
$204,200
$204.2K
Market Conditions
NOI Build-Up for 1,872 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
$28.1K $15.00/SF
− Vacancy
−$1.8K −$0.98/SF
EGI
$26.3K $14.03/SF
− OpEx
−$7.9K −$4.21/SF
NOI
$18.4K $9.82/SF
Area
Wayne County, MI
Vacancy
6.50%
Lease Rate
$15.00 /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%
$367,560
Cap Rate 7%
$262,543
Cap Rate 9%
$204,200
Alternative Uses
Best Use
Multifamily LT 5
$262.5K
$229.7K – $306.3K
NOI $18,378 @ 7.0% cap · market cap 6.69%
Second Best
Apartment 5plus
$241.1K
$211.0K – $281.3K
NOI $16,876 @ 7.0% cap · market cap 6.14%
Theoretical Best
Specialty Retail
$346.6K
$303.3K – $404.4K
NOI $24,261 @ 7.0% cap · market cap 8.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
506
Businesses Nearby
Explore this area
Business Placement
Demographics for 48185, MI
49,730
Population
23,554
Households
2.1
Avg Household Size
40
Median Age
23%
College-Educated
91%
High-School Grad
12.2 sq mi
ZIP Area
4,076
Density / Sq Mi
$59,085
Median Household Income
$40,435
Median Earnings
$1,123
Median Rent
$183,500
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 - Well-maintained, remodeled two-unit property in a prime location.
Where is this duplex located?
The property is located at 1774 N Carlson St Westland, MI.
What is the asking price?
The asking price for this property is $274,900.
What are key features of this property?
This property features: Turn‑key, fully updated two‑unit income property, ready for immediate occupancy and cash flow.; Prime location across from a park and police station, near a Kroger‑anchored shopping center, ensuring strong rental demand and convenience.; Immediate value‑add potential with the ability to increase rents to market rate ($1,400 per unit) upon vacancy.
