Royal Oak Duplex Investment
For Sale
$414,900
Pending
2009 W 14 Mile Rd, Royal Oak, MI 48073
Well-maintained duplex in Royal Oak, ideal for investors.
Property Size2,027 SF
Days on Market94
Property Features for 2009 W 14 Mile Rd
General Information
Standard status
Pending
Size
2,027 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$8,686
Building Details
Building Size
2,027 SF
Year Built
1983
Units
2
Listing Agency:
COMMUNITY CHOICE REALTY INC.
(248) 251-6299
Listed By:
Laith Bachi
(248) 251-6299
Source:
Elliman
Added: May 20
Changed: Aug 13
Last Checked: Aug 20 at 10:14AM
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 COMMUNITY CHOICE REALTY INC.
Investment Insights
Based on property information with market context.
This well-maintained duplex presents an exceptional investment opportunity in the heart of Royal Oak, situated close to nightlife and Corewell Health facilities. The property includes two addresses: 2009 and 2011 W 14 Mile Rd. Each unit features 2 bedrooms and 1 full bathroom, making it an ideal addition to any investor's portfolio. Both units were fully remodeled in 2020, including brand new AC units, furnaces, and hot water tanks. Tenants are responsible for all separately metered utilities, while the owner is responsible for grass maintenance and snow removal. Ample parking is available in the rear of the home, which is enclosed by a private fence. The property has a bike score of 65, indicating it is bikeable, and a walk score of 63, indicating it is somewhat walkable.
Key Highlights
- Investment opportunity: Duplex with two separate units (2009 and 2011 W 14 Mile Rd.)
- Fully remodeled units: Includes 2 bedrooms and 1 full bathroom each.
- New HVAC systems: Brand new AC units, furnaces, and hot water tanks installed in 2020.
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
$26,830
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
6.47%
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%
$536,600
$536.6K
Cap Rate 7%
$383,286
$383.3K
Cap Rate 9%
$298,111
$298.1K
Market Conditions
NOI Build-Up for 2,027 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
$40.1K $19.80/SF
− Vacancy
−$1.8K −$0.89/SF
EGI
$38.3K $18.91/SF
− OpEx
−$11.5K −$5.67/SF
NOI
$26.8K $13.24/SF
Area
Oakland County, MI
Vacancy
4.50%
Lease Rate
$19.80 /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%
$536,600
Cap Rate 7%
$383,286
Cap Rate 9%
$298,111
Alternative Uses
Best Use
Multifamily LT 5
$383.3K
$335.4K – $447.2K
NOI $26,830 @ 7.0% cap · market cap 6.47%
Second Best
Apartment 5plus
$355.2K
$310.8K – $414.4K
NOI $24,864 @ 7.0% cap · market cap 5.99%
Theoretical Best
Specialty Retail
$437.2K
$382.6K – $510.1K
NOI $30,604 @ 7.0% cap · market cap 7.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
680
Businesses Nearby
Explore this area
Business Placement
Demographics for 48073, MI
33,658
Population
17,551
Households
1.9
Avg Household Size
39
Median Age
59%
College-Educated
97%
High-School Grad
7.4 sq mi
ZIP Area
4,548
Density / Sq Mi
$86,426
Median Household Income
$58,525
Median Earnings
$1,245
Median Rent
$302,800
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 - Well-maintained duplex in Royal Oak, ideal for investors.
Where is this duplex located?
The property is located at 2009 W 14 Mile Rd Royal Oak, MI.
What is the asking price?
The asking price for this property is $414,900.
What are key features of this property?
This property features: Investment opportunity: Duplex with two separate units (2009 and 2011 W 14 Mile Rd.); Fully remodeled units: Includes 2 bedrooms and 1 full bathroom each.; New HVAC systems: Brand new AC units, furnaces, and hot water tanks installed in 2020.
