Rebuilt Two-Unit
For Sale
$189,900
710 E fourth St, Monroe, MI 48161
Two updated 3-bedroom units with separate heating, laundry hookups, and a fenced shared yard.
Property Size2,016 SF
Days on Market38
Property Features for 710 E fourth St
General Information
Standard status
Active
Size
2,016 SF
Property subtype
Investment
Additional Details
Business Included
Yes
Fenced Yard
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,440
Building Details
Building Size
2,016 SF
Year Built
1898
Year Renovated
2008
Units
2
Tenancy
Multi
Listing Agency:
Century 21 Allstar Real Estate
(734) 497-5133
Listed By:
Michael Rodich · License #MCAR-6501254938
(734) 497-5133
Source:
Elliman
Added: Jul 3
Changed: Aug 7
Last Checked: Aug 9 at 9:27AM
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 Allstar Real Estate
Investment Insights
Based on property information with market context.
This rebuilt two-unit duplex offers two spacious residences, each with three bedrooms and one full bath. Unit 1 has fresh paint and updates including new carpet and kitchen flooring, along with tall ceilings in the living room and hallway. Unit 2 has a spacious layout, with stairs recently painted and carpets cleaned; it is currently in the process of being painted. The property includes a large fenced shared yard, and both units benefit from separate furnaces and water heaters. Separate laundry hook-ups are provided, and tenants are able to bring their own washer or dryers. Appliances are included.
The duplex was rebuilt in 2008 and is described as meeting all codes at the time of renovation. The 2008 work included new wiring, main roof, windows, fire doors, plumbing and heating systems, siding, and insulation, with wiring for smoke alarms and installed fire doors. Ownership is held by a licensed Michigan Realtor.
For buyers seeking an income property, the duplex’s two separate units and dedicated mechanical systems support independent occupancy. Unit 1 is currently rented, while unit 2 is in preparation for tenancy. The layout can also fit an owner-occupant who wants to live in one unit while generating additional rental income from the other.
The duplex was rebuilt in 2008 and is described as meeting all codes at the time of renovation. The 2008 work included new wiring, main roof, windows, fire doors, plumbing and heating systems, siding, and insulation, with wiring for smoke alarms and installed fire doors. Ownership is held by a licensed Michigan Realtor.
For buyers seeking an income property, the duplex’s two separate units and dedicated mechanical systems support independent occupancy. Unit 1 is currently rented, while unit 2 is in preparation for tenancy. The layout can also fit an owner-occupant who wants to live in one unit while generating additional rental income from the other.
Key Highlights
- Duplex built in 1898 and rebuilt in 2008 for about $180k, with updates including new wiring, main roof, windows, fire doors, plumbing, heating, siding, and insulation
- Two separate 3‑bedroom/1‑bath units with generous living space and tall ceilings in the living room and hallway (unit 1)
- Unit 1 updates include fresh paint, new carpet and kitchen flooring; unit 1 currently rents for $1,200/month
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
$16,670
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
8.78%
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%
$333,400
$333.4K
Cap Rate 7%
$238,143
$238.1K
Cap Rate 9%
$185,222
$185.2K
Market Conditions
NOI Build-Up for 2,016 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
$32.2K $15.96/SF
− Vacancy
−$1.9K −$0.93/SF
EGI
$30.3K $15.03/SF
− OpEx
−$13.6K −$6.77/SF
NOI
$16.7K $8.27/SF
Area
Monroe County, MI
Vacancy
5.80%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
45.00%
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%
$333,400
Cap Rate 7%
$238,143
Cap Rate 9%
$185,222
Alternative Uses
Best Use
Multifamily LT 5
$255.6K
$223.7K – $298.2K
NOI $17,892 @ 7.0% cap · market cap 9.42%
Second Best
Apartment 5plus
$238.1K
$208.4K – $277.8K
NOI $16,670 @ 7.0% cap · market cap 8.78%
Theoretical Best
Warehouse
$2.08M
$1.82M – $2.43M
NOI $145,547 @ 7.0% cap · market cap 76.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
811
Businesses Nearby
Explore this area
Business Placement
Demographics for 48161, MI
26,571
Population
12,015
Households
2.2
Avg Household Size
40
Median Age
19%
College-Educated
89%
High-School Grad
44.8 sq mi
ZIP Area
593
Density / Sq Mi
$65,517
Median Household Income
$40,184
Median Earnings
$955
Median Rent
$173,200
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 updated 3-bedroom units with separate heating, laundry hookups, and a fenced shared yard.
Where is this duplex located?
The property is located at 710 E fourth St Monroe, MI.
What is the asking price?
The asking price for this property is $189,900.
What are key features of this property?
This property features: Duplex built in 1898 and rebuilt in 2008 for about $180k, with updates including new wiring, main roof, windows, fire doors, plumbing, heating, siding, and insulation; Two separate 3‑bedroom/1‑bath units with generous living space and tall ceilings in the living room and hallway (unit 1); Unit 1 updates include fresh paint, new carpet and kitchen flooring; unit 1 currently rents for $1,200/month
