Renovated Duplex Income
For Sale
$365,000
2571 Townsend St, Detroit, MI 48214
Recently renovated two-unit property with updated systems, new windows, and in-unit furnished appliances.
Property Size2,800 SF
Days on Market83
Property Features for 2571 Townsend St
General Information
Standard status
Active
Size
2,800 SF
Property subtype
Investment
Additional Details
Furnished
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,210
Amenities
bikeScore: 68, Bikeable
walkScore: 50, Somewhat Walkable
transitScore: 54, Good Transit
Building Details
Building Size
2,800 SF
Year Built
1918
Units
2
Listing Agency:
Signature Sotheby's International Realty
(313) 303-7263
Listed By:
Brandon Curry · License #6501388008
(313) 303-7263
Source:
Elliman
Added: Jun 3
Changed: Aug 12
Last Checked: Aug 23 at 5:33AM
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 Signature Sotheby's International Realty
Investment Insights
Based on property information with market context.
This updated duplex is a two-unit residential income property that was completely renovated within the last three years. Improvements listed include a new roof, electrical, heating, plumbing, insulation, flooring, kitchens, bathrooms, and replaced windows. Both units come furnished with a refrigerator, dishwasher, washer-dryer, and microwave, supporting straightforward move-in and rental readiness.
The property is located on Townsend St in Detroit’s Islandview area. Public remarks also highlight resident access to Belle Isle, the River Walk, and West Village. With bikeScore 68 (Bikeable), walkScore 50 (Somewhat Walkable), and transitScore 54 (Good Transit), the surrounding area offers multiple modes of commuting and local convenience.
For buyers and investors, the emphasis of the renovation is broad-based, covering core building systems and interior finishes, while the furnished appliance package is already in place for both units.
The property is located on Townsend St in Detroit’s Islandview area. Public remarks also highlight resident access to Belle Isle, the River Walk, and West Village. With bikeScore 68 (Bikeable), walkScore 50 (Somewhat Walkable), and transitScore 54 (Good Transit), the surrounding area offers multiple modes of commuting and local convenience.
For buyers and investors, the emphasis of the renovation is broad-based, covering core building systems and interior finishes, while the furnished appliance package is already in place for both units.
Key Highlights
- Two‑unit multi‑family property built in 1918 in the Islandview area of Detroit
- Completely renovated in the last 3 years with new roof, electrical, heating, plumbing, insulation, floors, kitchens, bathrooms, and windows
- Updated in‑unit appliances include furnished refrigerator, dishwasher, washer‑dryer, and microwave in both units
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
$32,000
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
8.77%
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%
$640,000
$640.0K
Cap Rate 7%
$457,143
$457.1K
Cap Rate 9%
$355,556
$355.6K
Market Conditions
NOI Build-Up for 2,800 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
$48.7K $17.40/SF
− Vacancy
−$3.0K −$1.07/SF
EGI
$45.7K $16.33/SF
− OpEx
−$13.7K −$4.90/SF
NOI
$32.0K $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%
$640,000
Cap Rate 7%
$457,143
Cap Rate 9%
$355,556
Alternative Uses
Best Use
Multifamily LT 5
$457.1K
$400.0K – $533.3K
NOI $32,000 @ 7.0% cap · market cap 8.77%
Second Best
Apartment 5plus
$419.6K
$367.2K – $489.6K
NOI $29,374 @ 7.0% cap · market cap 8.05%
Theoretical Best
Office A
$617.7K
$540.5K – $720.6K
NOI $43,238 @ 7.0% cap · market cap 11.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
408
Businesses Nearby
Explore this area
Business Placement
Demographics for 48214, MI
18,959
Population
13,279
Households
1.4
Avg Household Size
44
Median Age
27%
College-Educated
84%
High-School Grad
5.1 sq mi
ZIP Area
3,717
Density / Sq Mi
$34,807
Median Household Income
$36,625
Median Earnings
$818
Median Rent
$120,500
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 - Recently renovated two-unit property with updated systems, new windows, and in-unit furnished appliances.
Where is this duplex located?
The property is located at 2571 Townsend St Detroit, MI.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Two‑unit multi‑family property built in 1918 in the Islandview area of Detroit; Completely renovated in the last 3 years with new roof, electrical, heating, plumbing, insulation, floors, kitchens, bathrooms, and windows; Updated in‑unit appliances include furnished refrigerator, dishwasher, washer‑dryer, and microwave in both units
