Turnkey Duplex with Separate
For Sale
$575,000
58 E Philadelphia St E, Detroit, MI 48202
Freshly renovated duplex offers two fully separate units, each with private entrance, brand-new kitchen, and brand-new bath.
Property Size3,524 SF
Days on Market52
Property Features for 58 E Philadelphia St E
General Information
Standard status
Active
Size
3,524 SF
Property subtype
Investment
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$25,832
Building Details
Building Size
3,524 SF
Year Built
1908
Units
2
Tenancy
Multi
Listing Agency:
(313) 697-2050
Listed By:
Kristi Mishaw
(313) 697-2050
Source:
Elliman
Added: Jul 1
Changed: Aug 8
Last Checked: Aug 21 at 12:33PM
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 Kristi Mishaw
Investment Insights
Based on property information with market context.
This turnkey duplex has been freshly renovated and is ready for its next owner. The home features two fully separate units, and each unit has its own private entrance. Updates include a brand-new kitchen and a brand-new bath in both units.
Access and operations are supported by separate utility meters per unit, providing clear separation between living and billing. The property is positioned near Woodward and John R on the edge of New Center, with the QLine stop nearby along the Woodward corridor. Henry Ford Health, Wayne State, and Detroit’s major institutions are described as being within easy reach, and downtown dining, sports, and year-round events are also nearby.
For buyers seeking flexibility, the two-unit setup allows one unit to be occupied while the other can be leased, with both units presented as move-in ready.
Access and operations are supported by separate utility meters per unit, providing clear separation between living and billing. The property is positioned near Woodward and John R on the edge of New Center, with the QLine stop nearby along the Woodward corridor. Henry Ford Health, Wayne State, and Detroit’s major institutions are described as being within easy reach, and downtown dining, sports, and year-round events are also nearby.
For buyers seeking flexibility, the two-unit setup allows one unit to be occupied while the other can be leased, with both units presented as move-in ready.
Key Highlights
- 1908‑built duplex with two fully separate units, each with its own private entrance
- Both units feature brand‑new kitchen and brand‑new bath
- Separate utility meters per unit
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
$40,274
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
7.00%
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%
$805,480
$805.5K
Cap Rate 7%
$575,343
$575.3K
Cap Rate 9%
$447,489
$447.5K
Market Conditions
NOI Build-Up for 3,524 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
$61.3K $17.40/SF
− Vacancy
−$3.8K −$1.07/SF
EGI
$57.5K $16.33/SF
− OpEx
−$17.3K −$4.90/SF
NOI
$40.3K $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%
$805,480
Cap Rate 7%
$575,343
Cap Rate 9%
$447,489
Alternative Uses
Best Use
Multifamily LT 5
$575.3K
$503.4K – $671.2K
NOI $40,274 @ 7.0% cap · market cap 7.00%
Second Best
Apartment 5plus
$528.1K
$462.1K – $616.2K
NOI $36,969 @ 7.0% cap · market cap 6.43%
Theoretical Best
Office A
$777.4K
$680.2K – $907.0K
NOI $54,419 @ 7.0% cap · market cap 9.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,467
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
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Frequently Asked Questions
What type of property is this?
Duplex - Freshly renovated duplex offers two fully separate units, each with private entrance, brand-new kitchen, and brand-new bath.
Where is this duplex located?
The property is located at 58 E Philadelphia St E Detroit, MI.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 1908‑built duplex with two fully separate units, each with its own private entrance; Both units feature brand‑new kitchen and brand‑new bath; Separate utility meters per unit
