Brick Duplex with Private
For Sale
$325,000
1932 Gladstone St, Detroit, MI 48206
Two move-in-ready apartments feature updated kitchens, classic finishes, and private washer and dryer in each unit.
Property Size2,718 SF
Days on Market69
Property Features for 1932 Gladstone St
General Information
Standard status
Active
Size
2,718 SF
Total Parking Spaces
2
Property subtype
Investment
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,004
Amenities
two-car garage
private washer and dryer
Building Details
Building Size
2,718 SF
Year Built
1920
Units
2
Construction
brick
Listing Agency:
beycome
(804) 656-5007
Listed By:
Steven Koleno · License #3469487
(804) 656-5007
Source:
Elliman
Added: Jun 21
Changed: Aug 25
Last Checked: Aug 26 at 12:53PM
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 beycome
Investment Insights
Based on property information with market context.
Classic Detroit brick duplex in Virginia Park offers two oversized, move-in-ready apartments designed to feel like single-family homes. Interiors reflect 1920s character alongside thoughtful updates, including hardwood floors, spacious living rooms with decorative fireplaces, formal dining rooms with picture frame molding, ornate ceiling medallions, and stained glass fixtures. French doors, crown molding, and leaded glass accent windows carry through the common areas. Both kitchens are updated with deep navy shaker cabinetry, stainless steel appliances, and premium workstation sinks. Full baths feature classic subway tile, warm brass fixtures, rainfall shower heads, and geometric mosaic tile flooring.
Each unit has a completely separate basement with its own private washer and dryer. The property also includes a two-car garage accessed off the rear alley, supporting convenient off-street parking.
With a car-dependent walk/transit profile noted in the provided materials, the layout and private basement amenities make the duplex well-suited for day-to-day independence between units.
Each unit has a completely separate basement with its own private washer and dryer. The property also includes a two-car garage accessed off the rear alley, supporting convenient off-street parking.
With a car-dependent walk/transit profile noted in the provided materials, the layout and private basement amenities make the duplex well-suited for day-to-day independence between units.
Key Highlights
- Classic 1920 Detroit brick duplex in Virginia Park with two oversized, move‑in‑ready apartments
- Separate basements for each unit, each with its own private washer and dryer
- Updated kitchens in both units with deep navy shaker cabinetry, stainless steel appliances, and workstation sinks
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
$28,514
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%
$570,280
$570.3K
Cap Rate 7%
$407,343
$407.3K
Cap Rate 9%
$316,822
$316.8K
Market Conditions
NOI Build-Up for 2,718 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
$55.4K $20.40/SF
− Vacancy
−$3.6K −$1.33/SF
EGI
$51.8K $19.07/SF
− OpEx
−$23.3K −$8.58/SF
NOI
$28.5K $10.49/SF
Area
Detroit, MI
Vacancy
6.50%
Lease Rate
$20.40 /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%
$570,280
Cap Rate 7%
$407,343
Cap Rate 9%
$316,822
Alternative Uses
Best Use
Multifamily LT 5
$443.8K
$388.3K – $517.7K
NOI $31,063 @ 7.0% cap · market cap 9.56%
Second Best
Apartment 5plus
$407.3K
$356.4K – $475.2K
NOI $28,514 @ 7.0% cap · market cap 8.77%
Theoretical Best
Office A
$599.6K
$524.7K – $699.5K
NOI $41,972 @ 7.0% cap · market cap 12.91%
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
273
Businesses Nearby
Explore this area
Business Placement
Demographics for 48206, MI
15,712
Population
10,784
Households
1.5
Avg Household Size
38
Median Age
24%
College-Educated
89%
High-School Grad
3.1 sq mi
ZIP Area
5,068
Density / Sq Mi
$43,702
Median Household Income
$36,674
Median Earnings
$923
Median Rent
$102,300
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 move-in-ready apartments feature updated kitchens, classic finishes, and private washer and dryer in each unit.
Where is this duplex located?
The property is located at 1932 Gladstone St Detroit, MI.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Classic 1920 Detroit brick duplex in Virginia Park with two oversized, move‑in‑ready apartments; Separate basements for each unit, each with its own private washer and dryer; Updated kitchens in both units with deep navy shaker cabinetry, stainless steel appliances, and workstation sinks
