Renovated Two-Unit
For Sale
$290,000
Pending
17394 Warrington Dr, Detroit, MI 48221
Completely renovated two-unit duplex with updated kitchens, bathrooms, and hardwood floors, plus a two-car garage.
Property Size1,986 SF
Days on Market106
Property Features for 17394 Warrington Dr
General Information
Standard status
Pending
Size
1,986 SF
Total Parking Spaces
2
Property subtype
Investment
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,405
Building Details
Building Size
1,986 SF
Year Built
1928
Units
2
Tenancy
Multi
Listing Agency:
@properties Detroit
(313) 550-2307
Listed By:
Austin Black II · License #6501336434
(313) 550-2307
Source:
Elliman
Added: Apr 28
Changed: Aug 8
Last Checked: Aug 10 at 7:16AM
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 @properties Detroit
Investment Insights
Based on property information with market context.
This completely renovated two-unit duplex offers two updated residential units with modernized kitchens, fully updated bathrooms, and hardwood floors throughout. The lower unit was renovated in 2019, and the upper unit was gutted and renovated in 2023, providing move-in ready condition.
The property includes a two-car garage for parking convenience. WalkScore is listed as 71 (very walkable) and transitScore as 50 (good transit).
In addition to the standard living space, the upper unit includes a loft area that can support flexible use within the home layout.
The property includes a two-car garage for parking convenience. WalkScore is listed as 71 (very walkable) and transitScore as 50 (good transit).
In addition to the standard living space, the upper unit includes a loft area that can support flexible use within the home layout.
Key Highlights
- Completely renovated 2‑unit duplex built in 1928 in Detroit’s University District
- Both units feature renovated kitchens, fully updated bathrooms, and hardwood floors
- Lower unit renovated in 2019; upper unit gutted and renovated in 2023
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
$22,697
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
7.83%
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%
$453,940
$453.9K
Cap Rate 7%
$324,243
$324.2K
Cap Rate 9%
$252,189
$252.2K
Market Conditions
NOI Build-Up for 1,986 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
$34.6K $17.40/SF
− Vacancy
−$2.1K −$1.07/SF
EGI
$32.4K $16.33/SF
− OpEx
−$9.7K −$4.90/SF
NOI
$22.7K $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%
$453,940
Cap Rate 7%
$324,243
Cap Rate 9%
$252,189
Alternative Uses
Best Use
Multifamily LT 5
$324.2K
$283.7K – $378.3K
NOI $22,697 @ 7.0% cap · market cap 7.83%
Second Best
Apartment 5plus
$297.6K
$260.4K – $347.3K
NOI $20,835 @ 7.0% cap · market cap 7.18%
Theoretical Best
Office A
$438.1K
$383.4K – $511.1K
NOI $30,668 @ 7.0% cap · market cap 10.58%
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
539
Businesses Nearby
Explore this area
Business Placement
Demographics for 48221, MI
38,204
Population
17,452
Households
2.2
Avg Household Size
38
Median Age
29%
College-Educated
90%
High-School Grad
5.2 sq mi
ZIP Area
7,347
Density / Sq Mi
$55,583
Median Household Income
$37,019
Median Earnings
$1,174
Median Rent
$138,700
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 - Completely renovated two-unit duplex with updated kitchens, bathrooms, and hardwood floors, plus a two-car garage.
Where is this duplex located?
The property is located at 17394 Warrington Dr Detroit, MI.
What is the asking price?
The asking price for this property is $290,000.
What are key features of this property?
This property features: Completely renovated 2‑unit duplex built in 1928 in Detroit’s University District; Both units feature renovated kitchens, fully updated bathrooms, and hardwood floors; Lower unit renovated in 2019; upper unit gutted and renovated in 2023
