Side-by-Side Duplex Income
For Sale
$399,900
Pending
1812 N Center St, Royal Oak, MI 48073
Side-by-side duplex with two 3-bedroom units, each featuring private patio and in-unit appliances.
Property Size2,144 SF
Days on Market28
Property Features for 1812 N Center St
General Information
Standard status
Pending
Size
2,144 SF
Property subtype
Investment
Additional Details
Fenced Yard
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,709
Amenities
private patios
fenced backyard
central air conditioning
Building Details
Building Size
2,144 SF
Year Built
1953
Units
2
Tenancy
Multi
Listing Agency:
Max Broock Realtors
(248) 763-2622
Listed By:
Jim Manna · License #6501417349
(248) 763-2622
Source:
Elliman
Added: Jul 24
Changed: Aug 16
Last Checked: Aug 20 at 10:27AM
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 Max Broock Realtors
Investment Insights
Based on property information with market context.
This side-by-side duplex offers two separate residential units, each with three bedrooms and 1.5 baths. Each unit includes a functional layout and comes with appliances, including a washer and dryer. The units also feature central air conditioning, private patios, and access to a fenced backyard.
The property is set up with separate gas, electric, and water meters, allowing tenants to pay their own utilities. The right-side unit is currently leased out through May 2027, while the left-side unit is available for showings.
Both units are described as having generously sized rooms, including a living room measuring 16' x 14' and a kitchen measuring 11' x 11'. Bedroom measurements are approximately 11' x 9', 11' x 8', and 11' x 10'.
The property is set up with separate gas, electric, and water meters, allowing tenants to pay their own utilities. The right-side unit is currently leased out through May 2027, while the left-side unit is available for showings.
Both units are described as having generously sized rooms, including a living room measuring 16' x 14' and a kitchen measuring 11' x 11'. Bedroom measurements are approximately 11' x 9', 11' x 8', and 11' x 10'.
Key Highlights
- 1953 side‑by‑side duplex with two 3‑bedroom units, each with 1.5 baths and a functional layout
- Each unit includes all appliances, including washer and dryer, plus central air conditioning
- Separate private patios and a shared fenced backyard
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
$28,379
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
7.10%
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%
$567,580
$567.6K
Cap Rate 7%
$405,414
$405.4K
Cap Rate 9%
$315,322
$315.3K
Market Conditions
NOI Build-Up for 2,144 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
$42.5K $19.80/SF
− Vacancy
−$1.9K −$0.89/SF
EGI
$40.5K $18.91/SF
− OpEx
−$12.2K −$5.67/SF
NOI
$28.4K $13.24/SF
Area
Oakland County, MI
Vacancy
4.50%
Lease Rate
$19.80 /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%
$567,580
Cap Rate 7%
$405,414
Cap Rate 9%
$315,322
Alternative Uses
Best Use
Multifamily LT 5
$405.4K
$354.7K – $473.0K
NOI $28,379 @ 7.0% cap · market cap 7.10%
Second Best
Apartment 5plus
$375.7K
$328.7K – $438.3K
NOI $26,299 @ 7.0% cap · market cap 6.58%
Theoretical Best
Specialty Retail
$462.4K
$404.6K – $539.5K
NOI $32,371 @ 7.0% cap · market cap 8.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
402
Businesses Nearby
Explore this area
Business Placement
Demographics for 48073, MI
33,658
Population
17,551
Households
1.9
Avg Household Size
39
Median Age
59%
College-Educated
97%
High-School Grad
7.4 sq mi
ZIP Area
4,548
Density / Sq Mi
$86,426
Median Household Income
$58,525
Median Earnings
$1,245
Median Rent
$302,800
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 - Side-by-side duplex with two 3-bedroom units, each featuring private patio and in-unit appliances.
Where is this duplex located?
The property is located at 1812 N Center St Royal Oak, MI.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: 1953 side‑by‑side duplex with two 3‑bedroom units, each with 1.5 baths and a functional layout; Each unit includes all appliances, including washer and dryer, plus central air conditioning; Separate private patios and a shared fenced backyard
