Remodeled Duplex with Separate
For Sale
$300,000
576 Manistique St, Detroit, MI 48215
Remodeled duplex with a vacant upper unit and separate metered utilities for flexible owner-occupy or rental use.
Property Size2,304 SF
Lot Size0.25 Acres
Days on Market34
Property Features for 576 Manistique St
General Information
Standard status
Active
Size
2,304 SF
Lot size
0.25 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$3,939
Building Details
Building Size
2,304 SF
Year Built
1923
Buildings
2
Units
2
Listing Agency:
Clyde Realty LLC
(313) 949-7191
Listed By:
Ian Breck · License #6501453223
(313) 949-7191
Source:
Elliman
Added: Jul 29
Changed: Aug 28
Last Checked: Aug 30 at 5:44PM
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 Clyde Realty LLC
Investment Insights
Based on property information with market context.
This handsomely remodeled duplex includes a vacant upper unit and a downstairs unit that is currently rented. Built in 1923, the property’s layout supports house hacking or straightforward rental operation, with each unit offering three bedrooms plus a spacious living room and dining room. Interior finishes include hardwood floors and new windows.
The duplex is located in Jefferson Chalmers on a quiet block. The offering includes both 570 and 580 Manistique, providing nearly a quarter acre, with potential to expand by acquiring neighboring Land Bank lots. Separate metered utilities help streamline billing and day-to-day management for an owner-occupant or investor.
For mobility, the area scores in the 50s on Bike and around 60 on Walk, with a Transit score noted as 36.
The duplex is located in Jefferson Chalmers on a quiet block. The offering includes both 570 and 580 Manistique, providing nearly a quarter acre, with potential to expand by acquiring neighboring Land Bank lots. Separate metered utilities help streamline billing and day-to-day management for an owner-occupant or investor.
For mobility, the area scores in the 50s on Bike and around 60 on Walk, with a Transit score noted as 36.
Key Highlights
- Remodeled duplex with vacant upper unit and downstairs unit currently rented
- Each unit offers three bedrooms plus a living room and dining room
- Hardwood floors and new windows 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
$26,331
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
8.78%
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%
$526,620
$526.6K
Cap Rate 7%
$376,157
$376.2K
Cap Rate 9%
$292,567
$292.6K
Market Conditions
NOI Build-Up for 2,304 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
$40.1K $17.40/SF
− Vacancy
−$2.5K −$1.07/SF
EGI
$37.6K $16.33/SF
− OpEx
−$11.3K −$4.90/SF
NOI
$26.3K $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%
$526,620
Cap Rate 7%
$376,157
Cap Rate 9%
$292,567
Alternative Uses
Best Use
Multifamily LT 5
$376.2K
$329.1K – $438.9K
NOI $26,331 @ 7.0% cap · market cap 8.78%
Second Best
Apartment 5plus
$345.3K
$302.1K – $402.9K
NOI $24,171 @ 7.0% cap · market cap 8.06%
Theoretical Best
Office A
$508.3K
$444.7K – $593.0K
NOI $35,579 @ 7.0% cap · market cap 11.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
376
Businesses Nearby
Explore this area
Business Placement
Demographics for 48215, MI
10,520
Population
6,044
Households
1.7
Avg Household Size
41
Median Age
19%
College-Educated
85%
High-School Grad
3.9 sq mi
ZIP Area
2,697
Density / Sq Mi
$33,741
Median Household Income
$36,728
Median Earnings
$897
Median Rent
$105,400
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 - Remodeled duplex with a vacant upper unit and separate metered utilities for flexible owner-occupy or rental use.
Where is this duplex located?
The property is located at 576 Manistique St Detroit, MI.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Remodeled duplex with vacant upper unit and downstairs unit currently rented; Each unit offers three bedrooms plus a living room and dining room; Hardwood floors and new windows in both units
