Renovated Two-Unit
New
For Sale
$289,900
632 Clairmount St, Detroit, MI 48202
Two three-bedroom units offer updated kitchens and immediate occupancy.
Property Size2,262 SF
Days on Market4
Property Features for 632 Clairmount St
General Information
Standard status
Active
Size
2,262 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$1,899
Building Details
Building Size
2,262 SF
Year Built
1905
Units
2
Listing Agency:
RE/MAX Leading Edge
(313) 277-7777
Listed By:
Sherri Saad · License #6502418620
(313) 277-7777
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 11 at 7:13AM
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 RE/MAX Leading Edge
Investment Insights
Based on property information with market context.
This duplex contains two residential units, each configured with 3 bedrooms and 1 full bathroom. Both units have undergone renovations and are ready for occupancy. Interior features include bright living rooms and updated kitchens with white cabinetry, ample counter space, and practical storage. The property was built in 1905.
Located in Detroit at 632 Clairmount St, the property has a Walk Score of 70, indicating it is Somewhat Walkable. Its Bike Score is 56, classified as Bikeable, while the Transit Score is 47, reflecting access to some transit service.
The two-unit layout supports an owner-occupant arrangement, with the ability to reside in one unit while using the other as a rental residence.
Located in Detroit at 632 Clairmount St, the property has a Walk Score of 70, indicating it is Somewhat Walkable. Its Bike Score is 56, classified as Bikeable, while the Transit Score is 47, reflecting access to some transit service.
The two-unit layout supports an owner-occupant arrangement, with the ability to reside in one unit while using the other as a rental residence.
Key Highlights
- Two‑unit duplex with 3 bedrooms and 1 full bathroom in each unit
- Renovated interiors with both units ready for occupancy
- Updated kitchens feature white cabinetry, ample counter space, and storage
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
$25,851
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
8.92%
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%
$517,020
$517.0K
Cap Rate 7%
$369,300
$369.3K
Cap Rate 9%
$287,233
$287.2K
Market Conditions
NOI Build-Up for 2,262 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
$39.4K $17.40/SF
− Vacancy
−$2.4K −$1.07/SF
EGI
$36.9K $16.33/SF
− OpEx
−$11.1K −$4.90/SF
NOI
$25.9K $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%
$517,020
Cap Rate 7%
$369,300
Cap Rate 9%
$287,233
Alternative Uses
Best Use
Multifamily LT 5
$369.3K
$323.1K – $430.9K
NOI $25,851 @ 7.0% cap · market cap 8.92%
Second Best
Apartment 5plus
$339.0K
$296.6K – $395.5K
NOI $23,730 @ 7.0% cap · market cap 8.19%
Theoretical Best
Office A
$499.0K
$436.6K – $582.2K
NOI $34,930 @ 7.0% cap · market cap 12.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
468
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two three-bedroom units offer updated kitchens and immediate occupancy.
Where is this duplex located?
The property is located at 632 Clairmount St Detroit, MI.
What is the asking price?
The asking price for this property is $289,900.
What are key features of this property?
This property features: Two‑unit duplex with 3 bedrooms and 1 full bathroom in each unit; Renovated interiors with both units ready for occupancy; Updated kitchens feature white cabinetry, ample counter space, and storage
