Duplex Near Cross
New
For Sale
$121,500
8131 Manor St, Detroit, MI 48204
Two residential units are currently leased, with updates needed before or during continued ownership.
Property Size842 SF
Days on Market4
Property Features for 8131 Manor St
General Information
Standard status
Active
Size
842 SF
Property subtype
Investment
Occupancy
100%
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,218
Building Details
Building Size
842 SF
Year Built
1951
Units
2
Listing Agency:
(248) 893-7288
Listed By:
Cathey Simmons
(248) 893-7288
Source:
Elliman
Added: Aug 9
Changed: Aug 10
Last Checked: Aug 11 at 10:49AM
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 Cathey Simmons
Investment Insights
Based on property information with market context.
This Detroit duplex was built in 1951 and contains two residential units. Both units are currently leased, providing an existing occupancy profile for the property. Updates are needed, offering a clear consideration for ownership planning.
Located at 8131 Manor St in Detroit, the property sits across from Cross Park. WalkScore is 50, BikeScore is 47, and TransitScore is 41.
Located at 8131 Manor St in Detroit, the property sits across from Cross Park. WalkScore is 50, BikeScore is 47, and TransitScore is 41.
Key Highlights
- Two‑unit duplex at 8131 Manor St, Detroit, MI 48204
- Both units are currently leased
- Built in 1951
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
$9,623
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
7.92%
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%
$192,460
$192.5K
Cap Rate 7%
$137,471
$137.5K
Cap Rate 9%
$106,922
$106.9K
Market Conditions
NOI Build-Up for 842 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
$14.7K $17.40/SF
− Vacancy
−$904 −$1.07/SF
EGI
$13.7K $16.33/SF
− OpEx
−$4.1K −$4.90/SF
NOI
$9.6K $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%
$192,460
Cap Rate 7%
$137,471
Cap Rate 9%
$106,922
Alternative Uses
Best Use
Multifamily LT 5
$137.5K
$120.3K – $160.4K
NOI $9,623 @ 7.0% cap · market cap 7.92%
Second Best
Apartment 5plus
$126.2K
$110.4K – $147.2K
NOI $8,833 @ 7.0% cap · market cap 7.27%
Theoretical Best
Office A
$185.7K
$162.5K – $216.7K
NOI $13,002 @ 7.0% cap · market cap 10.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
398
Businesses Nearby
Explore this area
Business Placement
Demographics for 48204, MI
21,738
Population
13,691
Households
1.6
Avg Household Size
37
Median Age
10%
College-Educated
83%
High-School Grad
5.0 sq mi
ZIP Area
4,348
Density / Sq Mi
$32,875
Median Household Income
$26,701
Median Earnings
$970
Median Rent
$53,600
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 residential units are currently leased, with updates needed before or during continued ownership.
Where is this duplex located?
The property is located at 8131 Manor St Detroit, MI.
What is the asking price?
The asking price for this property is $121,500.
What are key features of this property?
This property features: Two‑unit duplex at 8131 Manor St, Detroit, MI 48204; Both units are currently leased; Built in 1951
