Building Details

Building Size 2,431 SF

Year Built 1928

Units 2

Listing Agency: Keller Williams Royal Oak

Listed By: Lorenzo Sparks · License #6501412951 Show Phone

Source: Elliman

Added: Aug 20 Changed: Sep 23 Last Checked: Oct 5 at 6:13PM

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Investment Insights

Based on property information with market context.

This Detroit duplex contains two renovated residences with distinct layouts. The lower apartment includes 4 bedrooms and 2 full baths, while the upper apartment provides 3 bedrooms and 1 full bath. Both units feature tall ceilings, recessed lighting, luxury vinyl plank flooring, refreshed bathrooms, and updated kitchens with new cabinetry, quartz countertops, and appliance hookups. A wood-burning fireplace adds character to the interior. The property also includes a basement with dedicated storage and washer and dryer hookups, plus a shared fenced yard and a three-car garage.

Major property updates include plumbing, electrical, HVAC systems, the roof, and siding. A 24-hour monitored surveillance system is installed. Furnace and hot water heater installation is scheduled for closing. Built in 1928, the property is located near the University of Detroit Mercy and Livernois Avenue of Fashion, with Downtown Detroit a short drive away. WalkScore is 66, TransitScore is 48, and BikeScore is 43.

Key Highlights

• Two‑family duplex with a 4‑bedroom lower unit and 3‑bedroom upper unit
• Renovated kitchens with new cabinetry, quartz countertops, and appliance hookups
• Updated plumbing, electrical, HVAC systems, roof, and siding

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$27,783

Cap Rate

7.94%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$555,660 $555.7K

Cap Rate 7%

$396,900 $396.9K

Cap Rate 9%

$308,700 $308.7K

Market Conditions

NOI Build-Up for 2,431 SF

Gross rent

$42.3K $17.40/SF

− Vacancy

−$2.6K −$1.07/SF

EGI

$39.7K $16.33/SF

− OpEx

−$11.9K −$4.90/SF

NOI

$27.8K $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 Rate 5%

$555,660

Cap Rate 7%

$396,900

Cap Rate 9%

$308,700

Alternative Uses

Best Use

Multifamily LT 5

$396.9K

$347.3K – $463.1K (±1% cap)

NOI $27,783 @ 7.0% cap · market cap 7.94%

Second Best

Apartment 5plus

$364.3K

$318.8K – $425.1K (±1% cap)

NOI $25,503 @ 7.0% cap · market cap 7.29%

Theoretical Best

Office A

$536.3K

$469.3K – $625.7K (±1% cap)

NOI $37,540 @ 7.0% cap · market cap 10.73%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Law Firm Real Estate Agency Parking Lot & Garage Skin Care Clinic Food Market Cafe & Coffee Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

658

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

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Duplex - Two separate residences offer updated interiors, private storage, shared outdoor space, and a three-car garage.

Where is this duplex located?

The property is located at 17144 Greenlawn St Detroit, MI.

What is the asking price?

The asking price for this property is $349,999.

What are key features of this property?

This property features: Two‑family duplex with a 4‑bedroom lower unit and 3‑bedroom upper unit; Renovated kitchens with new cabinetry, quartz countertops, and appliance hookups; Updated plumbing, electrical, HVAC systems, roof, and siding