Occupied Two-Unit
For Sale
$239,000
Pending
464 Elm St, Wyandotte, MI 48192
Fully leased duplex with separate mechanical systems, appliances, private entrances, and on-site storage.
Property Size1,974 SF
Days on Market48
Property Features for 464 Elm St
General Information
Standard status
Pending
Size
1,974 SF
Property subtype
Investment
Occupancy
100%
Property Condition
Severity
Repairs Needed
Evidence
minor items
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$30,480
Taxes and HOA fees
Annual Taxes
$7,484
Amenities
private entrance
covered front porch
storage shed
fridge
stove
microwave
washer/dryer
Building Details
Year Built
1904
Units
2
Listing Agency:
Ann Arbor Market Center, Inc.
Listed By:
Armita Kyani
(734) 934-4772
Source:
Elliman
Added: Aug 21
Changed: Sep 28
Last Checked: Oct 5 at 5:47PM
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 Ann Arbor Market Center, Inc.
Investment Insights
Based on property information with market context.
This 1,974-square-foot duplex, built in 1904, contains two occupied units with matching layouts of two bedrooms and one full bathroom each. Every unit has its own furnace and water heater, along with a refrigerator, stove, microwave, and washer/dryer. Private entrances, a covered front porch, and an on-site storage shed add functional features for residents.
Tenants pay gas and electric while the owner covers water and trash. The property is within walking distance of Downtown Wyandotte, restaurants, shopping, and the Detroit River. A city inspection has been completed, with minor items being addressed by the seller. Showings require 24-hour notice because the units are tenant occupied.
Tenants pay gas and electric while the owner covers water and trash. The property is within walking distance of Downtown Wyandotte, restaurants, shopping, and the Detroit River. A city inspection has been completed, with minor items being addressed by the seller. Showings require 24-hour notice because the units are tenant occupied.
Key Highlights
- Two‑unit duplex totaling 1,974 square feet
- Both units offer 2 bedrooms and 1 full bathroom
- Built in 1904 with separate furnace and water heater for each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,380
Cap Rate
8.11%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$387,600
$387.6K
Cap Rate 7%
$276,857
$276.9K
Cap Rate 9%
$215,333
$215.3K
Market Conditions
NOI Build-Up for 1,974 SF
Gross rent
$29.6K $15.00/SF
− Vacancy
−$1.9K −$0.98/SF
EGI
$27.7K $14.03/SF
− OpEx
−$8.3K −$4.21/SF
NOI
$19.4K $9.82/SF
Area
Wayne County, MI
Vacancy
6.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$387,600
Cap Rate 7%
$276,857
Cap Rate 9%
$215,333
Alternative Uses
Best Use
Multifamily LT 5
$276.9K
$242.3K – $323.0K
NOI $19,380 @ 7.0% cap · market cap 8.11%
Second Best
Apartment 5plus
$254.2K
$222.4K – $296.6K
NOI $17,795 @ 7.0% cap · market cap 7.45%
Theoretical Best
Specialty Retail
$365.5K
$319.8K – $426.4K
NOI $25,583 @ 7.0% cap · market cap 10.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
439
Businesses Nearby
Explore this area
Business Placement
Demographics for 48192, MI
25,058
Population
11,441
Households
2.2
Avg Household Size
42
Median Age
21%
College-Educated
91%
High-School Grad
5.3 sq mi
ZIP Area
4,728
Density / Sq Mi
$67,846
Median Household Income
$42,999
Median Earnings
$995
Median Rent
$159,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Fully leased duplex with separate mechanical systems, appliances, private entrances, and on-site storage.
Where is this duplex located?
The property is located at 464 Elm St Wyandotte, MI.
What is the asking price?
The asking price for this property is $239,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,974 square feet; Both units offer 2 bedrooms and 1 full bathroom; Built in 1904 with separate furnace and water heater for each unit
