Occupied Two-Unit
New
For Sale
$239,000
464 Elm St, Wyandotte, MI 48192
Fully leased duplex with separate mechanical systems, appliances, private entrances, and on-site storage.
Property Size1,974 SF
Price / SF$121.07
Days on Market2
Property Features for 464 Elm St
General Information
Standard status
Active
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.
(734) 934-4772
Listed By:
Armita Kyani
(734) 934-4772
Source:
Elliman
Added: Aug 21
Changed: Aug 22
Last Checked: Aug 22 at 6:28AM
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 = 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
$19,380
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
8.11%
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%
$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
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
$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 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%
$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
Property Profile
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
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 - 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
