Tudor Duplex with
New
For Sale
$462,000
925 E 2nd St, Royal Oak, MI 48067
Two leased residential units combine classic architectural details with private enclosed sunrooms and future owner-occupant flexibility.
Property Size1,868 SF
Price / SF$247.32
Days on Market6
Property Features for 925 E 2nd St
General Information
Standard status
Active
Size
1,868 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
sunroom
fireplace
stained-glass windows
private backyard
Building Details
Year Built
1930
Buildings
1
Construction
English Tudor-style
Tenancy
Multi
Listing Agency:
Rch Brokerage Legacy Inc
(248) 266-0584
Listed By:
Oak & Stone Real Estate
(248) 266-0584
Source:
Oakandstonerealestate
Added: Aug 26
Changed: Aug 31
Last Checked: Aug 29 at 8:58AM
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 Rch Brokerage Legacy Inc
Investment Insights
Based on property information with market context.
Built in 1930, this 1,868-square-foot duplex contains two separate 2-bedroom, 1-bath units. Each residence includes a private enclosed sunroom, while interior features include hardwood flooring, distinctive fireplaces, stained-glass windows, and abundant natural light. The property’s Tudor design and maintained interiors provide character across both units.
Both apartments are currently leased, with the upper unit scheduled to become available for owner occupancy or a new lease beginning September 1, 2026. Outdoor improvements include a large private backyard bordered by mature greenery. The property is located moments from Downtown Royal Oak dining, entertainment, and shopping, with a walkable setting near downtown amenities.
Both apartments are currently leased, with the upper unit scheduled to become available for owner occupancy or a new lease beginning September 1, 2026. Outdoor improvements include a large private backyard bordered by mature greenery. The property is located moments from Downtown Royal Oak dining, entertainment, and shopping, with a walkable setting near downtown amenities.
Key Highlights
- Two 2‑bedroom, 1‑bath units within a 1,868‑square‑foot duplex
- Built in 1930 with English Tudor architectural character
- Private enclosed sunroom attached to 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
$24,725
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
5.35%
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%
$494,500
$494.5K
Cap Rate 7%
$353,214
$353.2K
Cap Rate 9%
$274,722
$274.7K
Market Conditions
NOI Build-Up for 1,868 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
$37.0K $19.80/SF
− Vacancy
−$1.7K −$0.89/SF
EGI
$35.3K $18.91/SF
− OpEx
−$10.6K −$5.67/SF
NOI
$24.7K $13.24/SF
Area
Oakland County, MI
Vacancy
4.50%
Lease Rate
$19.80 /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%
$494,500
Cap Rate 7%
$353,214
Cap Rate 9%
$274,722
Alternative Uses
Best Use
Multifamily LT 5
$353.2K
$309.1K – $412.1K
NOI $24,725 @ 7.0% cap · market cap 5.35%
Second Best
Apartment 5plus
$327.3K
$286.4K – $381.9K
NOI $22,913 @ 7.0% cap · market cap 4.96%
Theoretical Best
Specialty Retail
$402.9K
$352.6K – $470.1K
NOI $28,204 @ 7.0% cap · market cap 6.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,010
Businesses Nearby
Explore this area
Business Placement
Demographics for 48067, MI
24,589
Population
13,714
Households
1.8
Avg Household Size
36
Median Age
67%
College-Educated
96%
High-School Grad
4.6 sq mi
ZIP Area
5,345
Density / Sq Mi
$107,355
Median Household Income
$76,700
Median Earnings
$1,435
Median Rent
$309,200
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 leased residential units combine classic architectural details with private enclosed sunrooms and future owner-occupant flexibility.
Where is this duplex located?
The property is located at 925 E 2nd St Royal Oak, MI.
What is the asking price?
The asking price for this property is $462,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units within a 1,868‑square‑foot duplex; Built in 1930 with English Tudor architectural character; Private enclosed sunroom attached to each unit
