Updated Duplex with Hardwood
New
For Sale
$350,000
1026 Drexel St, Detroit, MI 48215
Two-unit property with refreshed interiors, quartz kitchen finishes, and an island-centered layout.
Property Size2,296 SF
Price / SF$152.44
Days on Market5
Property Features for 1026 Drexel St
General Information
Standard status
Active
Size
2,296 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Building Details
Year Built
1913
Listing Agency:
Berkshire Hathaway Homeservices Kee Realty Browns
(734) 822-6006
Listed By:
NextHome Evolution
(734) 822-6006
Source:
Nhevolutionmi
Added: Aug 26
Changed: Aug 29
Last Checked: Aug 26 at 12:49PM
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 Berkshire Hathaway Homeservices Kee Realty Browns
Investment Insights
Based on property information with market context.
This duplex offers 2,296 square feet across a two-unit configuration, with updated interiors and an open floor plan. Hardwood flooring extends through the living areas, while the kitchen includes quartz countertops, an integrated sink, and a large island. Recent exterior improvements include replacement windows, roofing, and siding. The property was built in 1913 and is scheduled to be vacant at closing.
The home is located near downtown, shopping, and freeway access at 1026 Drexel St in Detroit, Michigan. Its combination of updated building components, practical interior improvements, and two-unit layout provides a clearly defined multifamily property profile.
The home is located near downtown, shopping, and freeway access at 1026 Drexel St in Detroit, Michigan. Its combination of updated building components, practical interior improvements, and two-unit layout provides a clearly defined multifamily property profile.
Key Highlights
- 2,296 SF duplex built in 1913
- Updated windows, roof, and siding
- Open floor plan with hardwood flooring
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
$26,240
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
7.50%
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%
$524,800
$524.8K
Cap Rate 7%
$374,857
$374.9K
Cap Rate 9%
$291,556
$291.6K
Market Conditions
NOI Build-Up for 2,296 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
$40.0K $17.40/SF
− Vacancy
−$2.5K −$1.07/SF
EGI
$37.5K $16.33/SF
− OpEx
−$11.2K −$4.90/SF
NOI
$26.2K $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%
$524,800
Cap Rate 7%
$374,857
Cap Rate 9%
$291,556
Alternative Uses
Best Use
Multifamily LT 5
$374.9K
$328.0K – $437.3K
NOI $26,240 @ 7.0% cap · market cap 7.50%
Second Best
Apartment 5plus
$344.1K
$301.1K – $401.5K
NOI $24,087 @ 7.0% cap · market cap 6.88%
Theoretical Best
Office A
$506.5K
$443.2K – $590.9K
NOI $35,455 @ 7.0% cap · market cap 10.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
489
Businesses Nearby
Explore this area
Business Placement
Demographics for 48215, MI
10,520
Population
6,044
Households
1.7
Avg Household Size
41
Median Age
19%
College-Educated
85%
High-School Grad
3.9 sq mi
ZIP Area
2,697
Density / Sq Mi
$33,741
Median Household Income
$36,728
Median Earnings
$897
Median Rent
$105,400
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-unit property with refreshed interiors, quartz kitchen finishes, and an island-centered layout.
Where is this duplex located?
The property is located at 1026 Drexel St Detroit, MI.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 2,296 SF duplex built in 1913; Updated windows, roof, and siding; Open floor plan with hardwood flooring
