Two-Unit Bungalow with
New
For Sale
$295,900
1334 Maryland St, Grosse Pointe Park, MI 48230
Both residences have two bedrooms, one full bath, and signed one-year leases.
Property Size1,786 SF
Price / SF$165.68
Days on Market4
Property Features for 1334 Maryland St
General Information
Standard status
Active
Size
1,786 SF
Total Parking Spaces
2
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$4,242
Amenities
laundry station
Building Details
Year Built
1924
Buildings
1
Construction
bungalow
Listing Agency:
Real Estate One-Southgate
Listed By:
Robin L Guajardo
(734) 284-5400
Source:
Exprealty
Added: Oct 28
Changed: Oct 30
Last Checked: Oct 30 at 1:40PM
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 Real Estate One-Southgate
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Investment Insights
Based on property information with market context.
Built in 1924, this upper-and-lower bungalow contains two residences, each with two bedrooms and one full bath. The lower unit has a dining room, front and rear entrances, and a rear porch. The upper unit offers a separate enclosed rear stairway, a porch, and a storage closet. Original hardwood floors are shown in the listing photos. A shared basement provides separate storage areas and laundry stations for each unit, along with unfinished common space. Each residence includes a refrigerator and stove.
A detached two-car garage and alley access serve the property. The building is east of Alter Road, between Kercheval and Mack, with shops, cafes, and restaurants along Kercheval within walking distance. Downtown Detroit is approximately 7 miles away. The property is in Grosse Pointe Public Schools.
Both units are under newly signed one-year leases.
A detached two-car garage and alley access serve the property. The building is east of Alter Road, between Kercheval and Mack, with shops, cafes, and restaurants along Kercheval within walking distance. Downtown Detroit is approximately 7 miles away. The property is in Grosse Pointe Public Schools.
Both units are under newly signed one-year leases.
Key Highlights
- Two residences, each with 2 bedrooms and 1 full bath
- Built in 1924
- Detached 2‑car garage with alley access
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,534
Cap Rate
5.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$350,680
$350.7K
Cap Rate 7%
$250,486
$250.5K
Cap Rate 9%
$194,822
$194.8K
Market Conditions
NOI Build-Up for 1,786 SF
Gross rent
$26.8K $15.00/SF
− Vacancy
−$1.7K −$0.98/SF
EGI
$25.0K $14.03/SF
− OpEx
−$7.5K −$4.21/SF
NOI
$17.5K $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%
$350,680
Cap Rate 7%
$250,486
Cap Rate 9%
$194,822
Alternative Uses
Best Use
Multifamily LT 5
$250.5K
$219.2K – $292.2K
NOI $17,534 @ 7.0% cap · market cap 5.93%
Second Best
Apartment 5plus
$230.0K
$201.3K – $268.4K
NOI $16,101 @ 7.0% cap · market cap 5.44%
Theoretical Best
Specialty Retail
$330.7K
$289.3K – $385.8K
NOI $23,147 @ 7.0% cap · market cap 7.82%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
719
Businesses Nearby
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Business Placement
Demographics for 48230, MI
17,559
Population
7,369
Households
2.4
Avg Household Size
42
Median Age
73%
College-Educated
99%
High-School Grad
3.3 sq mi
ZIP Area
5,321
Density / Sq Mi
$131,155
Median Household Income
$65,716
Median Earnings
$1,451
Median Rent
$448,200
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Both residences have two bedrooms, one full bath, and signed one-year leases.
Where is this duplex located?
The property is located at 1334 Maryland St Grosse Pointe Park, MI.
What is the asking price?
The asking price for this property is $295,900.
What are key features of this property?
This property features: Two residences, each with 2 bedrooms and 1 full bath; Built in 1924; Detached 2‑car garage with alley access
