Duplex with New
For Sale
$495,000
1335 & 1337 Bagley St, Detroit, MI 48226
Two-unit property with separate gas and electric service and a one-bedroom and two-bedroom unit mix.
Property Size1,931 SF
Days on Market10
Property Features for 1335 & 1337 Bagley St
General Information
Standard status
Active
Size
1,931 SF
Property subtype
Investment
Units
Unit Mix
1 x 1BR, 1 x 2BR
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$593
Building Details
Building Size
1,931 SF
Year Built
1900
Units
2
Listing Agency:
(248) 568-3441
Listed By:
Gary J Brincat
(248) 568-3441
Source:
Elliman
Added: Aug 13
Changed: Aug 16
Last Checked: Aug 21 at 11:23AM
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 Gary J Brincat
Investment Insights
Based on property information with market context.
This two-unit duplex at 1335 & 1337 Bagley St includes one one-bedroom residence and one two-bedroom residence. The property was built in 1900 and is currently receiving a new roof. Gas and electric service are separately metered, while water is included in the rent.
The property records a Walk Score of 94, a Bike Score of 94, and a Transit Score of 63. These ratings reflect strong walkability and bike access along with good transit connectivity. The unit mix and separate utility services provide a straightforward configuration for a residential income property.
The property records a Walk Score of 94, a Bike Score of 94, and a Transit Score of 63. These ratings reflect strong walkability and bike access along with good transit connectivity. The unit mix and separate utility services provide a straightforward configuration for a residential income property.
Key Highlights
- Two‑unit duplex with one one‑bedroom and one two‑bedroom unit
- New roof currently being installed
- Separate gas and electric service for the units
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
$22,068
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
4.46%
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%
$441,360
$441.4K
Cap Rate 7%
$315,257
$315.3K
Cap Rate 9%
$245,200
$245.2K
Market Conditions
NOI Build-Up for 1,931 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
$33.6K $17.40/SF
− Vacancy
−$2.1K −$1.07/SF
EGI
$31.5K $16.33/SF
− OpEx
−$9.5K −$4.90/SF
NOI
$22.1K $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%
$441,360
Cap Rate 7%
$315,257
Cap Rate 9%
$245,200
Alternative Uses
Best Use
Multifamily LT 5
$315.3K
$275.9K – $367.8K
NOI $22,068 @ 7.0% cap · market cap 4.46%
Second Best
Apartment 5plus
$289.4K
$253.2K – $337.6K
NOI $20,258 @ 7.0% cap · market cap 4.09%
Theoretical Best
Office A
$426.0K
$372.7K – $497.0K
NOI $29,819 @ 7.0% cap · market cap 6.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,311
Businesses Nearby
Explore this area
Business Placement
Demographics for 48226, MI
6,307
Population
5,160
Households
1.2
Avg Household Size
37
Median Age
53%
College-Educated
93%
High-School Grad
1.2 sq mi
ZIP Area
5,256
Density / Sq Mi
$69,813
Median Household Income
$60,957
Median Earnings
$1,714
Median Rent
$307,700
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 - Two-unit property with separate gas and electric service and a one-bedroom and two-bedroom unit mix.
Where is this duplex located?
The property is located at 1335 & 1337 Bagley St Detroit, MI.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Two‑unit duplex with one one‑bedroom and one two‑bedroom unit; New roof currently being installed; Separate gas and electric service for the units
