Renovated Duplex with
For Sale
$399,000
2414 Concord St, Detroit, MI 48207
Two updated residences offer distinct bedroom layouts, private laundry, and proximity to West Village, Belle Isle, and area dining.
Property Size2,810 SF
Days on Market103
Property Features for 2414 Concord St
General Information
Standard status
Active
Size
2,810 SF
Property subtype
Investment
Units
Unit Mix
1 x 3BR/1.5BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Asking Price
$399,000
Taxes and HOA fees
Annual Taxes
$9,947
Amenities
in-unit laundry
Building Details
Building Size
2,810 SF
Year Built
1911
Units
2
Listing Agency:
(248) 830-4970
Listed By:
Erica Collica Swink
(248) 830-4970
Source:
Elliman
Added: May 20
Changed: Aug 30
Last Checked: Aug 30 at 7:46AM
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 Erica Collica Swink
Investment Insights
Based on property information with market context.
Built in 1911 and comprehensively renovated, this duplex contains two separate residences of approximately 1,500 square feet each. The upper unit includes three bedrooms and one and a half baths, while the lower unit provides two bedrooms and one full bath. Both residences include in-unit laundry and updated interiors shaped around contemporary living.
The property is located at 2414 Concord St in Detroit’s Islandview neighborhood, near West Village, Belle Isle, Little Village, shopping, and restaurants. Walk Score is 50, Transit Score is 54, and Bike Score is 68, providing measurable access by foot, transit, and bicycle.
The property is located at 2414 Concord St in Detroit’s Islandview neighborhood, near West Village, Belle Isle, Little Village, shopping, and restaurants. Walk Score is 50, Transit Score is 54, and Bike Score is 68, providing measurable access by foot, transit, and bicycle.
Key Highlights
- Two‑unit duplex at 2414 Concord St, Detroit, MI 48207
- Approximately 1,500 square feet in each residence
- Upper unit: 3 bedrooms and 1.5 baths
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
$32,114
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
8.05%
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%
$642,280
$642.3K
Cap Rate 7%
$458,771
$458.8K
Cap Rate 9%
$356,822
$356.8K
Market Conditions
NOI Build-Up for 2,810 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
$48.9K $17.40/SF
− Vacancy
−$3.0K −$1.07/SF
EGI
$45.9K $16.33/SF
− OpEx
−$13.8K −$4.90/SF
NOI
$32.1K $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%
$642,280
Cap Rate 7%
$458,771
Cap Rate 9%
$356,822
Alternative Uses
Best Use
Multifamily LT 5
$458.8K
$401.4K – $535.2K
NOI $32,114 @ 7.0% cap · market cap 8.05%
Second Best
Apartment 5plus
$421.1K
$368.5K – $491.3K
NOI $29,479 @ 7.0% cap · market cap 7.39%
Theoretical Best
Office A
$619.9K
$542.4K – $723.2K
NOI $43,393 @ 7.0% cap · market cap 10.88%
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
418
Businesses Nearby
Explore this area
Business Placement
Demographics for 48207, MI
21,704
Population
13,026
Households
1.7
Avg Household Size
42
Median Age
35%
College-Educated
88%
High-School Grad
6.3 sq mi
ZIP Area
3,445
Density / Sq Mi
$44,561
Median Household Income
$43,377
Median Earnings
$1,040
Median Rent
$193,800
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 updated residences offer distinct bedroom layouts, private laundry, and proximity to West Village, Belle Isle, and area dining.
Where is this duplex located?
The property is located at 2414 Concord St Detroit, MI.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Two‑unit duplex at 2414 Concord St, Detroit, MI 48207; Approximately 1,500 square feet in each residence; Upper unit: 3 bedrooms and 1.5 baths
