Updated Duplex with
For Sale
$319,000
68 W Philadelphia St, Detroit, MI 48202
Two three-bedroom residences combine renovated interiors, private basement areas, and off-street parking in Detroit’s Piety Hill neighborhood.
Property Size2,562 SF
Days on Market117
Property Features for 68 W Philadelphia St
General Information
Standard status
Active
Size
2,562 SF
Total Parking Spaces
2
Property subtype
Investment
Occupancy
100%
Financials
Gross Income
$37,200
Average Monthly Rent
$1,550
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$5,128
Amenities
hardwood floors
renovated kitchens and bathrooms
sitting room with wet bar
balcony
central A/C
private basement
washer/dryer
shared yard
Building Details
Building Size
2,562 SF
Year Built
1915
Buildings
1
Units
2
Tenancy
Multi
Listed By:
Victoria Baugh
(305) 335-4714
Source:
Elliman
Added: May 9
Changed: Sep 2
Last Checked: Aug 31 at 7:36PM
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 Victoria Baugh
Investment Insights
Based on property information with market context.
Built in 1915, this duplex contains two three-bedroom, one-bath units with original hardwood flooring and renovated kitchens and bathrooms. Appliances are included in both residences. The upper unit adds a sitting room with a wet bar and a full-width balcony. Each unit has private basement storage with a dedicated washer and dryer, while the property also includes central A/C, a newer furnace, a shared yard, and a two-car rear parking pad.
Both residences are leased, providing an operating income stream with lease terms extending through July 31, 2027 for the lower unit and September 30, 2026 for the upper unit. The property is located at 68 W Philadelphia St in Detroit’s Piety Hill neighborhood, between the Boston-Edison Historic District and New Center Detroit. Tenacity Craft Brewery is nearby, and the QLine is within walking distance, with access toward Midtown and Downtown. The Fisher Building, New Center Park, cafes, shops, and cultural destinations are also in the surrounding area.
Both residences are leased, providing an operating income stream with lease terms extending through July 31, 2027 for the lower unit and September 30, 2026 for the upper unit. The property is located at 68 W Philadelphia St in Detroit’s Piety Hill neighborhood, between the Boston-Edison Historic District and New Center Detroit. Tenacity Craft Brewery is nearby, and the QLine is within walking distance, with access toward Midtown and Downtown. The Fisher Building, New Center Park, cafes, shops, and cultural destinations are also in the surrounding area.
Key Highlights
- Two‑unit duplex with 3 bedrooms and 1 full bath per residence
- Renovated kitchens and bathrooms with appliances included in both units
- Upper residence features a wet bar, sitting room, and full‑width balcony
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
$29,280
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
9.18%
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%
$585,600
$585.6K
Cap Rate 7%
$418,286
$418.3K
Cap Rate 9%
$325,333
$325.3K
Market Conditions
NOI Build-Up for 2,562 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
$44.6K $17.40/SF
− Vacancy
−$2.8K −$1.07/SF
EGI
$41.8K $16.33/SF
− OpEx
−$12.5K −$4.90/SF
NOI
$29.3K $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%
$585,600
Cap Rate 7%
$418,286
Cap Rate 9%
$325,333
Alternative Uses
Best Use
Multifamily LT 5
$418.3K
$366.0K – $488.0K
NOI $29,280 @ 7.0% cap · market cap 9.18%
Second Best
Apartment 5plus
$384.0K
$336.0K – $448.0K
NOI $26,877 @ 7.0% cap · market cap 8.43%
Theoretical Best
Office A
$565.2K
$494.5K – $659.4K
NOI $39,563 @ 7.0% cap · market cap 12.40%
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
1,467
Businesses Nearby
Explore this area
Business Placement
Demographics for 48202, MI
17,260
Population
10,078
Households
1.7
Avg Household Size
32
Median Age
38%
College-Educated
91%
High-School Grad
3.4 sq mi
ZIP Area
5,076
Density / Sq Mi
$36,536
Median Household Income
$31,725
Median Earnings
$894
Median Rent
$193,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two three-bedroom residences combine renovated interiors, private basement areas, and off-street parking in Detroit’s Piety Hill neighborhood.
Where is this duplex located?
The property is located at 68 W Philadelphia St Detroit, MI.
What is the asking price?
The asking price for this property is $319,000.
What are key features of this property?
This property features: Two‑unit duplex with 3 bedrooms and 1 full bath per residence; Renovated kitchens and bathrooms with appliances included in both units; Upper residence features a wet bar, sitting room, and full‑width balcony
