Remodeled Duplex with Gated
For Sale
$249,900
Pending
8397 Lane St, Detroit, MI 48209
Updated two-unit layout with included appliances, a gated driveway, and a partial garage structure.
Property Size2,076 SF
Days on Market19
Property Features for 8397 Lane St
General Information
Standard status
Pending
Size
2,076 SF
Property subtype
Investment
Units
Unit Mix
1 x 3BR, 1 x 2BR
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$11,710
Amenities
gated driveway
partial garage structure
Building Details
Building Size
2,076 SF
Year Built
1913
Units
2
Listing Agency:
Emmanuel Realty LLC
Listed By:
Tina Alfaro · License #6505366413
(586) 634-6228
Source:
Elliman
Added: Sep 19
Changed: Oct 4
Last Checked: Oct 7 at 12:22PM
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 Emmanuel Realty LLC
Investment Insights
Based on property information with market context.
Built in 1913, this remodeled duplex is arranged as two residential units, with a three-bedroom upper residence and a two-bedroom lower residence. Improvements include updated electrical, plumbing, drywall, and flooring, while the existing appliances remain with the property. A gated driveway and partial garage structure add practical site features. The residence may also be converted to a single-family home.
The sale includes two parcels: 8397 Lane and 8393 Lane Vacant Lot. The adjacent vacant lot is gated and provides additional property area. The location is minutes from Dearborn, I-75, and major freeways. Walk Score is 70, Bike Score is 56, and Transit Score is 38.
The sale includes two parcels: 8397 Lane and 8393 Lane Vacant Lot. The adjacent vacant lot is gated and provides additional property area. The location is minutes from Dearborn, I-75, and major freeways. Walk Score is 70, Bike Score is 56, and Transit Score is 38.
Key Highlights
- Two‑unit configuration with a three‑bedroom upper unit and two‑bedroom lower unit
- Built in 1913 and remodeled with updated electrical, plumbing, drywall, and flooring
- Sale includes 8397 Lane and 8393 Lane Vacant Lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,779
Cap Rate
8.72%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$435,580
$435.6K
Cap Rate 7%
$311,129
$311.1K
Cap Rate 9%
$241,989
$242.0K
Market Conditions
NOI Build-Up for 2,076 SF
Gross rent
$42.4K $20.40/SF
− Vacancy
−$2.8K −$1.33/SF
EGI
$39.6K $19.07/SF
− OpEx
−$17.8K −$8.58/SF
NOI
$21.8K $10.49/SF
Area
Detroit, MI
Vacancy
6.50%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$435,580
Cap Rate 7%
$311,129
Cap Rate 9%
$241,989
Alternative Uses
Best Use
Multifamily LT 5
$338.9K
$296.6K – $395.4K
NOI $23,726 @ 7.0% cap · market cap 9.49%
Second Best
Apartment 5plus
$311.1K
$272.2K – $363.0K
NOI $21,779 @ 7.0% cap · market cap 8.72%
Theoretical Best
Office A
$458.0K
$400.7K – $534.3K
NOI $32,058 @ 7.0% cap · market cap 12.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
450
Businesses Nearby
Explore this area
Business Placement
Demographics for 48209, MI
27,096
Population
11,020
Households
2.5
Avg Household Size
30
Median Age
10%
College-Educated
61%
High-School Grad
6.8 sq mi
ZIP Area
3,985
Density / Sq Mi
$42,152
Median Household Income
$30,091
Median Earnings
$843
Median Rent
$82,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Updated two-unit layout with included appliances, a gated driveway, and a partial garage structure.
Where is this duplex located?
The property is located at 8397 Lane St Detroit, MI.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Two‑unit configuration with a three‑bedroom upper unit and two‑bedroom lower unit; Built in 1913 and remodeled with updated electrical, plumbing, drywall, and flooring; Sale includes 8397 Lane and 8393 Lane Vacant Lot
