Duplex with Two-Car
For Sale
$330,000
1375 / 1377 Somerset Ave, Grosse Pointe Park, MI 48230
Two spacious units offer matching three-bedroom layouts, separate utility meters, and off-street parking.
Property Size2,754 SF
Price / SF$119.83
Days on Market27
Property Features for 1375 / 1377 Somerset Ave
General Information
Standard status
Active
Size
2,754 SF
Property subtype
Investment
Property Condition
Severity
Repairs Needed
Evidence
fixer-upper
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,311
Building Details
Building Size
2,754 SF
Year Built
1924
Buildings
1
Units
2
Listing Agency:
Sine & Monaghan, Realtors
(313) 570-4555
Listed By:
Kelie D McMillan · License #MISPE-6501295020
(313) 570-4555
Source:
Elliman
Added: Aug 5
Changed: Aug 31
Last Checked: Aug 31 at 5:19AM
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 Sine & Monaghan, Realtors
Investment Insights
Based on property information with market context.
This two-family duplex contains 2,754 square feet of total living space across two substantial units. Each unit includes three bedrooms, one full bathroom, living and dining areas, and classic architectural character. A large front porch serves the first level, while the property also provides a two-car garage and driveway parking. Separate gas and electric meters support distinct utility management between the units.
The property is located at 1375 / 1377 Somerset Ave in Grosse Pointe Park, near local schools, resident-only waterfront parks, and the dining and shopping areas along Charlevoix and Kercheval. Walk Score is 60, Bike Score is 55, and Transit Score is 36. The property is offered as-is and requires renovation.
The property is located at 1375 / 1377 Somerset Ave in Grosse Pointe Park, near local schools, resident-only waterfront parks, and the dining and shopping areas along Charlevoix and Kercheval. Walk Score is 60, Bike Score is 55, and Transit Score is 36. The property is offered as-is and requires renovation.
Key Highlights
- Two‑family duplex with 2,754 square feet of total living space
- Each unit has 3 bedrooms, 1 full bathroom, living space, and dining space
- Two‑car garage plus driveway parking
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
$27,037
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
8.19%
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%
$540,740
$540.7K
Cap Rate 7%
$386,243
$386.2K
Cap Rate 9%
$300,411
$300.4K
Market Conditions
NOI Build-Up for 2,754 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
$41.3K $15.00/SF
− Vacancy
−$2.7K −$0.98/SF
EGI
$38.6K $14.03/SF
− OpEx
−$11.6K −$4.21/SF
NOI
$27.0K $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 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%
$540,740
Cap Rate 7%
$386,243
Cap Rate 9%
$300,411
Alternative Uses
Best Use
Multifamily LT 5
$386.2K
$338.0K – $450.6K
NOI $27,037 @ 7.0% cap · market cap 8.19%
Second Best
Apartment 5plus
$354.7K
$310.3K – $413.8K
NOI $24,827 @ 7.0% cap · market cap 7.52%
Theoretical Best
Specialty Retail
$509.9K
$446.2K – $594.9K
NOI $35,692 @ 7.0% cap · market cap 10.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
614
Businesses Nearby
Explore this area
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
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 spacious units offer matching three-bedroom layouts, separate utility meters, and off-street parking.
Where is this duplex located?
The property is located at 1375 / 1377 Somerset Ave Grosse Pointe Park, MI.
What is the asking price?
The asking price for this property is $330,000.
What are key features of this property?
This property features: Two‑family duplex with 2,754 square feet of total living space; Each unit has 3 bedrooms, 1 full bathroom, living space, and dining space; Two‑car garage plus driveway parking
