Renovated Two-Unit
1413 Bagley St, Detroit, MI 48216
For Sale
New
$849,900
Each residence offers three bedrooms, with new kitchens and bathrooms in both units.
Property Size2,110 SF
Days on Market4
Property Features for 1413 Bagley St
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Public Transit
Units
Unit Mix
Multifamily Units
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Buildings
Units
Listed By:
Sam Essa
(313) 999-8949
Source:
Elliman
Added: Nov 6
Changed: Nov 8
Last Checked: Nov 8 at 6:27AM
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 Sam Essa
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Investment Insights
Based on property information with market context.
This two-unit duplex has a three-bedroom layout in each residence. Recent improvements include new kitchens and bathrooms, along with replacement of the roof, electrical wiring, plumbing, drywall, flooring, windows, doors, furnaces and air conditioners. The property was built in 1900 and is located at 1413 Bagley Street in Detroit’s Corktown neighborhood.
Nearby destinations named include Michigan Central, Roosevelt Park, the Southwest Greenway, the Godfrey Hotel Detroit, local cafes and shops, and several restaurants. Downtown Detroit, the Riverwalk and professional sports venues are also described as accessible from the property. The home has a Walk Score of 57, Bike Score of 53 and Transit Score of 79.
Nearby destinations named include Michigan Central, Roosevelt Park, the Southwest Greenway, the Godfrey Hotel Detroit, local cafes and shops, and several restaurants. Downtown Detroit, the Riverwalk and professional sports venues are also described as accessible from the property. The home has a Walk Score of 57, Bike Score of 53 and Transit Score of 79.
Key Highlights
- Two residences, each with three bedrooms
- Renovations include new roof, electrical wiring and plumbing
- New kitchens and bathrooms in both residences
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,114
Cap Rate
2.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$482,280
$482.3K
Cap Rate 7%
$344,486
$344.5K
Cap Rate 9%
$267,933
$267.9K
Market Conditions
NOI Build-Up for 2,110 SF
Gross rent
$36.7K $17.40/SF
− Vacancy
−$2.3K −$1.07/SF
EGI
$34.4K $16.33/SF
− OpEx
−$10.3K −$4.90/SF
NOI
$24.1K $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 Rate 5%
$482,280
Cap Rate 7%
$344,486
Cap Rate 9%
$267,933
Alternative Uses
Best Use
Multifamily LT 5
$344.5K
$301.4K – $401.9K
NOI $24,114 @ 7.0% cap · market cap 2.84%
Second Best
Apartment 5plus
$316.2K
$276.7K – $368.9K
NOI $22,135 @ 7.0% cap · market cap 2.60%
Theoretical Best
Office A
$465.5K
$407.3K – $543.1K
NOI $32,583 @ 7.0% cap · market cap 3.83%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,311
Businesses Nearby
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Business Placement
Demographics for 48216, MI
5,031
Population
3,398
Households
1.5
Avg Household Size
35
Median Age
37%
College-Educated
87%
High-School Grad
2.3 sq mi
ZIP Area
2,187
Density / Sq Mi
$42,278
Median Household Income
$42,189
Median Earnings
$860
Median Rent
$225,300
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Detroit, MI
Properties on Market for Duplexes in Detroit
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Each residence offers three bedrooms, with new kitchens and bathrooms in both units.
Where is this duplex located?
The property is located at 1413 Bagley St Detroit, MI.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: Two residences, each with three bedrooms; Renovations include new roof, electrical wiring and plumbing; New kitchens and bathrooms in both residences
