Remodeled Duplex with Finished
For Sale
$167,000
Pending
1459 PINGREE Avenue, Lincoln Park, MI 48146
MULTI_FAMILY - Other - Lincoln Park, MI
Property Size1,536 SF
Lot Size0.10 Acres
Days on Market1232
Property Features for 1459 PINGREE Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Bedroom 4, Basement, Bedroom 1, Bathroom 2, Bedroom 2
Parking
2
Pets allowed
Yes
Subdivision
HOMESTEAD GARDENS SUB
Elementary school district
Lincoln Park
Middle school district
Lincoln Park
High school district
Lincoln Park
Directions
Head East on Southfield turn left onto Pingree
Standard status
Pending
APN
45001030132000
Size
1,536 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Description
AC132 LOT 132 ALSO ADJ VAC ALLEY 10 FT WIDE HOMESTEAD GARDENS SUB PC 475 L51 P54 WCR
Tax Annual Amount
1567
Legal Description
AC132 LOT 132 ALSO ADJ VAC ALLEY 10 FT WIDE HOMESTEAD GARDENS SUB PC 475 L51 P54 WCR
Utilities
Heating system
Forced Air
Water source
Public
Amenities
laundry
Building Details
Year built
1926
Floors in Building
2
Number of units
2
Building materials
Vinyl
Architectural style
Other
Listing Agency:
EXP Realty Main
(888) 501-7085
Listed By:
Shawn Bargaineer
(888) 501-7085
Added: Mar 26, 2023
Changed: Aug 2
Last Checked: Aug 8 at 6:06PM
MLS# 20230057288
Copyright © 2026 Realcomp Limited II. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Remodeled duplex featuring two units and access to a full finished basement with laundry. The property includes vinyl exterior construction and forced-air heating. Built in 1926, the home is served by public water.
Set in a Multi-Family zoned setting in Lincoln Park, the duplex offers a straightforward layout for an owner-operator or investor looking for residential income use. The property size is 1,536 square feet on a 0.1-acre lot.
The combination of two separate units and the finished basement/laundry access supports day-to-day functionality and flexible tenant living within a duplex structure.
Set in a Multi-Family zoned setting in Lincoln Park, the duplex offers a straightforward layout for an owner-operator or investor looking for residential income use. The property size is 1,536 square feet on a 0.1-acre lot.
The combination of two separate units and the finished basement/laundry access supports day-to-day functionality and flexible tenant living within a duplex structure.
Key Highlights
- Duplex with two units and access to a full finished basement with laundry
- Remodeled and well kept per remarks
- 1,536 SF duplex on a 0.1‑acre lot
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
$15,080
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
9.03%
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%
$301,600
$301.6K
Cap Rate 7%
$215,429
$215.4K
Cap Rate 9%
$167,556
$167.6K
Market Conditions
NOI Build-Up for 1,536 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
$23.0K $15.00/SF
− Vacancy
−$1.5K −$0.98/SF
EGI
$21.5K $14.03/SF
− OpEx
−$6.5K −$4.21/SF
NOI
$15.1K $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%
$301,600
Cap Rate 7%
$215,429
Cap Rate 9%
$167,556
Alternative Uses
Best Use
Multifamily LT 5
$215.4K
$188.5K – $251.3K
NOI $15,080 @ 7.0% cap · market cap 9.03%
Second Best
Apartment 5plus
$197.8K
$173.1K – $230.8K
NOI $13,847 @ 7.0% cap · market cap 8.29%
Theoretical Best
Specialty Retail
$284.4K
$248.8K – $331.8K
NOI $19,907 @ 7.0% cap · market cap 11.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
267
Businesses Nearby
Explore this area
Business Placement
Demographics for 48146, MI
40,245
Population
15,874
Households
2.5
Avg Household Size
37
Median Age
11%
College-Educated
81%
High-School Grad
5.8 sq mi
ZIP Area
6,939
Density / Sq Mi
$57,183
Median Household Income
$36,886
Median Earnings
$972
Median Rent
$117,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Remodeled duplex on 0.1-acre lot with two units, full finished basement, and forced-air heating.
Where is this duplex located?
The property is located at 1459 PINGREE Avenue Lincoln Park, MI.
What is the asking price?
The asking price for this property is $167,000.
What are key features of this property?
This property features: Duplex with two units and access to a full finished basement with laundry; Remodeled and well kept per remarks; 1,536 SF duplex on a 0.1‑acre lot
