Updated Brick
For Sale
$140,000
14615 - 14617 Winthrop Street, Detroit, MI 48227
Multifamily, 2 Story, Detroit, MI
Property Size1,217 SF
Lot Size0.13 Acres
Price / SF$115.04
Days on Market73
Property Features for 14615 - 14617 Winthrop Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 1, Bathroom 1, Bedroom 4, Basement, Bathroom 2, Bedroom 2
Pets allowed
Yes
Interior features
Smoke Alarm, Laundry Facility
Exterior features
Fenced
Fencing
Fenced
Subdivision
Rugby
Elementary school district
Detroit
Middle school district
Detroit
High school district
Detroit
Directions
North Of Grand River Avenue And West Of Greenfield Road
Standard status
Active
APN
W22I052385S
Size
1,217 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Description
W WINTHROP S 20 FT 114 N 20 FT 115 RUGBY SUB L29 P75 PLATS, WCR 22/18 40 X 143.65
Tax Annual Amount
5774
Legal Description
W WINTHROP S 20 FT 114 N 20 FT 115 RUGBY SUB L29 P75 PLATS, WCR 22/18 40 X 143.65
Utilities
Heating system
Forced Air
Water source
Public
Amenities
in-unit laundry
audio/video system
high ceilings
Building Details
Year built
1929
Floors in Building
2
Number of units
2
Building materials
Brick
Roof type
Asphalt
Architectural style
Other
Listing Agency:
EXP Realty Main
(888) 501-7085
Listed By:
Amy Dunlap · License #6501400853
(248) 798-0517
Added: Jun 12
Changed: Aug 19
Last Checked: Aug 23 at 2:06AM
MLS# 20261044307
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.
This residential duplex includes two units, each with two bedrooms and one bathroom. Renovations completed in 2026 brought updated kitchens with soft-close cabinetry, refreshed bathrooms, new lighting, luxury vinyl plank flooring in the living areas, and new carpet in the bedrooms. Each residence also has its own laundry room. The property is constructed of brick and includes a 1,075-square-foot shared basement, fenced exterior, forced-air heating, asphalt roofing, and public water service.
The building occupies a 0.13-acre lot at 14615–14617 Winthrop Street in Detroit’s 48227 ZIP code. Major highways, schools, shopping, and parks are located a short distance from the property. Residential zoning supports the duplex configuration, while the 1929 construction date provides established building history alongside the recent interior improvements.
The building occupies a 0.13-acre lot at 14615–14617 Winthrop Street in Detroit’s 48227 ZIP code. Major highways, schools, shopping, and parks are located a short distance from the property. Residential zoning supports the duplex configuration, while the 1929 construction date provides established building history alongside the recent interior improvements.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 bathroom in each residence
- Renovations completed in 2026, including kitchens, bathrooms, lighting, and flooring
- Each unit includes its own laundry room
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
$12,299
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
8.79%
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%
$245,980
$246.0K
Cap Rate 7%
$175,700
$175.7K
Cap Rate 9%
$136,656
$136.7K
Market Conditions
NOI Build-Up for 1,217 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
$24.1K $19.80/SF
− Vacancy
−$1.7K −$1.43/SF
EGI
$22.4K $18.37/SF
− OpEx
−$10.1K −$8.27/SF
NOI
$12.3K $10.11/SF
Area
ZIP 48227
Vacancy
7.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
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%
$245,980
Cap Rate 7%
$175,700
Cap Rate 9%
$136,656
Alternative Uses
Best Use
Multifamily LT 5
$198.0K
$173.3K – $231.0K
NOI $13,860 @ 7.0% cap · market cap 9.90%
Second Best
Apartment 5plus
$175.7K
$153.7K – $205.0K
NOI $12,299 @ 7.0% cap · market cap 8.79%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
648
Businesses Nearby
Explore this area
Business Placement
Demographics for 48227, MI
40,266
Population
19,933
Households
2
Avg Household Size
36
Median Age
12%
College-Educated
83%
High-School Grad
7.5 sq mi
ZIP Area
5,369
Density / Sq Mi
$36,221
Median Household Income
$31,797
Median Earnings
$1,034
Median Rent
$70,900
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 separately configured units offer two bedrooms, one bathroom, and dedicated laundry space in each residence.
Where is this duplex located?
The property is located at 14615 - 14617 Winthrop Street Detroit, MI.
What is the asking price?
The asking price for this property is $140,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 bathroom in each residence; Renovations completed in 2026, including kitchens, bathrooms, lighting, and flooring; Each unit includes its own laundry room
