Turnkey Duplex with Updated
For Sale
$140,000
14615 - 14617 Winthrop St, Detroit, MI 48227
Brick duplex with two 2-bedroom, 1-bath units, updated kitchens, renovated baths, and in-unit laundry areas.
Property Size1,217 SF
Days on Market55
Property Features for 14615 - 14617 Winthrop St
General Information
Standard status
Active
Size
1,217 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$5,773
Building Details
Building Size
1,217 SF
Year Built
1929
Units
2
Listing Agency:
eXp Realty
(248) 798-0517
Listed By:
Amy Dunlap · License #6501400853
(248) 798-0517
Source:
Elliman
Added: Jun 18
Changed: Aug 7
Last Checked: Aug 10 at 6:12AM
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 eXp Realty
Investment Insights
Based on property information with market context.
This turnkey brick duplex includes two separate units: a lower unit and an upper unit, each offering two bedrooms and one bathroom. Updates completed in 2026 refreshed the interiors throughout, creating a near-new presentation for either occupancy or rental use. Each unit features a modern kitchen with new soft-close cabinetry and new appliances scheduled to be put in at closing. Living areas include bright, naturally lit spaces with high ceilings, luxury vinyl plank flooring, and new lighting.
The property includes a shared basement with substantial additional space, described as approximately 1,075 square feet. It is also noted to have audio/video on the property. The units are positioned a short distance from major highways and within reach of schools, shopping, and parks, supporting everyday convenience for residents.
Each unit has its own laundry room with washer and dryer included as part of the closing. With both bathrooms fully renovated and new flooring and lighting throughout, the duplex is well-suited for buyers seeking a turnkey residential income property with consistent finishes across both units.
The property includes a shared basement with substantial additional space, described as approximately 1,075 square feet. It is also noted to have audio/video on the property. The units are positioned a short distance from major highways and within reach of schools, shopping, and parks, supporting everyday convenience for residents.
Each unit has its own laundry room with washer and dryer included as part of the closing. With both bathrooms fully renovated and new flooring and lighting throughout, the duplex is well-suited for buyers seeking a turnkey residential income property with consistent finishes across both units.
Key Highlights
- Solid brick duplex built in 1929 with two units: lower 14615 and upper 14617
- Each unit offers 2 bedrooms and 1 full bathroom
- Updated kitchens with new soft‑close cabinets and new appliances to be put in at closing
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
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 - Brick duplex with two 2-bedroom, 1-bath units, updated kitchens, renovated baths, and in-unit laundry areas.
Where is this duplex located?
The property is located at 14615 - 14617 Winthrop St 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: Solid brick duplex built in 1929 with two units: lower 14615 and upper 14617; Each unit offers 2 bedrooms and 1 full bathroom; Updated kitchens with new soft‑close cabinets and new appliances to be put in at closing
