Renovated Duplex with Private
New
For Sale
$349,900
Pending
14926 E 10 Mile Rd, Warren, MI 48089
Fully renovated duplex with separate utilities, laundry, kitchens, and bathrooms for each unit.
Property Size2,106 SF
Days on Market2
Property Features for 14926 E 10 Mile Rd
General Information
Standard status
Pending
Size
2,106 SF
Property subtype
Investment
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,434
Amenities
in-unit laundry
outdoor patio
Building Details
Building Size
2,106 SF
Year Built
1942
Buildings
1
Units
2
Listing Agency:
GHK of Michigan Inc
Listed By:
Matthew Cervone
(586) 532-0500
Source:
Elliman
Added: Sep 16
Last Checked: Sep 16 at 2:53PM
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 GHK of Michigan Inc
Investment Insights
Based on property information with market context.
This 1942-built duplex in Warren, Michigan, has two self-contained residences with private entrances, separate driveways, and no shared common space. Each unit includes its own kitchen, bathroom, in-unit laundry, and electric meter. The lower residence is approximately 1300sqft with 3 bedrooms, 1 bathroom, a formal dining area, and a spacious living room. The upper residence is approximately 800sqft with 2 bedrooms and 1 bathroom, including a primary bedroom with a walk-in closet.
The property has been operated as a short-term rental since 2022 and has also been positioned for long-term rental use or owner occupancy. Recent improvements include kitchens and bathrooms, plumbing and electrical systems, and flooring updated in 2021; a new furnace and AC and new siding in 2021; and a new roof, outdoor patio, and stairs in 2023. Furnishings are negotiable.
The property has been operated as a short-term rental since 2022 and has also been positioned for long-term rental use or owner occupancy. Recent improvements include kitchens and bathrooms, plumbing and electrical systems, and flooring updated in 2021; a new furnace and AC and new siding in 2021; and a new roof, outdoor patio, and stairs in 2023. Furnishings are negotiable.
Key Highlights
- Two‑unit duplex with separate driveways, private entrances, and no shared common space
- Lower unit: approximately 1300sqft with 3 bedrooms and 1 bathroom
- Upper unit: approximately 800sqft with 2 bedrooms and 1 bathroom
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
$20,676
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
5.91%
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%
$413,520
$413.5K
Cap Rate 7%
$295,371
$295.4K
Cap Rate 9%
$229,733
$229.7K
Market Conditions
NOI Build-Up for 2,106 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
$31.6K $15.00/SF
− Vacancy
−$2.1K −$0.98/SF
EGI
$29.5K $14.03/SF
− OpEx
−$8.9K −$4.21/SF
NOI
$20.7K $9.82/SF
Area
Warren, 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%
$413,520
Cap Rate 7%
$295,371
Cap Rate 9%
$229,733
Alternative Uses
Best Use
Multifamily LT 5
$295.4K
$258.5K – $344.6K
NOI $20,676 @ 7.0% cap · market cap 5.91%
Second Best
Apartment 5plus
$275.0K
$240.6K – $320.8K
NOI $19,247 @ 7.0% cap · market cap 5.50%
Theoretical Best
Office A
$464.6K
$406.5K – $542.0K
NOI $32,521 @ 7.0% cap · market cap 9.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
295
Businesses Nearby
Explore this area
Business Placement
Demographics for 48089, MI
32,012
Population
13,597
Households
2.4
Avg Household Size
35
Median Age
11%
College-Educated
83%
High-School Grad
8.0 sq mi
ZIP Area
4,002
Density / Sq Mi
$53,076
Median Household Income
$35,786
Median Earnings
$1,187
Median Rent
$117,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Fully renovated duplex with separate utilities, laundry, kitchens, and bathrooms for each unit.
Where is this duplex located?
The property is located at 14926 E 10 Mile Rd Warren, MI.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Two‑unit duplex with separate driveways, private entrances, and no shared common space; Lower unit: approximately 1300sqft with 3 bedrooms and 1 bathroom; Upper unit: approximately 800sqft with 2 bedrooms and 1 bathroom
