New Construction Two-Unit
For Sale
$899,000
1541 Elm Street, Detroit, MI 48216
MULTI_FAMILY - Other - Detroit, MI
Property Size3,600 SF
Lot Size0.11 Acres
Price / SF$249.72
Days on Market142
Property Features for 1541 Elm Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
Multi-Family,Residential
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bathroom 2, Bathroom 4, Bedroom 4, Bathroom 1, Bedroom 1, Bedroom 6, Bedroom 7, Bedroom 5, Bedroom 8, Bathroom 3, Bedroom 2
Parking
8
Pets allowed
Dogs OK, Cats OK
Interior features
Cable Available, Dual-Flush Toilet(s), ENERGY STAR(R) Qualified Door(s), ENERGY STAR(R) Qualified Light Fixture(s), ENERGY STAR(R) Qualified Window(s), High Spd Internet Avail, Laundry Facility, Programmable Thermostat
Subdivision
Mc Keowns Sub
Elementary school district
Detroit
Middle school district
Detroit
High school district
Detroit
Directions
Trumbul/Martin Luther King Jr S of Martin Luther King JR / W of Trumbul
Standard status
Active
APN
W08I000759S
Size
3,600 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Description
PROPERTY EXEMPT FROM AD VALOREM TAXES AND ASSESSED ON THE SPECIAL ACT ROLL PURSUANT TO PA 261 OF 2003 EXPIRING 12/30/2028. S ELM 92 MC KEOWNS SUB L3 P50 PLATS, W C R 8/43 40 X 115
Tax Annual Amount
38
Legal Description
PROPERTY EXEMPT FROM AD VALOREM TAXES AND ASSESSED ON THE SPECIAL ACT ROLL PURSUANT TO PA 261 OF 2003 EXPIRING 12/30/2028. S ELM 92 MC KEOWNS SUB L3 P50 PLATS, W C R 8/43 40 X 115
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
heavy-duty security doors
smart locks
smart thermostats
24-hour surveillance cameras
central air conditioning
laundry hookups
quartz countertops
Building Details
Year built
2026
Floors in Building
2
Number of units
2
Building materials
Aluminum, Vinyl
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Keller Williams Paint Creek · Keller Williams Realty
(248) 609-8000
Listed By:
Briyana Jordan · License #6501427277
(616) 469-7164
Added: Mar 23
Changed: Aug 1
Last Checked: Aug 11 at 9:06AM
MLS# 20261016823
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.
New construction two-unit duplex under construction, totaling approximately 3,600 square feet with each unit designed as an identical layout. Each unit offers four bedrooms and two full baths on each level, along with a spacious living area and a full kitchen with quartz countertops. The property includes forced-air heating, central air conditioning, gas service, laundry hookups, and private entries. Smart home and security features include smart locks, smart thermostats, heavy-duty security doors, and 24-hour surveillance cameras.
Built with a rear parking lot with 8 spaces, the property is supplied by public water and features an asphalt roof. Construction materials include aluminum and vinyl, and the home is described as ENERGY STAR qualified for select door, light fixture, and window components.
Zoned Multi-Family/Residential, the site is identified as 0.11 acres. A tax exemption is in place until 2033.
Built with a rear parking lot with 8 spaces, the property is supplied by public water and features an asphalt roof. Construction materials include aluminum and vinyl, and the home is described as ENERGY STAR qualified for select door, light fixture, and window components.
Zoned Multi-Family/Residential, the site is identified as 0.11 acres. A tax exemption is in place until 2033.
Key Highlights
- Approximately 3,600 SF new construction two‑unit duplex under construction
- Each unit features four bedrooms and two full baths on each level
- Forced‑air heating with central air conditioning plus gas and laundry hookups
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
$41,143
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
4.58%
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%
$822,860
$822.9K
Cap Rate 7%
$587,757
$587.8K
Cap Rate 9%
$457,144
$457.1K
Market Conditions
NOI Build-Up for 3,600 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
$62.6K $17.40/SF
− Vacancy
−$3.9K −$1.07/SF
EGI
$58.8K $16.33/SF
− OpEx
−$17.6K −$4.90/SF
NOI
$41.1K $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 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%
$822,860
Cap Rate 7%
$587,757
Cap Rate 9%
$457,144
Alternative Uses
Best Use
Multifamily LT 5
$587.8K
$514.3K – $685.7K
NOI $41,143 @ 7.0% cap · market cap 4.58%
Second Best
Apartment 5plus
$539.5K
$472.1K – $629.5K
NOI $37,767 @ 7.0% cap · market cap 4.20%
Theoretical Best
Office A
$794.2K
$694.9K – $926.5K
NOI $55,592 @ 7.0% cap · market cap 6.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
666
Businesses Nearby
Explore this area
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
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 - New construction two-unit duplex with central air, forced-air heat, laundry hookups, and private entries on a small Detroit lot.
Where is this duplex located?
The property is located at 1541 Elm Street Detroit, MI.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Approximately 3,600 SF new construction two‑unit duplex under construction; Each unit features four bedrooms and two full baths on each level; Forced‑air heating with central air conditioning plus gas and laundry hookups
