2-Unit Multifamily
1541 Elm Street, Detroit, MI 48216
For Sale
$899,000
Multifamily, 2 Story, Detroit, MI
Property Size3,980 SF
Lot Size0.11 Acres
Price / SF$225.88
Days on Market233
Property Features for 1541 Elm Street
General Information
Property type
Property subtype
Property condition
Zoning
Bedrooms
Bathrooms
Full bathrooms
Rooms
Parking
Pets allowed
Interior features
Subdivision
Elementary school district
Middle school district
High school district
Directions
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Description
Tax Annual Amount
Legal Description
Utilities
Heating system
Cooling system
Water source
Amenities
security doors
smart locks
smart thermostats
surveillance cameras
laundry hookups
central air conditioning
private entry
quartz countertops
gas
Building Details
Year built
Floors in Building
Number of units
Building materials
Roof type
Architectural style
Listing Agency:
Keller Williams Paint Creek · Keller Williams Realty
(248) 609-8000
Listed By:
Briyana Jordan · License MI #6501427277
(616) 469-7164
Added: Mar 23
Changed: Nov 9
Last Checked: Nov 10 at 2:06PM
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.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This under-construction duplex contains two matching residences with four bedrooms apiece. The 3,980-square-foot building is planned with full kitchens featuring quartz countertops, laundry hookups, central air conditioning, and separate entrances. Smart locks, programmable thermostats, security doors, and surveillance cameras are also part of the property. The site covers 0.11 acres and includes a rear parking area with eight spaces.
Located in Detroit, the property has multi-family and residential zoning. A tax exemption is in place through 2033.
Located in Detroit, the property has multi-family and residential zoning. A tax exemption is in place through 2033.
Key Highlights
- Two residences with four bedrooms each
- 3,980‑square‑foot building on a 0.11‑acre parcel
- Eight parking spaces in a rear lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$45,485
Cap Rate
5.06%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$909,700
$909.7K
Cap Rate 7%
$649,786
$649.8K
Cap Rate 9%
$505,389
$505.4K
Market Conditions
NOI Build-Up for 3,980 SF
Gross rent
$69.3K $17.40/SF
− Vacancy
−$4.3K −$1.07/SF
EGI
$65.0K $16.33/SF
− OpEx
−$19.5K −$4.90/SF
NOI
$45.5K $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 Rate 5%
$909,700
Cap Rate 7%
$649,786
Cap Rate 9%
$505,389
Alternative Uses
Best Use
Multifamily LT 5
$649.8K
$568.6K – $758.1K
NOI $45,485 @ 7.0% cap · market cap 5.06%
Second Best
Apartment 5plus
$596.5K
$521.9K – $695.9K
NOI $41,753 @ 7.0% cap · market cap 4.64%
Theoretical Best
Office A
$878.0K
$768.3K – $1.02M
NOI $61,460 @ 7.0% cap · market cap 6.84%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
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
$225,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/SF for Duplexes in Detroit, MI
Properties on Market for Duplexes in Detroit
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two matching residences each provide four bedrooms, a full kitchen, laundry hookups, and a private entrance.
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: Two residences with four bedrooms each; 3,980‑square‑foot building on a 0.11‑acre parcel; Eight parking spaces in a rear lot
