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    Remodeled Virginia Park Two-Family Property Title is generated by Realmo AI

    1645 Taylor St, Detroit, MI 48206

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    Completely remodeled two-family property in Virginia Park with tenant in place.

    Type:Multifamily
    Property size:
    2,668 SF
    Price / SF:
    $129/SF
    Added:
    Jun 11, 2024
    Days on Market:
    734
    Last Refresh:
    May 12 at 9:32 pm

    Property Features for 1645 Taylor St

    General Information

    Standard status
    Active
    Size
    2,668 SF
    Property subtype
    Multifamily

    Building Details

    Year Built
    1916

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    Listing Contact
    Ryan Kain

    Listing agent Ryan Kain License #MI 6501401697

    Listing office RE/MAX Leading Edge

    Listing date Jun 11, 2024

    Source Crexi

    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 RE/MAX Leading Edge

    HighLights

    • Completely remodeled 2‑family property, ideal for investors.
    • Both units are currently rented with leases in place through late 2025, generating immediate income ($1,700 and $1,400 per month).
    • Each unit features 3 bedrooms, 1 bathroom, and 1,274 sq. ft. of living space.
    • The 2nd‑floor unit includes a large, additional room on the 3rd floor, suitable for a home gym, office, or entertainment space.
    • Extensive updates include new wiring, roof, windows, plumbing, heating, and on‑demand water heaters.
    • Located in a rapidly developing area with significant planned investments and close proximity to local amenities.

    Overview

    This Virginia Park two-family property has been completely remodeled. Each of the two units features 1,274 sq. ft., 3 bedrooms, 1 bathroom, a living room, dining room, and kitchen. The upper unit is rented for $1,700 per month through August 31, 2025, and the lower unit is rented for $1,400 per month through September 30, 2025. The kitchens include white shaker cabinets, butcher block counter-tops, and a full suite of stainless steel appliances. The bathrooms feature new tile, fixtures, and a large double vanity. The second-floor unit also features an additional room on the third floor. Updates include new wiring, a new roof, new vinyl windows, new plumbing, new forced air heating, and new electric on-demand water heaters. The property also features refinished hardwood floors. A small 1-car garage is located out back off of the alley. Gas and electric are metered separately, and water is on 1 meter. Located less than 1/4 mile from The Congregation, it is also close to New Center. The property has a covered front porch and an upper unit balcony. Vacant lots across the street may be available for purchase from the Detroit Land Bank. The La Salle Gardens/Virginia Park neighborhoods are experiencing growth, with over $3.5 billion in developments slated over the next 5 years.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $46.4k $17.40
    − Vacancy −$2.9k −$1.07
    EGI $43.6k $16.33
    − OpEx −$13.1k −$4.90
    NOI $30.5k $11.43
    2,668 SF · lease $17.40/SF/yr · vacancy 6.17% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $435.6K
    $381.1K – $508.2K (±1% cap)
    NOI $30,491 @ 7.0% cap · market cap 8.84%
    Second Best
    Apartment 5plus
    $399.8K
    $349.9K – $466.5K (±1% cap)
    NOI $27,989 @ 7.0% cap · market cap 8.11%
    Theoretical Best
    Office A
    $588.6K
    $515.0K – $686.7K (±1% cap)
    NOI $41,200 @ 7.0% cap · market cap 11.94%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.0967464
    Latitude
    42.3760799

    FAQs

    What type of property is this?
    Duplex - Completely remodeled two-family property in Virginia Park with tenant in place.
    Where is this duplex located?
    The property is located at 1645 Taylor St Detroit, MI.
    What is the asking price?
    The asking price for this property is $345,000.
    What are key features of this property?
    This property features: Completely remodeled 2‑family property, ideal for investors.; Both units are currently rented with leases in place through late 2025, generating immediate income ($1,700 and $1,400 per month).; Each unit features 3 bedrooms, 1 bathroom, and 1,274 sq. ft. of living space.
    More about this property
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