Renovated Two-Family
New
For Sale
$324,999
17144 Greenlawn St, Detroit, MI 48221
Two separate residences offer updated interiors, private storage, shared outdoor space, and a three-car garage.
Property Size2,431 SF
Days on Market3
Property Features for 17144 Greenlawn St
General Information
Standard status
Active
Size
2,431 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$1,977
Building Details
Building Size
2,431 SF
Year Built
1928
Units
2
Listing Agency:
Keller Williams Royal Oak
(248) 288-3500
Listed By:
Lorenzo Sparks · License #6501412951
(248) 288-3500
Source:
Elliman
Added: Aug 20
Changed: Aug 21
Last Checked: Aug 21 at 1:29PM
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 Keller Williams Royal Oak
Investment Insights
Based on property information with market context.
This Detroit duplex contains two renovated residences with distinct layouts. The lower apartment includes 4 bedrooms and 2 full baths, while the upper apartment provides 3 bedrooms and 1 full bath. Both units feature tall ceilings, recessed lighting, luxury vinyl plank flooring, refreshed bathrooms, and updated kitchens with new cabinetry, quartz countertops, and appliance hookups. A wood-burning fireplace adds character to the interior. The property also includes a basement with dedicated storage and washer and dryer hookups, plus a shared fenced yard and a three-car garage.
Major property updates include plumbing, electrical, HVAC systems, the roof, and siding. A 24-hour monitored surveillance system is installed. Furnace and hot water heater installation is scheduled for closing. Built in 1928, the property is located near the University of Detroit Mercy and Livernois Avenue of Fashion, with Downtown Detroit a short drive away. WalkScore is 66, TransitScore is 48, and BikeScore is 43.
Major property updates include plumbing, electrical, HVAC systems, the roof, and siding. A 24-hour monitored surveillance system is installed. Furnace and hot water heater installation is scheduled for closing. Built in 1928, the property is located near the University of Detroit Mercy and Livernois Avenue of Fashion, with Downtown Detroit a short drive away. WalkScore is 66, TransitScore is 48, and BikeScore is 43.
Key Highlights
- Two‑family duplex with a 4‑bedroom lower unit and 3‑bedroom upper unit
- Renovated kitchens with new cabinetry, quartz countertops, and appliance hookups
- Updated plumbing, electrical, HVAC systems, roof, and siding
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
$27,783
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
8.55%
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%
$555,660
$555.7K
Cap Rate 7%
$396,900
$396.9K
Cap Rate 9%
$308,700
$308.7K
Market Conditions
NOI Build-Up for 2,431 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
$42.3K $17.40/SF
− Vacancy
−$2.6K −$1.07/SF
EGI
$39.7K $16.33/SF
− OpEx
−$11.9K −$4.90/SF
NOI
$27.8K $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%
$555,660
Cap Rate 7%
$396,900
Cap Rate 9%
$308,700
Alternative Uses
Best Use
Multifamily LT 5
$396.9K
$347.3K – $463.1K
NOI $27,783 @ 7.0% cap · market cap 8.55%
Second Best
Apartment 5plus
$364.3K
$318.8K – $425.1K
NOI $25,503 @ 7.0% cap · market cap 7.85%
Theoretical Best
Office A
$536.3K
$469.3K – $625.7K
NOI $37,540 @ 7.0% cap · market cap 11.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
658
Businesses Nearby
Explore this area
Business Placement
Demographics for 48221, MI
38,204
Population
17,452
Households
2.2
Avg Household Size
38
Median Age
29%
College-Educated
90%
High-School Grad
5.2 sq mi
ZIP Area
7,347
Density / Sq Mi
$55,583
Median Household Income
$37,019
Median Earnings
$1,174
Median Rent
$138,700
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 - Two separate residences offer updated interiors, private storage, shared outdoor space, and a three-car garage.
Where is this duplex located?
The property is located at 17144 Greenlawn St Detroit, MI.
What is the asking price?
The asking price for this property is $324,999.
What are key features of this property?
This property features: Two‑family duplex with a 4‑bedroom lower unit and 3‑bedroom upper unit; Renovated kitchens with new cabinetry, quartz countertops, and appliance hookups; Updated plumbing, electrical, HVAC systems, roof, and siding
