Renovated Duplex with Three-Car
New
For Sale
$324,999
17144 Greenlawn Street, Detroit, MI 48221
Multifamily, 2 Story, Detroit, MI
Property Size2,431 SF
Lot Size0.10 Acres
Price / SF$133.69
Days on Market2
Property Features for 17144 Greenlawn Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Bedrooms
7
Bathrooms
4
Full bathrooms
3
Half bathrooms
3
Rooms
Bedroom 6, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 5, Bathroom 3, Bedroom 3, Bedroom 4, Basement, Bedroom 7, Bathroom 2
Pets allowed
Call
Interior features
Laundry Facility
Exterior features
Fenced
Fencing
Fenced
Subdivision
Aurora Park Sub
Elementary school district
Detroit
Middle school district
Detroit
High school district
Detroit
Directions
Near Marygrove college
Standard status
Active
APN
W16I029460S
Size
2,431 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Description
E GREENLAWN 303 AURORA PARK SUB L44 P56 PLATS, W C R 16/281 35 X 128.66A
Tax Annual Amount
1977
Legal Description
E GREENLAWN 303 AURORA PARK SUB L44 P56 PLATS, W C R 16/281 35 X 128.66A
Utilities
Heating system
Forced Air
Water source
Public
Amenities
fully fenced shared yard
basement with dedicated storage and washer/dryer hookups
24-hour monitored surveillance system
wood-burning fireplace
Building Details
Year built
1928
Floors in Building
2
Number of units
2
Building materials
Brick
Architectural style
Other
Listing Agency:
KW Metro · Keller Williams Realty
(248) 288-3500
Listed By:
Lorenzo Sparks · License #6501412951
(248) 288-3500
Added: Aug 19
Changed: Aug 20
Last Checked: Aug 20 at 9:06PM
MLS# 20261063052
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.
This renovated duplex at 17144 Greenlawn Street contains 2,431 square feet across two residential units. The lower unit has 4 bedrooms and 2 full baths, while the upper unit includes 3 bedrooms and 1 full bath. Interior improvements include tall ceilings, recessed lighting, luxury vinyl plank flooring, updated bathrooms, and a wood-burning fireplace. Both kitchens feature new cabinetry, quartz countertops, and appliance hookups. Mechanical work includes new plumbing, electrical, HVAC systems, roof, and siding; the furnace and hot water heater are scheduled for installation at closing.
The property sits on a 0.1-acre lot in Detroit's Bagley District and is zoned Multi-Family. A basement provides storage and washer/dryer hookups, while the exterior includes a fenced shared yard and a 3-car garage. The 1928 brick building also has a 24-hour monitored surveillance system and access to public water.
The property sits on a 0.1-acre lot in Detroit's Bagley District and is zoned Multi-Family. A basement provides storage and washer/dryer hookups, while the exterior includes a fenced shared yard and a 3-car garage. The 1928 brick building also has a 24-hour monitored surveillance system and access to public water.
Key Highlights
- 2,431 square feet on a 0.1‑acre lot
- Two units: lower level with 4 bedrooms and 2 full baths; upper level with 3 bedrooms and 1 full bath
- Fully renovated kitchens with new cabinetry, quartz countertops, and appliance 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
$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
Lease Details
2
Residential units
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 updated units offer flexible layouts, modern kitchens and baths, basement laundry hookups, and a fenced shared yard.
Where is this duplex located?
The property is located at 17144 Greenlawn Street 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: 2,431 square feet on a 0.1‑acre lot; Two units: lower level with 4 bedrooms and 2 full baths; upper level with 3 bedrooms and 1 full bath; Fully renovated kitchens with new cabinetry, quartz countertops, and appliance hookups
