Turn-Key Two-Unit Income
For Sale
$274,900
1774 N Carlson St, Westland, MI 48185
Well-maintained, remodeled two-unit property in a prime location.
Property Size1,872 SF
Price / SF$146.85
Days on Market189
Property Features for 1774 N Carlson St
General Information
Standard status
Active
Size
1,872 SF
Property subtype
Multi-Family
Building Details
Year Built
1980
Listing Agency:
Century 21 Curran & Oberski
Listed By:
Ali T Charara · License #6501340600
(313) 289-2222
Source:
Premiermichiganhomesearch
Added: Apr 24
Changed: Oct 25
Last Checked: Oct 7 at 3:42PM
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 Century 21 Curran & Oberski
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Investment Insights
Based on property information with market context.
This is a well-maintained and beautifully remodeled two-unit property that is fully updated and move-in ready. Each unit features 2 bedrooms, 1 full bathroom, and a modern kitchen. The property sits on a slab foundation. Updates include a newer roof installed in 2024, quartz countertops in the bathroom vanity and one kitchen, new tile flooring throughout, and updated lighting. One unit is currently rented at $1,400 per month. The second unit is Section 8 at $1,169 per month with the tenant vacating at month-end, allowing the opportunity to increase rent to market value. Market rents are estimated at $1,400 per unit. Rents have not been increased in over 18 months, offering immediate value-add potential. The property is located directly across from a park and police station and near a Kroger-anchored shopping center. This location provides strong rental demand and convenience. It is ideal for investors or owner-occupants seeking a turn-key, cash-flowing property in a desirable area. The bike score is 56, indicating it is bikeable, and the walk score is 79, indicating it is very walkable.
Key Highlights
- Turn‑key, fully updated two‑unit income property, ready for immediate occupancy and cash flow.
- Prime location across from a park and police station, near a Kroger‑anchored shopping center, ensuring strong rental demand and convenience.
- Immediate value‑add potential with the ability to increase rents to market rate ($1,400 per unit) upon vacancy.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,378
Cap Rate
6.69%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$367,560
$367.6K
Cap Rate 7%
$262,543
$262.5K
Cap Rate 9%
$204,200
$204.2K
Market Conditions
NOI Build-Up for 1,872 SF
Gross rent
$28.1K $15.00/SF
− Vacancy
−$1.8K −$0.98/SF
EGI
$26.3K $14.03/SF
− OpEx
−$7.9K −$4.21/SF
NOI
$18.4K $9.82/SF
Area
Wayne County, MI
Vacancy
6.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$367,560
Cap Rate 7%
$262,543
Cap Rate 9%
$204,200
Alternative Uses
Best Use
Multifamily LT 5
$262.5K
$229.7K – $306.3K
NOI $18,378 @ 7.0% cap · market cap 6.69%
Second Best
Apartment 5plus
$241.1K
$211.0K – $281.3K
NOI $16,876 @ 7.0% cap · market cap 6.14%
Theoretical Best
Specialty Retail
$346.6K
$303.3K – $404.4K
NOI $24,261 @ 7.0% cap · market cap 8.83%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Location Intelligence
Trade Area within ½ mile
506
Businesses Nearby
Explore this area
Business Placement
Demographics for 48185, MI
49,730
Population
23,554
Households
2.1
Avg Household Size
40
Median Age
23%
College-Educated
91%
High-School Grad
12.2 sq mi
ZIP Area
4,076
Density / Sq Mi
$59,085
Median Household Income
$40,435
Median Earnings
$1,123
Median Rent
$183,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained, remodeled two-unit property in a prime location.
Where is this duplex located?
The property is located at 1774 N Carlson St Westland, MI.
What is the asking price?
The asking price for this property is $274,900.
What are key features of this property?
This property features: Turn‑key, fully updated two‑unit income property, ready for immediate occupancy and cash flow.; Prime location across from a park and police station, near a Kroger‑anchored shopping center, ensuring strong rental demand and convenience.; Immediate value‑add potential with the ability to increase rents to market rate ($1,400 per unit) upon vacancy.
