Renovated Two-Unit
New
For Sale
$200,000
19429 Eureka Street, Detroit, MI 48234
Updated duplex with contemporary kitchens, finished bathrooms, and a convenient Detroit location near schools and major highways.
Property Size1,732 SF
Price / SF$115.47
Days on Market2
Property Features for 19429 Eureka Street
General Information
Standard status
Active
Size
1,732 SF
Property subtype
Multi-Family
Building Details
Year Built
1928
Listing Agency:
Homecraft Real Estate
(734) 329-0123
Listed By:
Oak & Stone Real Estate
(248) 266-0584
Source:
Oakandstonerealestate
Added: Sep 14
Changed: Sep 15
Last Checked: Sep 15 at 6:51AM
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 Homecraft Real Estate
Investment Insights
Based on property information with market context.
This renovated duplex contains two residential units totaling 1,732 square feet, with six bedrooms and two full bathrooms. The interiors have been comprehensively updated with modern tile bathroom finishes, contemporary kitchens, marble countertops, and modern cabinetry throughout. Built in 1928, the property combines a two-unit layout with refreshed interior improvements.
Located on Eureka Street in Detroit, the property is described as conveniently close to Warren, within walking distance of schools, and accessible to major highways and nearby amenities. The configuration may suit an investor or an owner-occupant seeking a renovated multifamily property.
Located on Eureka Street in Detroit, the property is described as conveniently close to Warren, within walking distance of schools, and accessible to major highways and nearby amenities. The configuration may suit an investor or an owner-occupant seeking a renovated multifamily property.
Key Highlights
- Two‑unit duplex with 6 total bedrooms and 2 full bathrooms
- 1,732 square feet of residential space
- Renovated interiors with modern tile bathroom finishes
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
$18,170
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
9.09%
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%
$363,400
$363.4K
Cap Rate 7%
$259,571
$259.6K
Cap Rate 9%
$201,889
$201.9K
Market Conditions
NOI Build-Up for 1,732 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
$35.3K $20.40/SF
− Vacancy
−$2.3K −$1.33/SF
EGI
$33.0K $19.07/SF
− OpEx
−$14.9K −$8.58/SF
NOI
$18.2K $10.49/SF
Area
Detroit, MI
Vacancy
6.50%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
45.00%
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%
$363,400
Cap Rate 7%
$259,571
Cap Rate 9%
$201,889
Alternative Uses
Best Use
Multifamily LT 5
$282.8K
$247.4K – $329.9K
NOI $19,794 @ 7.0% cap · market cap 9.90%
Second Best
Apartment 5plus
$259.6K
$227.1K – $302.8K
NOI $18,170 @ 7.0% cap · market cap 9.09%
Theoretical Best
Office A
$382.1K
$334.3K – $445.8K
NOI $26,746 @ 7.0% cap · market cap 13.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
217
Businesses Nearby
Explore this area
Business Placement
Demographics for 48234, MI
31,442
Population
15,688
Households
2
Avg Household Size
36
Median Age
11%
College-Educated
84%
High-School Grad
7.8 sq mi
ZIP Area
4,031
Density / Sq Mi
$36,473
Median Household Income
$31,587
Median Earnings
$965
Median Rent
$57,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Updated duplex with contemporary kitchens, finished bathrooms, and a convenient Detroit location near schools and major highways.
Where is this duplex located?
The property is located at 19429 Eureka Street Detroit, MI.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Two‑unit duplex with 6 total bedrooms and 2 full bathrooms; 1,732 square feet of residential space; Renovated interiors with modern tile bathroom finishes
