Royal Oak Duplex Investment
For Sale
$414,900
2009 W 14 Mile Rd, Royal Oak, MI 48073
Well-maintained duplex in Royal Oak, ideal for investors.
Property Size2,027 SF
Price / SF$204.69
Days on Market150
Property Features for 2009 W 14 Mile Rd
General Information
Standard status
Active
Size
2,027 SF
Property subtype
Multi-Family
Building Details
Year Built
1983
Listing Agency:
Community Choice Realty Inc
Listed By:
Laith Bachi
(248) 729-0011
Source:
Premiermichiganhomesearch
Added: May 20
Changed: Oct 14
Last Checked: Oct 7 at 4:27PM
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 Community Choice Realty Inc
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Investment Insights
Based on property information with market context.
This well-maintained duplex presents an exceptional investment opportunity in the heart of Royal Oak, situated close to nightlife and Corewell Health facilities. The property includes two addresses: 2009 and 2011 W 14 Mile Rd. Each unit features 2 bedrooms and 1 full bathroom, making it an ideal addition to any investor's portfolio. Both units were fully remodeled in 2020, including brand new AC units, furnaces, and hot water tanks. Tenants are responsible for all separately metered utilities, while the owner is responsible for grass maintenance and snow removal. Ample parking is available in the rear of the home, which is enclosed by a private fence. The property has a bike score of 65, indicating it is bikeable, and a walk score of 63, indicating it is somewhat walkable.
Key Highlights
- Investment opportunity: Duplex with two separate units (2009 and 2011 W 14 Mile Rd.)
- Fully remodeled units: Includes 2 bedrooms and 1 full bathroom each.
- New HVAC systems: Brand new AC units, furnaces, and hot water tanks installed in 2020.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,830
Cap Rate
6.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$536,600
$536.6K
Cap Rate 7%
$383,286
$383.3K
Cap Rate 9%
$298,111
$298.1K
Market Conditions
NOI Build-Up for 2,027 SF
Gross rent
$40.1K $19.80/SF
− Vacancy
−$1.8K −$0.89/SF
EGI
$38.3K $18.91/SF
− OpEx
−$11.5K −$5.67/SF
NOI
$26.8K $13.24/SF
Area
Oakland County, MI
Vacancy
4.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$536,600
Cap Rate 7%
$383,286
Cap Rate 9%
$298,111
Alternative Uses
Best Use
Multifamily LT 5
$383.3K
$335.4K – $447.2K
NOI $26,830 @ 7.0% cap · market cap 6.47%
Second Best
Apartment 5plus
$355.2K
$310.8K – $414.4K
NOI $24,864 @ 7.0% cap · market cap 5.99%
Theoretical Best
Specialty Retail
$437.2K
$382.6K – $510.1K
NOI $30,604 @ 7.0% cap · market cap 7.38%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
680
Businesses Nearby
Explore this area
Business Placement
Demographics for 48073, MI
33,658
Population
17,551
Households
1.9
Avg Household Size
39
Median Age
59%
College-Educated
97%
High-School Grad
7.4 sq mi
ZIP Area
4,548
Density / Sq Mi
$86,426
Median Household Income
$58,525
Median Earnings
$1,245
Median Rent
$302,800
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 duplex in Royal Oak, ideal for investors.
Where is this duplex located?
The property is located at 2009 W 14 Mile Rd Royal Oak, MI.
What is the asking price?
The asking price for this property is $414,900.
What are key features of this property?
This property features: Investment opportunity: Duplex with two separate units (2009 and 2011 W 14 Mile Rd.); Fully remodeled units: Includes 2 bedrooms and 1 full bathroom each.; New HVAC systems: Brand new AC units, furnaces, and hot water tanks installed in 2020.
