Renovated Two-Unit
For Sale
$349,900
2045 N ELIZABETH St, Dearborn, MI 48128
Separate living quarters, updated kitchens, basement laundry, smart-home systems, and a 2-car garage support flexible occupancy.
Property Size1,506 SF
Days on Market129
Property Features for 2045 N ELIZABETH St
General Information
Standard status
Active
Size
1,506 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$8,715
Building Details
Building Size
1,506 SF
Year Built
1940
Units
2
Listing Agency:
UBTEO
(313) 930-5550
Listed By:
Ali M Farhat · License #6505432920
(313) 930-5550
Source:
Elliman
Added: Apr 24
Changed: Aug 29
Last Checked: Aug 29 at 2:13PM
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 UBTEO
Investment Insights
Based on property information with market context.
This two-unit duplex, built in 1940, has distinct living quarters suited to an owner-occupant arrangement or separate residential use. The first unit contains 2 bedrooms, 1 full bath, a living room, dining area, and updated kitchen. The second includes 1 bedroom, 1 full bath, a living room, and a full kitchen. Recent improvements include granite countertops and nearly new appliances.
A full basement provides two washers and two dryers and is reached through its own side entrance. Smart-home equipment includes Eufy fingerprint locks, perimeter coverage from a Google Nest camera system, and a Google smart thermostat operated through the Google Home app. The property also includes a 2-car garage.
Located on N Elizabeth St in Dearborn, the duplex is within walking distance of major shopping and everyday conveniences. WalkScore is 60, rated Somewhat Walkable, while BikeScore is 59, rated Bikeable.
A full basement provides two washers and two dryers and is reached through its own side entrance. Smart-home equipment includes Eufy fingerprint locks, perimeter coverage from a Google Nest camera system, and a Google smart thermostat operated through the Google Home app. The property also includes a 2-car garage.
Located on N Elizabeth St in Dearborn, the duplex is within walking distance of major shopping and everyday conveniences. WalkScore is 60, rated Somewhat Walkable, while BikeScore is 59, rated Bikeable.
Key Highlights
- Two‑unit layout with separate living quarters
- Unit 1: 2 bedrooms, 1 full bath, living room, dining area, and updated kitchen
- Unit 2: 1 bedroom, 1 full bath, living room, and full kitchen
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
$14,785
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
4.23%
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%
$295,700
$295.7K
Cap Rate 7%
$211,214
$211.2K
Cap Rate 9%
$164,278
$164.3K
Market Conditions
NOI Build-Up for 1,506 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
$22.6K $15.00/SF
− Vacancy
−$1.5K −$0.98/SF
EGI
$21.1K $14.03/SF
− OpEx
−$6.3K −$4.21/SF
NOI
$14.8K $9.82/SF
Area
Dearborn, 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 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%
$295,700
Cap Rate 7%
$211,214
Cap Rate 9%
$164,278
Alternative Uses
Best Use
Multifamily LT 5
$211.2K
$184.8K – $246.4K
NOI $14,785 @ 7.0% cap · market cap 4.23%
Second Best
Apartment 5plus
$193.1K
$169.0K – $225.3K
NOI $13,519 @ 7.0% cap · market cap 3.86%
Theoretical Best
Office A
$332.2K
$290.7K – $387.6K
NOI $23,256 @ 7.0% cap · market cap 6.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
594
Businesses Nearby
Explore this area
Business Placement
Demographics for 48128, MI
11,641
Population
4,589
Households
2.5
Avg Household Size
37
Median Age
49%
College-Educated
93%
High-School Grad
2.3 sq mi
ZIP Area
5,061
Density / Sq Mi
$98,362
Median Household Income
$44,699
Median Earnings
$1,556
Median Rent
$236,900
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 - Separate living quarters, updated kitchens, basement laundry, smart-home systems, and a 2-car garage support flexible occupancy.
Where is this duplex located?
The property is located at 2045 N ELIZABETH St Dearborn, MI.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Two‑unit layout with separate living quarters; Unit 1: 2 bedrooms, 1 full bath, living room, dining area, and updated kitchen; Unit 2: 1 bedroom, 1 full bath, living room, and full kitchen
