Side-by-Side Brick
New
For Sale
$610,000
205-207 S Pleasant St, Royal Oak, MI 48067
Two residential units feature separate utilities, private basements, and convenient access to Downtown Royal Oak amenities.
Property Size2,200 SF
Days on Market5
Property Features for 205-207 S Pleasant St
General Information
Standard status
Active
Size
2,200 SF
Property subtype
Investment
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$10,578
Amenities
hardwood floors
updated appliances
butcher block countertops
washer/dryer
shared backyard
Building Details
Building Size
2,200 SF
Year Built
1951
Units
2
Construction
brick
Tenancy
Single
Listing Agency:
Keller Williams Royal Oak
Listed By:
Nicole Abbiss · License #6501420918
(989) 284-4292
Source:
Elliman
Added: Sep 16
Changed: Sep 17
Last Checked: Sep 20 at 9:27AM
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 Keller Williams Royal Oak
Investment Insights
Based on property information with market context.
Located at 205-207 S Pleasant St in Royal Oak, this 1951 side-by-side brick duplex contains two residential units. Each unit includes hardwood flooring, a living room, formal dining area, kitchen with updated appliances and butcher block countertops, two upper-level bedrooms, and an updated full bathroom. Separate utilities and individual basements provide added privacy and storage, with each basement equipped with a washer and dryer.
One unit is tenant-occupied under a lease through May 2027, while the second unit is vacant. The shared backyard serves both residences. The property is within walking distance of Downtown Royal Oak shops, restaurants, grocery stores, and entertainment, with access to major highways. Walk Score is 98 and Bike Score is 71.
One unit is tenant-occupied under a lease through May 2027, while the second unit is vacant. The shared backyard serves both residences. The property is within walking distance of Downtown Royal Oak shops, restaurants, grocery stores, and entertainment, with access to major highways. Walk Score is 98 and Bike Score is 71.
Key Highlights
- Side‑by‑side brick duplex with two residential units
- Each unit includes two bedrooms and an updated full bathroom
- Separate utilities and private basements with washer and dryer
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
$29,120
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
4.77%
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%
$582,400
$582.4K
Cap Rate 7%
$416,000
$416.0K
Cap Rate 9%
$323,556
$323.6K
Market Conditions
NOI Build-Up for 2,200 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
$43.6K $19.80/SF
− Vacancy
−$2.0K −$0.89/SF
EGI
$41.6K $18.91/SF
− OpEx
−$12.5K −$5.67/SF
NOI
$29.1K $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 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%
$582,400
Cap Rate 7%
$416,000
Cap Rate 9%
$323,556
Alternative Uses
Best Use
Multifamily LT 5
$416.0K
$364.0K – $485.3K
NOI $29,120 @ 7.0% cap · market cap 4.77%
Second Best
Apartment 5plus
$385.5K
$337.3K – $449.8K
NOI $26,986 @ 7.0% cap · market cap 4.42%
Theoretical Best
Specialty Retail
$474.5K
$415.2K – $553.6K
NOI $33,216 @ 7.0% cap · market cap 5.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,836
Businesses Nearby
Explore this area
Business Placement
Demographics for 48067, MI
24,589
Population
13,714
Households
1.8
Avg Household Size
36
Median Age
67%
College-Educated
96%
High-School Grad
4.6 sq mi
ZIP Area
5,345
Density / Sq Mi
$107,355
Median Household Income
$76,700
Median Earnings
$1,435
Median Rent
$309,200
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 residential units feature separate utilities, private basements, and convenient access to Downtown Royal Oak amenities.
Where is this duplex located?
The property is located at 205-207 S Pleasant St Royal Oak, MI.
What is the asking price?
The asking price for this property is $610,000.
What are key features of this property?
This property features: Side‑by‑side brick duplex with two residential units; Each unit includes two bedrooms and an updated full bathroom; Separate utilities and private basements with washer and dryer
