Side-by-Side Brick
New
For Sale
$610,000
205 S Pleasant St, Royal Oak, MI 48067
Two separately metered residences offer private basements, shared outdoor space, and one vacant unit ready for occupancy.
Property Size2,200 SF
Days on Market2
Property Features for 205 S Pleasant St
General Information
Standard status
Active
Size
2,200 SF
Property subtype
Investment
Site & Location
Highway Access
Yes
Road 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
shared backyard
washer and dryer
Building Details
Building Size
2,200 SF
Year Built
1951
Buildings
1
Units
2
Construction
brick
Listing Agency:
Keller Williams Royal Oak
Listed By:
Nicole Abbiss · License #6501420918
(989) 284-4292
Source:
Elliman
Added: Sep 15
Last Checked: Sep 15 at 2:34PM
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.
This 1951 duplex contains two side-by-side residences, each with hardwood flooring, a living room, formal dining area, and kitchen equipped with updated appliances and butcher block countertops. Each unit also includes two bedrooms, an updated full bathroom, generous closet storage, and a private basement with laundry appliances. Separate utilities serve the residences, while the rear yard is shared.
One residence is occupied under a lease extending through May 2027, and the other is vacant for an incoming resident or owner. The property is located at 205 S Pleasant St in Royal Oak, within walking distance of downtown shops, restaurants, grocery stores, and entertainment. Major highway access is also convenient. Walk Score is 62 and Bike Score is 48.
One residence is occupied under a lease extending through May 2027, and the other is vacant for an incoming resident or owner. The property is located at 205 S Pleasant St in Royal Oak, within walking distance of downtown shops, restaurants, grocery stores, and entertainment. Major highway access is also convenient. Walk Score is 62 and Bike Score is 48.
Key Highlights
- Two‑unit side‑by‑side duplex with brick construction
- Each residence includes two bedrooms and an updated full bathroom
- Separate utilities and private basement laundry areas for both units
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
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road 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
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two separately metered residences offer private basements, shared outdoor space, and one vacant unit ready for occupancy.
Where is this duplex located?
The property is located at 205 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: Two‑unit side‑by‑side duplex with brick construction; Each residence includes two bedrooms and an updated full bathroom; Separate utilities and private basement laundry areas for both units
