Completely Renovated
For Sale
$595,000
2080 Gladstone Street, Detroit, MI 48206
Multifamily, 3 Story, Detroit, MI
Property Size4,852 SF
Lot Size0.28 Acres
Price / SF$122.63
Days on Market125
Property Features for 2080 Gladstone Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Basement, Bedroom 4, Bedroom 3, Bathroom 1, Bathroom 3, Bathroom 4, Bedroom 6, Bedroom 5, Bedroom 8, Bedroom 7, Bedroom 1, Bedroom 2, Bathroom 2
Parking
2
Pets allowed
Cats OK, Dogs OK, Yes
Interior features
Smoke Alarm, Cable Available, Carbon Monoxide Alarm(s), Dual-Flush Toilet(s), Laundry Facility, ENERGY STAR(R) Qualified Exhaust Fan(s), ENERGY STAR(R) Qualified Light Fixture(s), ENERGY STAR(R) Qualified Window(s), Entrance Foyer, Programmable Thermostat
Exterior features
Lighting, Private Entry, Fenced
Fencing
Fenced
Subdivision
Joy Farm Sub
Elementary school district
Detroit
Middle school district
Detroit
High school district
Detroit
Directions
S of Clairmount Ave E of 14th St. Please use nav.
Standard status
Active
APN
W08I002442S
Size
4,852 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Description
N GLADSTONE 259 JOY FARM SUB L32 P39-40 PLATS, WCR 8/128 67.26 IRREG
Tax Annual Amount
10835
Legal Description
N GLADSTONE 259 JOY FARM SUB L32 P39-40 PLATS, WCR 8/128 67.26 IRREG
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
in-unit laundry
electric fireplaces
basement storage
Building Details
Year built
1922
Floors in Building
3
Number of units
2
Building materials
Brick
Roof type
Asphalt
Architectural style
Colonial
Listing Agency:
DOBI Real Estate
(248) 385-3350
Listed By:
Zaya Shamoieal
(248) 860-1983
Added: Apr 24
Changed: Aug 19
Last Checked: Aug 26 at 1:06AM
MLS# 20261028311
Copyright © 2026 Realcomp Limited II. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Completely renovated duplex offering 4,852 square feet of total living space on a 0.28-acre lot. Built in 1922 with a Colonial architectural style and brick construction, the home features two units with over 2,400 square feet each. Each unit includes four bedrooms, a flex/bonus room, and two full bathrooms, plus in-unit laundry. Updates include all-new windows with new window treatments, updated mechanical systems, luxury vinyl plank flooring in main living areas, and new carpet in the bedrooms. Kitchens feature granite countertops and shaker-style cabinetry, and the second-floor unit includes a walk-in pantry. Bathrooms include a tub and a separate stand-up shower. Additional interior features include electric fireplaces and programmable thermostats. The basement provides generous space for additional storage and serves as a shared common area.
Exterior improvements include a new roof on both the home and garage, updated landscaping, and a fully fenced lot enclosing the entire property, along with private entry and exterior lighting. The property is zoned Residential and serviced by public water, with asphalt roofing and forced-air heating supported by central air cooling.
The second-floor unit is rented effective 6/1/26, supporting income-producing use alongside owner occupancy flexibility.
Exterior improvements include a new roof on both the home and garage, updated landscaping, and a fully fenced lot enclosing the entire property, along with private entry and exterior lighting. The property is zoned Residential and serviced by public water, with asphalt roofing and forced-air heating supported by central air cooling.
The second-floor unit is rented effective 6/1/26, supporting income-producing use alongside owner occupancy flexibility.
Key Highlights
- Completely renovated duplex with 4,852 sq ft total living space
- Two units with over 2,400 sq ft each, four bedrooms plus flex/bonus room
- In‑unit laundry for both units and shared basement common storage
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
$50,901
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
8.55%
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%
$1,018,020
$1.0M
Cap Rate 7%
$727,157
$727.2K
Cap Rate 9%
$565,567
$565.6K
Market Conditions
NOI Build-Up for 4,852 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
$99.0K $20.40/SF
− Vacancy
−$6.4K −$1.33/SF
EGI
$92.5K $19.07/SF
− OpEx
−$41.6K −$8.58/SF
NOI
$50.9K $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%
$1,018,020
Cap Rate 7%
$727,157
Cap Rate 9%
$565,567
Alternative Uses
Best Use
Multifamily LT 5
$792.2K
$693.1K – $924.2K
NOI $55,451 @ 7.0% cap · market cap 9.32%
Second Best
Apartment 5plus
$727.2K
$636.3K – $848.4K
NOI $50,901 @ 7.0% cap · market cap 8.55%
Theoretical Best
Office A
$1.07M
$936.6K – $1.25M
NOI $74,926 @ 7.0% cap · market cap 12.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
286
Businesses Nearby
Explore this area
Business Placement
Demographics for 48206, MI
15,712
Population
10,784
Households
1.5
Avg Household Size
38
Median Age
24%
College-Educated
89%
High-School Grad
3.1 sq mi
ZIP Area
5,068
Density / Sq Mi
$43,702
Median Household Income
$36,674
Median Earnings
$923
Median Rent
$102,300
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 - Completely renovated duplex on a fenced lot with central air, forced-air heat, and in-unit laundry for both units.
Where is this duplex located?
The property is located at 2080 Gladstone Street Detroit, MI.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Completely renovated duplex with 4,852 sq ft total living space; Two units with over 2,400 sq ft each, four bedrooms plus flex/bonus room; In‑unit laundry for both units and shared basement common storage
