Two-Unit Duplex with New
For Sale
$225,000
21857 Le Fever Avenue, Warren, MI 48091
MULTI_FAMILY - Other - Warren, MI
Property Size1,418 SF
Lot Size0.23 Acres
Price / SF$158.67
Days on Market194
Property Features for 21857 Le Fever Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bathroom 2, Bedroom 4, Bedroom 2, Bedroom 1, Basement, Bathroom 3, Bathroom 1
Pets allowed
Call
Interior features
Smoke Alarm
Exterior features
Awning/Overhang(s)
Subdivision
S/P Highland Farms
Elementary school district
Fitzgerald
Middle school district
Fitzgerald
High school district
Fitzgerald
Directions
N of Toepher/E of Ryan
Standard status
Active
APN
1332153035
Size
1,418 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Description
SUPERVISORS PLAT OF HIGHLAND FARMS LOT 43 EXC S 102.0 FT. L19 P32
Tax Annual Amount
5954
Legal Description
SUPERVISORS PLAT OF HIGHLAND FARMS LOT 43 EXC S 102.0 FT. L19 P32
Utilities
Heating system
Baseboard, Radiant
Cooling system
Window Unit(s), Ceiling Fan(s)
Water source
Public
Building Details
Year built
1942
Floors in Building
2
Number of units
2
Building materials
Vinyl
Roof type
Asphalt
Architectural style
Other
Listing Agency:
KW Domain · Keller Williams Realty
(248) 590-0800
Listed By:
Melanie S Bishop · License #6501217402
(248) 867-7800
Added: Jan 27
Changed: Aug 2
Last Checked: Aug 9 at 4:06PM
MLS# 20261002542
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.
This two-unit duplex is a well-maintained residential income property with long-term tenants in place. The lower unit offers two bedrooms and one full bath with hardwood floors throughout and tile flooring in the kitchen. An open floor plan and a generously sized kitchen include a cozy nook area. The upper unit includes two bedrooms and one full bath and has been tastefully updated with newer flooring.
Recent improvements also include newer paint, windows, a boiler, hot water heaters, and the roof. The property was built in 1942 and uses vinyl construction with an asphalt roof. Heating is provided by radiant and baseboard systems, with window air conditioning units and ceiling fans for cooling. Interior features include a smoke alarm.
Set on a 0.23-acre lot totaling 1,418 square feet, the home is served by public water. Exterior features include an awning/overhang.
Recent improvements also include newer paint, windows, a boiler, hot water heaters, and the roof. The property was built in 1942 and uses vinyl construction with an asphalt roof. Heating is provided by radiant and baseboard systems, with window air conditioning units and ceiling fans for cooling. Interior features include a smoke alarm.
Set on a 0.23-acre lot totaling 1,418 square feet, the home is served by public water. Exterior features include an awning/overhang.
Key Highlights
- Two‑unit duplex with long‑term tenants in place
- 0.23‑acre lot totaling 1,418 square feet
- Newer roof plus newer windows, boiler, and hot water heaters
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
$13,921
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
6.19%
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%
$278,420
$278.4K
Cap Rate 7%
$198,871
$198.9K
Cap Rate 9%
$154,678
$154.7K
Market Conditions
NOI Build-Up for 1,418 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
$21.3K $15.00/SF
− Vacancy
−$1.4K −$0.98/SF
EGI
$19.9K $14.03/SF
− OpEx
−$6.0K −$4.21/SF
NOI
$13.9K $9.82/SF
Area
Warren, 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%
$278,420
Cap Rate 7%
$198,871
Cap Rate 9%
$154,678
Alternative Uses
Best Use
Multifamily LT 5
$198.9K
$174.0K – $232.0K
NOI $13,921 @ 7.0% cap · market cap 6.19%
Second Best
Apartment 5plus
$185.1K
$162.0K – $216.0K
NOI $12,960 @ 7.0% cap · market cap 5.76%
Theoretical Best
Office A
$312.8K
$273.7K – $365.0K
NOI $21,897 @ 7.0% cap · market cap 9.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
309
Businesses Nearby
Explore this area
Business Placement
Demographics for 48091, MI
32,267
Population
12,919
Households
2.5
Avg Household Size
37
Median Age
17%
College-Educated
82%
High-School Grad
7.9 sq mi
ZIP Area
4,084
Density / Sq Mi
$53,400
Median Household Income
$31,877
Median Earnings
$1,231
Median Rent
$138,700
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-unit duplex on a residential-zoned lot with newer roof, updated interiors, and long-term tenants in place.
Where is this duplex located?
The property is located at 21857 Le Fever Avenue Warren, MI.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Two‑unit duplex with long‑term tenants in place; 0.23‑acre lot totaling 1,418 square feet; Newer roof plus newer windows, boiler, and hot water heaters
