Updated Two-Unit
New
For Sale
$145,000
22049 Cushing Ave, Eastpointe, MI 48021
Two one-bedroom units offer current occupancy and month-to-month lease flexibility.
Property Size780 SF
Days on Market7
Property Features for 22049 Cushing Ave
General Information
Standard status
Active
Size
780 SF
Property subtype
Investment
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$22,500
Taxes and HOA fees
Annual Taxes
$1,255
Building Details
Building Size
780 SF
Year Built
1926
Units
2
Listing Agency:
SCS Great Lakes INC
(586) 210-3350
Listed By:
Erick Monzo
(586) 210-3350
Source:
Elliman
Added: Aug 14
Changed: Aug 17
Last Checked: Aug 20 at 7:52AM
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 SCS Great Lakes INC
Investment Insights
Based on property information with market context.
Located at 22049 Cushing Ave in Eastpointe, this duplex contains two one-bedroom, one-bath units with tenants currently in place. Both apartments are leased month to month, and the existing occupants have indicated they would like to remain. Utilities are included in the current rent structure.
Major infrastructure work includes replacement of the plumbing with PEX, new electrical service, and a sewer line to the road completed in 2020. A new HVAC system was installed in 2022. Built in 1926, the property is near shopping, dining, major roadways, and everyday amenities. Walk Score is 75 and bikeScore is 49.
Major infrastructure work includes replacement of the plumbing with PEX, new electrical service, and a sewer line to the road completed in 2020. A new HVAC system was installed in 2022. Built in 1926, the property is near shopping, dining, major roadways, and everyday amenities. Walk Score is 75 and bikeScore is 49.
Key Highlights
- Two one‑bedroom, one‑bath units in a duplex configuration
- Tenants currently occupy both units and have expressed interest in staying
- Month‑to‑month leases provide flexibility for future ownership
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
$8,257
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
5.69%
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%
$165,140
$165.1K
Cap Rate 7%
$117,957
$118.0K
Cap Rate 9%
$91,744
$91.7K
Market Conditions
NOI Build-Up for 780 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
$12.6K $16.20/SF
− Vacancy
−$840 −$1.08/SF
EGI
$11.8K $15.12/SF
− OpEx
−$3.5K −$4.54/SF
NOI
$8.3K $10.59/SF
Area
Macomb County, MI
Vacancy
6.65%
Lease Rate
$16.20 /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%
$165,140
Cap Rate 7%
$117,957
Cap Rate 9%
$91,744
Alternative Uses
Best Use
Multifamily LT 5
$118.0K
$103.2K – $137.6K
NOI $8,257 @ 7.0% cap · market cap 5.69%
Second Best
Apartment 5plus
$104.6K
$91.6K – $122.1K
NOI $7,325 @ 7.0% cap · market cap 5.05%
Theoretical Best
Specialty Retail
$146.0K
$127.8K – $170.4K
NOI $10,222 @ 7.0% cap · market cap 7.05%
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
565
Businesses Nearby
Explore this area
Business Placement
Demographics for 48021, MI
34,244
Population
14,124
Households
2.4
Avg Household Size
37
Median Age
15%
College-Educated
89%
High-School Grad
5.1 sq mi
ZIP Area
6,715
Density / Sq Mi
$58,196
Median Household Income
$35,836
Median Earnings
$1,335
Median Rent
$129,100
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 one-bedroom units offer current occupancy and month-to-month lease flexibility.
Where is this duplex located?
The property is located at 22049 Cushing Ave Eastpointe, MI.
What is the asking price?
The asking price for this property is $145,000.
What are key features of this property?
This property features: Two one‑bedroom, one‑bath units in a duplex configuration; Tenants currently occupy both units and have expressed interest in staying; Month‑to‑month leases provide flexibility for future ownership
