Updated Two-Unit
New
For Sale
$145,000
22049 Cushing Avenue, Eastpointe, MI 48021
MULTI_FAMILY - Other - Eastpointe, MI
Property Size780 SF
Lot Size0.09 Acres
Price / SF$185.90
Days on Market5
Property Features for 22049 Cushing Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bathroom 2, Bathroom 1
Subdivision
Longacres Sub 1
Elementary school district
Eastpointe Community Schools
Middle school district
Eastpointe Community Schools
High school district
Eastpointe Community Schools
Directions
S OFF 9 MILE/ E OF GRATIOT
Standard status
Active
APN
1431233037
Size
780 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Description
LONGACRES SUBDIVISION NO 1 LOT 381 LIBER 7; PAGE 12
Tax Annual Amount
1255
Legal Description
LONGACRES SUBDIVISION NO 1 LOT 381 LIBER 7; PAGE 12
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1926
Floors in Building
2
Number of units
2
Building materials
Brick
Architectural style
Other
Listing Agency:
Keller Williams Realty-Great Lakes
(586) 541-4000
Listed By:
Mark Hanna
(586) 303-5272
Added: Aug 11
Changed: Aug 15
Last Checked: Aug 15 at 2:06AM
MLS# 20261063537
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 1926 brick duplex contains two one-bedroom, one-bath apartments within 780 square feet. Both units are occupied by established tenants on month-to-month leases, and utilities are included in the current rental arrangement. The property is configured for continued residential rental use and offers an existing two-unit layout for an incoming owner.
Major systems have been updated, including PEX plumbing, electrical service, and the sewer line to the road in 2020. A new HVAC system was installed in 2022. Additional features include forced-air heating, central air conditioning, and public water service. The property occupies 0.09 acres and is zoned Multi-Family at 22049 Cushing Avenue in Eastpointe, Michigan.
Major systems have been updated, including PEX plumbing, electrical service, and the sewer line to the road in 2020. A new HVAC system was installed in 2022. Additional features include forced-air heating, central air conditioning, and public water service. The property occupies 0.09 acres and is zoned Multi-Family at 22049 Cushing Avenue in Eastpointe, Michigan.
Key Highlights
- Two 1‑bedroom, 1‑bath units within 780 Square Feet
- Occupied apartments with month‑to‑month leases
- New PEX plumbing, electrical, and sewer line to the road completed in 2020
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
641
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 - Brick duplex with two occupied apartments, recent infrastructure improvements, and Multi-Family zoning.
Where is this duplex located?
The property is located at 22049 Cushing Avenue 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 1‑bedroom, 1‑bath units within 780 Square Feet; Occupied apartments with month‑to‑month leases; New PEX plumbing, electrical, and sewer line to the road completed in 2020
