Riverbend Two-Story Colonial Investment
For Sale
Contact for pricing
2224 Anderdon St, Detroit, MI 48215
Two-unit colonial in Riverbend neighborhood, Detroit, offering renovation potential.
Property Size2,800 SF
Price / SF$7.14
Days on Market189
Property Features for 2224 Anderdon St
General Information
Standard status
Active
Size
2,800 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Riverbend
Building Details
Year Built
1926
Listing Agency:
Keller Williams Realty-Great Lakes
Listed By:
Erick Monzo
(586) 808-6436
Source:
Premiermichiganhomesearch
Added: Apr 24
Changed: Oct 25
Last Checked: Oct 7 at 1:08PM
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 Realty-Great Lakes
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Investment Insights
Based on property information with market context.
Located in the Riverbend neighborhood, this two-story colonial property offers an investment opportunity. The full brick structure contains over 2600 square feet of potential living space divided into two units. The property requires restoration and renovation. The location has a bike score of 71, indicating it is very bikeable, a walk score of 63, indicating it is somewhat walkable, and a transit score of 45, indicating some transit options are available. Please note that the Detroit Land Bank Authority (DLBA) is entitled to a tax capture for the 5 tax years subsequent to transferring ownership of the property. The tax capture may be incompatible with tax abatement that are otherwise available to the selected purchaser. DLBA will review requests to waive its tax capture rights and may require a payment in lieu of taxes to approve such requests.
Key Highlights
- Large Size: Over 2600 sq ft of living space.
- Two Units: Offers versatile living spaces.
- Full Brick Colonial: Durable and classic architectural style.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,374
Suggested Prices Based on Cap Rates
Cap Rate 5%
$587,480
$587.5K
Cap Rate 7%
$419,629
$419.6K
Cap Rate 9%
$326,378
$326.4K
Market Conditions
NOI Build-Up for 2,800 SF
Gross rent
$57.1K $20.40/SF
− Vacancy
−$3.7K −$1.33/SF
EGI
$53.4K $19.07/SF
− OpEx
−$24.0K −$8.58/SF
NOI
$29.4K $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 Rate 5%
$587,480
Cap Rate 7%
$419,629
Cap Rate 9%
$326,378
Alternative Uses
Best Use
Multifamily LT 5
$457.1K
$400.0K – $533.3K
NOI $32,000 @ 7.0% cap · market cap 160.00%
Second Best
Apartment 5plus
$419.6K
$367.2K – $489.6K
NOI $29,374 @ 7.0% cap · market cap 146.87%
Theoretical Best
Office A
$617.7K
$540.5K – $720.6K
NOI $43,238 @ 7.0% cap · market cap 216.19%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Location Intelligence
Trade Area within ½ mile
241
Businesses Nearby
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Business Placement
Demographics for 48215, MI
10,520
Population
6,044
Households
1.7
Avg Household Size
41
Median Age
19%
College-Educated
85%
High-School Grad
3.9 sq mi
ZIP Area
2,697
Density / Sq Mi
$33,741
Median Household Income
$36,728
Median Earnings
$897
Median Rent
$105,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit colonial in Riverbend neighborhood, Detroit, offering renovation potential.
Where is this duplex located?
The property is located at 2224 Anderdon St Detroit, MI.
What are key features of this property?
This property features: Large Size: Over 2600 sq ft of living space.; Two Units: Offers versatile living spaces.; Full Brick Colonial: Durable and classic architectural style.
