Occupied
For Sale
$144,500
22634 Plymouth Rd, Detroit, MI 48204
Two-unit residential property with both units currently occupied.
Property Size741 SF
Price / SF$195.01
Days on Market14
Property Features for 22634 Plymouth Rd
General Information
Standard status
Active
Size
741 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$1,781
Listing Agency:
Empire Realty Group Fawaz & Associates
(248) 893-7288
Listed By:
Cathey Simmons
(248) 893-7288
Source:
Exprealty
Added: Aug 8
Changed: Aug 18
Last Checked: Aug 19 at 12:49PM
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 Empire Realty Group Fawaz & Associates
Investment Insights
Based on property information with market context.
This duplex contains two residential units, each currently occupied. The property is located at 22634 Plymouth Rd in Detroit, near Redford, and is offered for sale.
Key Highlights
- Duplex configuration with two residential units
- Both units are currently occupied
- Located at 22634 Plymouth Rd, Detroit, MI
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
$8,469
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
5.86%
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%
$169,380
$169.4K
Cap Rate 7%
$120,986
$121.0K
Cap Rate 9%
$94,100
$94.1K
Market Conditions
NOI Build-Up for 741 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
$12.9K $17.40/SF
− Vacancy
−$796 −$1.07/SF
EGI
$12.1K $16.33/SF
− OpEx
−$3.6K −$4.90/SF
NOI
$8.5K $11.43/SF
Area
Detroit, MI
Vacancy
6.17%
Lease Rate
$17.40 /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%
$169,380
Cap Rate 7%
$120,986
Cap Rate 9%
$94,100
Alternative Uses
Best Use
Multifamily LT 5
$121.0K
$105.9K – $141.2K
NOI $8,469 @ 7.0% cap · market cap 5.86%
Second Best
Apartment 5plus
$111.1K
$97.2K – $129.6K
NOI $7,774 @ 7.0% cap · market cap 5.38%
Theoretical Best
Office A
$163.5K
$143.0K – $190.7K
NOI $11,443 @ 7.0% cap · market cap 7.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
205
Businesses Nearby
Explore this area
Business Placement
Demographics for 48204, MI
21,738
Population
13,691
Households
1.6
Avg Household Size
37
Median Age
10%
College-Educated
83%
High-School Grad
5.0 sq mi
ZIP Area
4,348
Density / Sq Mi
$32,875
Median Household Income
$26,701
Median Earnings
$970
Median Rent
$53,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with both units currently occupied.
Where is this duplex located?
The property is located at 22634 Plymouth Rd Detroit, MI.
What is the asking price?
The asking price for this property is $144,500.
What are key features of this property?
This property features: Duplex configuration with two residential units; Both units are currently occupied; Located at 22634 Plymouth Rd, Detroit, MI
