Detroit Multifamily Home with
For Sale
$275,000
231 Chandler St, Detroit, MI 48202
Multifamily property with two units and extra lot.
Property Size1,749 SF
Lot Size0.14 Acres
Days on Market267
Property Features for 231 Chandler St
General Information
Standard status
Active
Size
1,749 SF
Lot size
0.14 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$6,720
Building Details
Building Size
1,749 SF
Year Built
1914
Units
2
Listing Agency:
(586) 580-8092
Listed By:
Tiroca Battle
(586) 580-8092
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 16
Last Checked: Aug 22 at 9:43AM
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 Tiroca Battle
Investment Insights
Based on property information with market context.
This multifamily home in Detroit presents an investment opportunity, featuring two units and including an adjacent side lot. The upper unit has been updated and includes 1 bedroom and 1 bathroom with hardwood flooring. The lower unit requires renovation, offering 2 bedrooms and 1 bathroom, presenting a value-add opportunity. The property's location near downtown Detroit positions it favorably for future growth and rental potential.
Key Highlights
- Investment opportunity in Detroit with high rental potential.
- Includes an extra side lot at 221 Chandler.
- Prime location close to downtown Detroit, promising future growth.
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
$19,988
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
7.27%
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%
$399,760
$399.8K
Cap Rate 7%
$285,543
$285.5K
Cap Rate 9%
$222,089
$222.1K
Market Conditions
NOI Build-Up for 1,749 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
$30.4K $17.40/SF
− Vacancy
−$1.9K −$1.07/SF
EGI
$28.6K $16.33/SF
− OpEx
−$8.6K −$4.90/SF
NOI
$20.0K $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%
$399,760
Cap Rate 7%
$285,543
Cap Rate 9%
$222,089
Alternative Uses
Best Use
Multifamily LT 5
$285.5K
$249.9K – $333.1K
NOI $19,988 @ 7.0% cap · market cap 7.27%
Second Best
Apartment 5plus
$262.1K
$229.4K – $305.8K
NOI $18,348 @ 7.0% cap · market cap 6.67%
Theoretical Best
Office A
$385.8K
$337.6K – $450.2K
NOI $27,009 @ 7.0% cap · market cap 9.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,155
Businesses Nearby
Explore this area
Business Placement
Demographics for 48202, MI
17,260
Population
10,078
Households
1.7
Avg Household Size
32
Median Age
38%
College-Educated
91%
High-School Grad
3.4 sq mi
ZIP Area
5,076
Density / Sq Mi
$36,536
Median Household Income
$31,725
Median Earnings
$894
Median Rent
$193,700
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 - Multifamily property with two units and extra lot.
Where is this duplex located?
The property is located at 231 Chandler St Detroit, MI.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Investment opportunity in Detroit with high rental potential.; Includes an extra side lot at 221 Chandler.; Prime location close to downtown Detroit, promising future growth.
