Detroit Multifamily Investment
For Sale
$239,900
231 Chandler St, Detroit, MI 48202
Multifamily home with two units and side lot.
Property Size1,749 SF
Lot Size0.14 Acres
Days on Market220
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:
REALTEAM Real Estate
Listed By:
Tiroca Battle
(586) 580-8092
Source:
Elliman
Added: Mar 11
Changed: Oct 15
Last Checked: Oct 16 at 9:42AM
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 REALTEAM Real Estate
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Investment Insights
Based on property information with market context.
This multifamily home in Detroit presents an investment opportunity, featuring two units and including the side lot at 221 Chandler. The upper unit has been updated and offers 1 bedroom and 1 bathroom with hardwood flooring throughout. The lower unit requires some work but provides 2 bedrooms and 1 bathroom, presenting a value-add opportunity. The property is located close to downtown Detroit, positioning it in a prime location for future growth and rental potential.
Key Highlights
- Investment opportunity in Detroit with two units
- Includes adjacent side lot at 221 Chandler
- Updated upper unit features hardwood flooring, 1 bedroom and 1 bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,988
Cap Rate
8.33%
Suggested Prices Based on Cap Rates
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
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 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 8.33%
Second Best
Apartment 5plus
$262.1K
$229.4K – $305.8K
NOI $18,348 @ 7.0% cap · market cap 7.65%
Theoretical Best
Office A
$385.8K
$337.6K – $450.2K
NOI $27,009 @ 7.0% cap · market cap 11.26%
Zoning and permitted uses should be independently verified with authorities.
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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
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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 - Multifamily home with two units and side 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 $239,900.
What are key features of this property?
This property features: Investment opportunity in Detroit with two units; Includes adjacent side lot at 221 Chandler; Updated upper unit features hardwood flooring, 1 bedroom and 1 bathroom
