Occupied Duplex with
New
For Sale
$219,000
23510 Buckingham St, Clinton Township, MI 48036
Two-bedroom units, private parking, and an enclosed porch support practical residential rental use.
Property Size1,506 SF
Days on Market2
Property Features for 23510 Buckingham St
General Information
Standard status
Active
Size
1,506 SF
Total Parking Spaces
2
Property subtype
Investment
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Parking per Unit
1
Additional Details
Gross Income
$30,600
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$6,077
Amenities
mature trees
covered front entry
enclosed porch
Building Details
Building Size
1,506 SF
Year Built
1928
Units
2
Listing Agency:
(248) 255-2474
Listed By:
Maryott Tijerina
(248) 255-2474
Source:
Elliman
Added: Aug 5
Changed: Aug 6
Last Checked: Aug 6 at 6:53AM
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 Maryott Tijerina
Investment Insights
Based on property information with market context.
This 1928-built duplex contains two occupied units, each arranged with 2 bedrooms and 1 bath. Separate detached garages serve the units, while an extended private driveway adds off-street parking. Additional exterior features include a covered front entry, full-width enclosed porch, mature trees, and a generously sized lot.
The property is located in Clinton Township near M-59 and I-94, with access to Partridge Creek, Macomb Mall, and the Gratiot and Hall Road retail corridors. The combination of an established duplex layout, dedicated garage space, and existing occupancy provides a straightforward multifamily configuration for residential income use.
The property is located in Clinton Township near M-59 and I-94, with access to Partridge Creek, Macomb Mall, and the Gratiot and Hall Road retail corridors. The combination of an established duplex layout, dedicated garage space, and existing occupancy provides a straightforward multifamily configuration for residential income use.
Key Highlights
- Two 2‑bedroom, 1‑bath units, both currently occupied
- Detached garage designated for each unit
- Extended private driveway provides off‑street parking
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
$15,942
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
7.28%
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%
$318,840
$318.8K
Cap Rate 7%
$227,743
$227.7K
Cap Rate 9%
$177,133
$177.1K
Market Conditions
NOI Build-Up for 1,506 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
$24.4K $16.20/SF
− Vacancy
−$1.6K −$1.08/SF
EGI
$22.8K $15.12/SF
− OpEx
−$6.8K −$4.54/SF
NOI
$15.9K $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%
$318,840
Cap Rate 7%
$227,743
Cap Rate 9%
$177,133
Alternative Uses
Best Use
Multifamily LT 5
$227.7K
$199.3K – $265.7K
NOI $15,942 @ 7.0% cap · market cap 7.28%
Second Best
Apartment 5plus
$202.0K
$176.8K – $235.7K
NOI $14,143 @ 7.0% cap · market cap 6.46%
Theoretical Best
Specialty Retail
$281.9K
$246.7K – $328.9K
NOI $19,736 @ 7.0% cap · market cap 9.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
389
Businesses Nearby
Explore this area
Business Placement
Demographics for 48036, MI
22,517
Population
9,855
Households
2.3
Avg Household Size
41
Median Age
22%
College-Educated
93%
High-School Grad
8.3 sq mi
ZIP Area
2,713
Density / Sq Mi
$65,109
Median Household Income
$36,730
Median Earnings
$1,018
Median Rent
$201,000
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 - Two-bedroom units, private parking, and an enclosed porch support practical residential rental use.
Where is this duplex located?
The property is located at 23510 Buckingham St Clinton Township, MI.
What is the asking price?
The asking price for this property is $219,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units, both currently occupied; Detached garage designated for each unit; Extended private driveway provides off‑street parking
