Duplex and Income Apartment
For Sale
Contact for pricing
23736 Sherwood Avenue, Warren, MI 48091
Two-building residential income setup with separate units and in-unit laundry on one building.
Property Size2,536 SF
Price / SF$165.62
Days on Market57
Property Features for 23736 Sherwood Avenue
General Information
Standard status
Active
Size
2,536 SF
Property subtype
Special Purpose
Additional Details
Business Included
Yes
Multifamily Units
12
Building Details
Year Built
1950
Tenancy
Multi
Listing Agency:
Coldwell Banker Professionals
(734) 818-0546
Listed By:
George Stathakis · License #6501380479
Source:
Crexi
Added: Jun 25
Changed: Aug 13
Last Checked: Aug 20 at 2:35PM
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 Coldwell Banker Professionals
Investment Insights
Based on property information with market context.
This offering includes 2 residential buildings. The house at 2370 Sherwood is set up as an upper and lower unit, and each unit includes laundry. The apartment building includes multiple individually leased rooms and 2-bedroom units, for a total of 10 rooms across the building.
At 2370 Sherwood, the upper unit is leased for $1,000 per month and the lower unit is leased for $1,500 per month. The 10-room apartment building rents units at a rate of $450 to $500 per room, and the 736 building is also described as having 10 rooms rented individually.
The property is suited for buyers looking for a residential income mix that combines a duplex-style configuration with a separate multi-room building. With existing unit and room-level leasing structure, it may appeal to owner-operators or investors seeking to manage tenant occupancy across both buildings under one ownership group. The presence of laundry in the upper and lower units at 2370 Sherwood supports day-to-day tenant convenience within that component of the asset.
At 2370 Sherwood, the upper unit is leased for $1,000 per month and the lower unit is leased for $1,500 per month. The 10-room apartment building rents units at a rate of $450 to $500 per room, and the 736 building is also described as having 10 rooms rented individually.
The property is suited for buyers looking for a residential income mix that combines a duplex-style configuration with a separate multi-room building. With existing unit and room-level leasing structure, it may appeal to owner-operators or investors seeking to manage tenant occupancy across both buildings under one ownership group. The presence of laundry in the upper and lower units at 2370 Sherwood supports day-to-day tenant convenience within that component of the asset.
Key Highlights
- Two‑building residential income property with separate units on one site
- 2370 Sherwood has an upper and lower unit with in‑unit laundry
- Rent on 2370 Sherwood: $1,000/month upper unit and $1,500/month lower unit
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
$24,897
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
5.93%
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%
$497,940
$497.9K
Cap Rate 7%
$355,671
$355.7K
Cap Rate 9%
$276,633
$276.6K
Market Conditions
NOI Build-Up for 2,536 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
$38.0K $15.00/SF
− Vacancy
−$2.5K −$0.98/SF
EGI
$35.6K $14.03/SF
− OpEx
−$10.7K −$4.21/SF
NOI
$24.9K $9.82/SF
Area
Warren, MI
Vacancy
6.50%
Lease Rate
$15.00 /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%
$497,940
Cap Rate 7%
$355,671
Cap Rate 9%
$276,633
Alternative Uses
Best Use
Multifamily LT 5
$355.7K
$311.2K – $415.0K
NOI $24,897 @ 7.0% cap · market cap 5.93%
Second Best
Apartment 5plus
$331.1K
$289.7K – $386.3K
NOI $23,177 @ 7.0% cap · market cap 5.52%
Theoretical Best
Office A
$559.5K
$489.5K – $652.7K
NOI $39,162 @ 7.0% cap · market cap 9.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
617
Businesses Nearby
Explore this area
Business Placement
Demographics for 48091, MI
32,267
Population
12,919
Households
2.5
Avg Household Size
37
Median Age
17%
College-Educated
82%
High-School Grad
7.9 sq mi
ZIP Area
4,084
Density / Sq Mi
$53,400
Median Household Income
$31,877
Median Earnings
$1,231
Median Rent
$138,700
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-building residential income setup with separate units and in-unit laundry on one building.
Where is this duplex located?
The property is located at 23736 Sherwood Avenue Warren, MI.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: Two‑building residential income property with separate units on one site; 2370 Sherwood has an upper and lower unit with in‑unit laundry; Rent on 2370 Sherwood: $1,000/month upper unit and $1,500/month lower unit
