Updated Duplex with Separate
For Sale
$199,900
Pending
24320 Flower Ave, Eastpointe, MI 48021
Two well-updated units with separate entrances, laundry-ready basement access, and newer mechanical systems for flexible occupancy.
Property Size1,824 SF
Days on Market97
Property Features for 24320 Flower Ave
General Information
Standard status
Pending
Size
1,824 SF
Property subtype
Investment
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,647
Building Details
Building Size
1,824 SF
Year Built
1926
Units
2
Tenancy
Multi
Listed By:
Michael Smitha
(248) 495-4477
Source:
Elliman
Added: Jun 3
Changed: Aug 8
Last Checked: Jul 23 at 11:30AM
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 Michael Smitha
Investment Insights
Based on property information with market context.
This updated duplex offers two similar, well-maintained units with a layout designed for separate living. The lower unit is ready to lease or occupy and includes exclusive full basement access with laundry and storage, plus use of the outside storage shed. Both units feature updated kitchens and bathrooms, along with original hardwood flooring and plaster coving that add character. The lower unit also includes newer flooring, sink, and countertop updates, and a two-level deck that was recently refinished. For storage and convenience, the backyard includes a spacious shed with a pull-down attic, and there is an extra-large rear parking area with a small brick paver patio.
The upper unit is currently leased, and it is not available for viewing until an accepted offer. Exterior improvements include brand-new vinyl cedar shake-style siding on the upper story to match the original 1925 look, and maintenance-free siding/soffits. Systems include newer mechanicals with two furnaces and water heaters, with gas and electric metered separately for each unit, along with newer interior plumbing and a replaced outside sewer line to the street.
From a tenant or owner-occupant standpoint, the separate entrances and exclusive basement access support privacy and functional day-to-day use. The property can also be considered for house-hacker style living, and the seller notes possible Airbnb use. Sale is available via land contract terms with $40,000 down.
The upper unit is currently leased, and it is not available for viewing until an accepted offer. Exterior improvements include brand-new vinyl cedar shake-style siding on the upper story to match the original 1925 look, and maintenance-free siding/soffits. Systems include newer mechanicals with two furnaces and water heaters, with gas and electric metered separately for each unit, along with newer interior plumbing and a replaced outside sewer line to the street.
From a tenant or owner-occupant standpoint, the separate entrances and exclusive basement access support privacy and functional day-to-day use. The property can also be considered for house-hacker style living, and the seller notes possible Airbnb use. Sale is available via land contract terms with $40,000 down.
Key Highlights
- Well‑maintained duplex built in 1926 with two updated units and separate entrances off a common front entrance
- Lower unit has exclusive full basement access with laundry and storage plus use of the outside storage shed
- Both kitchens and baths updated; lower unit includes newer flooring, sink, and countertops
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
$17,129
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
8.57%
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%
$342,580
$342.6K
Cap Rate 7%
$244,700
$244.7K
Cap Rate 9%
$190,322
$190.3K
Market Conditions
NOI Build-Up for 1,824 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
$33.5K $18.36/SF
− Vacancy
−$2.3K −$1.29/SF
EGI
$31.1K $17.07/SF
− OpEx
−$14.0K −$7.68/SF
NOI
$17.1K $9.39/SF
Area
Macomb County, MI
Vacancy
7.00%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
45.00%
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%
$342,580
Cap Rate 7%
$244,700
Cap Rate 9%
$190,322
Alternative Uses
Best Use
Multifamily LT 5
$275.8K
$241.4K – $321.8K
NOI $19,309 @ 7.0% cap · market cap 9.66%
Second Best
Apartment 5plus
$244.7K
$214.1K – $285.5K
NOI $17,129 @ 7.0% cap · market cap 8.57%
Theoretical Best
Specialty Retail
$341.5K
$298.8K – $398.4K
NOI $23,904 @ 7.0% cap · market cap 11.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
522
Businesses Nearby
Explore this area
Business Placement
Demographics for 48021, MI
34,244
Population
14,124
Households
2.4
Avg Household Size
37
Median Age
15%
College-Educated
89%
High-School Grad
5.1 sq mi
ZIP Area
6,715
Density / Sq Mi
$58,196
Median Household Income
$35,836
Median Earnings
$1,335
Median Rent
$129,100
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 well-updated units with separate entrances, laundry-ready basement access, and newer mechanical systems for flexible occupancy.
Where is this duplex located?
The property is located at 24320 Flower Ave Eastpointe, MI.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Well‑maintained duplex built in 1926 with two updated units and separate entrances off a common front entrance; Lower unit has exclusive full basement access with laundry and storage plus use of the outside storage shed; Both kitchens and baths updated; lower unit includes newer flooring, sink, and countertops
