Building Details

Building Size 1,913 SF

Year Built 1923

Units 2

Listed By: Robert Campbell · License #6501304530 Show Phone

Source: Elliman

Added: Sep 18 Changed: Sep 19 Last Checked: Sep 19 at 10:06AM

Report an Issue

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 Robert Campbell

Investment Insights

Based on property information with market context.

Built in 1923, this duplex offers two residential units with updated kitchens and bathrooms. The first-floor residence includes a living room fireplace, hardwood flooring, a dining room window seat, and a primary bedroom with an adjoining bonus room suitable for office or media use. Its kitchen also includes a stackable washer and dryer. The upper unit features marble tile, mosaic backsplash, granite countertops, and stainless-steel appliances.

The property has 2 HVAC units, 2 hot water tanks, 2 meters, 1 water meter, and 1 electric box. Laundry equipment is available on the main level and in the basement, which also provides two cedar closets and a separate rear stairway. A newer garage serves the property. The home is located near parks, a pool, fitness center, community gardens, dog park, and community center.

Key Highlights

• Duplex at 25 WELLESLEY Dr, Pleasant Ridge, MI 48069
• Built in 1923 with a newer garage
• Updated kitchens and bathrooms in both units

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

$25,321

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

5.39%

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%

$506,420 $506.4K

Cap Rate 7%

$361,729 $361.7K

Cap Rate 9%

$281,344 $281.3K

Market Conditions

NOI Build-Up for 1,913 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

$37.9K $19.80/SF

− Vacancy

−$1.7K −$0.89/SF

EGI

$36.2K $18.91/SF

− OpEx

−$10.9K −$5.67/SF

NOI

$25.3K $13.24/SF

Area

Oakland County, MI

Vacancy

4.50%

Lease Rate

$19.80 /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%

$506,420

Cap Rate 7%

$361,729

Cap Rate 9%

$281,344

Alternative Uses

Best Use

Multifamily LT 5

$361.7K

$316.5K – $422.0K (±1% cap)

NOI $25,321 @ 7.0% cap · market cap 5.39%

Second Best

Apartment 5plus

$335.2K

$293.3K – $391.1K (±1% cap)

NOI $23,465 @ 7.0% cap · market cap 4.99%

Theoretical Best

Specialty Retail

$412.6K

$361.0K – $481.4K (±1% cap)

NOI $28,883 @ 7.0% cap · market cap 6.15%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Duplexes

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Daycare Center Pet Grooming Service Locksmith Butcher Carpet & Flooring Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

752

Businesses Nearby

Explore this area Business Placement

Demographics for 48069, MI

2,627

Population

1,201

Households

2.2

Avg Household Size

45

Median Age

80%

College-Educated

99%

High-School Grad

0.6 sq mi

ZIP Area

4,378

Density / Sq Mi

$161,058

Median Household Income

$96,679

Median Earnings

$1,795

Median Rent

$435,500

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Duplex - Duplex with refreshed kitchens and bathrooms, separate HVAC systems, and dedicated laundry features for both residences.

Where is this duplex located?

The property is located at 25 WELLESLEY Dr Pleasant Ridge, MI.

What is the asking price?

The asking price for this property is $469,900.

What are key features of this property?

This property features: Duplex at 25 WELLESLEY Dr, Pleasant Ridge, MI 48069; Built in 1923 with a newer garage; Updated kitchens and bathrooms in both units