Renovated
For Sale
Contact for pricing
2573 TOWNSEND ST, Detroit, MI 48214
Two-unit multifamily asset with furnished spaces and included kitchen and laundry appliances.
Property Size2,800 SF
Price / SF$135.36
Days on Market57
Property Features for 2573 TOWNSEND ST
General Information
Standard status
Active
Size
2,800 SF
Property subtype
Multifamily
Zoning
Multifamily
Additional Details
Multifamily Units
2
Amenities
refrigerator
dishwasher
washer-dryer
microwave
Building Details
Year Built
1918
Year Renovated
2023
Buildings
1
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
Signature Sotheby's International Realty
(313) 303-7263
Listed By:
Brandon Curry · License #MI
Source:
Crexi
Added: Jul 6
Changed: Aug 30
Last Checked: Aug 30 at 6:07PM
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 Signature Sotheby's International Realty
Investment Insights
Based on property information with market context.
This 2,800-square-foot duplex contains two furnished units and has undergone extensive updates within the last 3 years. Improvements include a new roof, electrical, heating, plumbing, insulation, flooring, kitchens, bathrooms, and replacement windows. Each unit includes a refrigerator, dishwasher, washer-dryer, and microwave.
The property is located in Detroit’s Islandview neighborhood and carries Multifamily zoning. Belle Isle, the River Walk, and West Village are identified as accessible area destinations. Originally built in 1918, the building combines an established structure with recently completed system and interior renovations.
The property is located in Detroit’s Islandview neighborhood and carries Multifamily zoning. Belle Isle, the River Walk, and West Village are identified as accessible area destinations. Originally built in 1918, the building combines an established structure with recently completed system and interior renovations.
Key Highlights
- 2,800‑square‑foot duplex with two furnished units
- Renovated within the last 3 years
- Updates include roof, electrical, heating, plumbing, insulation, floors, kitchens, bathrooms, and windows
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
$32,000
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
8.44%
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%
$640,000
$640.0K
Cap Rate 7%
$457,143
$457.1K
Cap Rate 9%
$355,556
$355.6K
Market Conditions
NOI Build-Up for 2,800 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
$48.7K $17.40/SF
− Vacancy
−$3.0K −$1.07/SF
EGI
$45.7K $16.33/SF
− OpEx
−$13.7K −$4.90/SF
NOI
$32.0K $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 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%
$640,000
Cap Rate 7%
$457,143
Cap Rate 9%
$355,556
Alternative Uses
Best Use
Multifamily LT 5
$457.1K
$400.0K – $533.3K
NOI $32,000 @ 7.0% cap · market cap 8.44%
Second Best
Apartment 5plus
$419.6K
$367.2K – $489.6K
NOI $29,374 @ 7.0% cap · market cap 7.75%
Theoretical Best
Office A
$617.7K
$540.5K – $720.6K
NOI $43,238 @ 7.0% cap · market cap 11.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
408
Businesses Nearby
Explore this area
Business Placement
Demographics for 48214, MI
18,959
Population
13,279
Households
1.4
Avg Household Size
44
Median Age
27%
College-Educated
84%
High-School Grad
5.1 sq mi
ZIP Area
3,717
Density / Sq Mi
$34,807
Median Household Income
$36,625
Median Earnings
$818
Median Rent
$120,500
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-unit multifamily asset with furnished spaces and included kitchen and laundry appliances.
Where is this duplex located?
The property is located at 2573 TOWNSEND ST Detroit, MI.
What is the asking price?
The asking price for this property is $379,000.
What are key features of this property?
This property features: 2,800‑square‑foot duplex with two furnished units; Renovated within the last 3 years; Updates include roof, electrical, heating, plumbing, insulation, floors, kitchens, bathrooms, and windows
