Tenant-Occupied Two-Family
For Sale
$650,000
2622 Salina St, Dearborn, MI 48120
Well-maintained duplex with both units currently tenant-occupied and included alongside adjacent lots.
Property Size2,592 SF
Days on Market95
Property Features for 2622 Salina St
General Information
Standard status
Active
Size
2,592 SF
Property subtype
Investment
Occupancy
100%
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,157
Building Details
Building Size
2,592 SF
Year Built
1924
Units
2
Listed By:
Redwan M Ali · License #6501377720
(313) 522-2192
Source:
Elliman
Added: Jun 3
Changed: Aug 23
Last Checked: Sep 5 at 9:55AM
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 Redwan M Ali
Investment Insights
Based on property information with market context.
This well-maintained two-family home presents as super clean and neatly kept throughout. Both units are currently tenant-occupied, offering continuity of occupancy at the time of sale. The property is described as a turn-key, residential income asset, and the offering includes the two lots on each side, providing additional land with the purchase.
The property is located directly across from Salina School and is described as just steps away from local parks, placing it in a neighborhood setting with convenient nearby recreation. Approximate walk, bike, and transit scores are also available in the listing materials, indicating a moderately car-dependent location with some pedestrian and bike connectivity.
For buyers seeking a straightforward residential income property, the tenant-occupied status of both units is a practical consideration. With the additional lots included in the sale, this configuration may appeal to buyers looking for both income-generating living units and expanded lot control as part of the same purchase. All data is approximate; buyers should verify details during due diligence and at showings.
The property is located directly across from Salina School and is described as just steps away from local parks, placing it in a neighborhood setting with convenient nearby recreation. Approximate walk, bike, and transit scores are also available in the listing materials, indicating a moderately car-dependent location with some pedestrian and bike connectivity.
For buyers seeking a straightforward residential income property, the tenant-occupied status of both units is a practical consideration. With the additional lots included in the sale, this configuration may appeal to buyers looking for both income-generating living units and expanded lot control as part of the same purchase. All data is approximate; buyers should verify details during due diligence and at showings.
Key Highlights
- Well‑maintained 2‑family (duplex) built in 1924.
- Both units are currently tenant‑occupied, providing immediate rental income.
- Property is directly across from Salina School and steps from local parks.
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
$25,447
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
3.91%
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%
$508,940
$508.9K
Cap Rate 7%
$363,529
$363.5K
Cap Rate 9%
$282,744
$282.7K
Market Conditions
NOI Build-Up for 2,592 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
$38.9K $15.00/SF
− Vacancy
−$2.5K −$0.98/SF
EGI
$36.4K $14.03/SF
− OpEx
−$10.9K −$4.21/SF
NOI
$25.4K $9.82/SF
Area
Dearborn, 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%
$508,940
Cap Rate 7%
$363,529
Cap Rate 9%
$282,744
Alternative Uses
Best Use
Multifamily LT 5
$363.5K
$318.1K – $424.1K
NOI $25,447 @ 7.0% cap · market cap 3.91%
Second Best
Apartment 5plus
$332.4K
$290.9K – $387.8K
NOI $23,268 @ 7.0% cap · market cap 3.58%
Theoretical Best
Office A
$571.8K
$500.3K – $667.1K
NOI $40,026 @ 7.0% cap · market cap 6.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
302
Businesses Nearby
Explore this area
Business Placement
Demographics for 48120, MI
8,338
Population
2,910
Households
2.9
Avg Household Size
29
Median Age
37%
College-Educated
76%
High-School Grad
4.7 sq mi
ZIP Area
1,774
Density / Sq Mi
$66,667
Median Household Income
$48,170
Median Earnings
$1,407
Median Rent
$236,800
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 - Well-maintained duplex with both units currently tenant-occupied and included alongside adjacent lots.
Where is this duplex located?
The property is located at 2622 Salina St Dearborn, MI.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Well‑maintained 2‑family (duplex) built in 1924.; Both units are currently tenant‑occupied, providing immediate rental income.; Property is directly across from Salina School and steps from local parks.
