Renovated Duplex with Separate
For Sale
$179,900
26358 MOSES Street, Flat Rock, MI 48134
Two independently metered residences feature updated interiors, separate HVAC systems, and dedicated water heaters.
Property Size972 SF
Price / SF$185.08
Days on Market494
Property Features for 26358 MOSES Street
General Information
Standard status
Active
Size
972 SF
Property subtype
Multi Family
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$2,579
Building Details
Year Built
1952
Year Renovated
2024
Listing Agency:
Clients First, REALTORSÂ
(313) 717-0733
Listed By:
Teodora Djourova · License #6501352045
(313) 717-0733
Source:
Exitrealty
Added: Apr 24, 2025
Changed: Aug 30
Last Checked: Aug 30 at 1:17PM
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 Clients First, REALTORSÂ
Investment Insights
Based on property information with market context.
This duplex contains two one-bedroom, one-bath residences, each with a kitchen and living room. The 972-square-foot property was built in 1952 and comprehensively renovated in 2024, including new kitchens, quartz countertops, plumbing, electrical work, luxury vinyl flooring, bathrooms, lighting, and interior paint. Each unit has its own HVAC system, water heater, gas meter, electric meter, and water meter. Appliances include two new refrigerators and two electric or gas stoves, depending on the unit. Furnaces were serviced and certified in 2024, and a crawl space moisture barrier was installed.
Located at 26358 Moses Street in Flat Rock City, Michigan, the property provides driveway and street parking. Both units are rented on a month-to-month basis, and showings are subject to an approved offer.
Located at 26358 Moses Street in Flat Rock City, Michigan, the property provides driveway and street parking. Both units are rented on a month-to-month basis, and showings are subject to an approved offer.
Key Highlights
- Two 1‑bedroom, 1‑bath units with kitchens and living rooms
- 972 square feet; built in 1952
- Both units completely renovated in 2024
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
$9,543
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
5.30%
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%
$190,860
$190.9K
Cap Rate 7%
$136,329
$136.3K
Cap Rate 9%
$106,033
$106.0K
Market Conditions
NOI Build-Up for 972 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
$14.6K $15.00/SF
− Vacancy
−$948 −$0.98/SF
EGI
$13.6K $14.03/SF
− OpEx
−$4.1K −$4.21/SF
NOI
$9.5K $9.82/SF
Area
Wayne County, 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%
$190,860
Cap Rate 7%
$136,329
Cap Rate 9%
$106,033
Alternative Uses
Best Use
Multifamily LT 5
$136.3K
$119.3K – $159.1K
NOI $9,543 @ 7.0% cap · market cap 5.30%
Second Best
Apartment 5plus
$125.2K
$109.5K – $146.1K
NOI $8,763 @ 7.0% cap · market cap 4.87%
Theoretical Best
Specialty Retail
$180.0K
$157.5K – $210.0K
NOI $12,597 @ 7.0% cap · market cap 7.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
351
Businesses Nearby
Explore this area
Business Placement
Demographics for 48134, MI
23,829
Population
9,579
Households
2.5
Avg Household Size
41
Median Age
25%
College-Educated
93%
High-School Grad
18.5 sq mi
ZIP Area
1,288
Density / Sq Mi
$88,821
Median Household Income
$49,050
Median Earnings
$1,106
Median Rent
$252,500
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 independently metered residences feature updated interiors, separate HVAC systems, and dedicated water heaters.
Where is this duplex located?
The property is located at 26358 MOSES Street Flat Rock, MI.
What is the asking price?
The asking price for this property is $179,900.
What are key features of this property?
This property features: Two 1‑bedroom, 1‑bath units with kitchens and living rooms; 972 square feet; built in 1952; Both units completely renovated in 2024
