Remodeled Two-Unit
For Sale
$324,900
273 Southbound Gratiot Avenue, Mount Clemens, MI 48043
Updated duplex with distinct one- and three-bedroom residential units.
Property Size2,326 SF
Price / SF$139.68
Days on Market76
Property Features for 273 Southbound Gratiot Avenue
General Information
Standard status
Active
Size
2,326 SF
Property subtype
Residential Income / Multi Family
Units
Unit Mix
1 x 1BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,441
Amenities
Forced Air, Natural Gas
Gas Water Heater
No
Yes
Gas
2
5
Eat-in Kitchen
Building Details
Year Built
1923
Listing Agency:
Berkshire Hathaway HomeServices Kee Realty NB
(586) 996-1251
Listed By:
James Fennell · License #6501242077
(586) 996-1251
Source:
Compass
Added: Jun 17
Changed: Aug 30
Last Checked: Aug 30 at 3:41AM
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 Berkshire Hathaway HomeServices Kee Realty NB
Investment Insights
Based on property information with market context.
This 2,326-square-foot duplex contains two residential units within a remodeled property built in 1923. The lower level includes one bedroom, a full bathroom, and a generously sized kitchen. Upstairs, the three-bedroom unit adds a full bathroom, kitchen, and sitting area that can support additional living space or a home office. Updated finishes are provided throughout the property.
Each unit has its own kitchen and full bathroom, creating a clear two-unit configuration for residential occupancy. Building systems include forced-air heating, natural gas service, and a gas water heater. The property is located at 273 Southbound Gratiot Avenue in Mount Clemens, Michigan.
Each unit has its own kitchen and full bathroom, creating a clear two-unit configuration for residential occupancy. Building systems include forced-air heating, natural gas service, and a gas water heater. The property is located at 273 Southbound Gratiot Avenue in Mount Clemens, Michigan.
Key Highlights
- Two‑unit duplex with 2,326 square feet
- Remodeled property built in 1923
- Lower unit includes 1 bedroom, full bath, and large kitchen
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
$24,623
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
7.58%
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%
$492,460
$492.5K
Cap Rate 7%
$351,757
$351.8K
Cap Rate 9%
$273,589
$273.6K
Market Conditions
NOI Build-Up for 2,326 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
$37.7K $16.20/SF
− Vacancy
−$2.5K −$1.08/SF
EGI
$35.2K $15.12/SF
− OpEx
−$10.6K −$4.54/SF
NOI
$24.6K $10.59/SF
Area
Macomb County, MI
Vacancy
6.65%
Lease Rate
$16.20 /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%
$492,460
Cap Rate 7%
$351,757
Cap Rate 9%
$273,589
Alternative Uses
Best Use
Multifamily LT 5
$351.8K
$307.8K – $410.4K
NOI $24,623 @ 7.0% cap · market cap 7.58%
Second Best
Apartment 5plus
$312.1K
$273.1K – $364.1K
NOI $21,844 @ 7.0% cap · market cap 6.72%
Theoretical Best
Specialty Retail
$435.5K
$381.0K – $508.1K
NOI $30,483 @ 7.0% cap · market cap 9.38%
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
598
Businesses Nearby
Explore this area
Business Placement
Demographics for 48043, MI
15,665
Population
7,059
Households
2.2
Avg Household Size
41
Median Age
18%
College-Educated
88%
High-School Grad
4.1 sq mi
ZIP Area
3,821
Density / Sq Mi
$57,315
Median Household Income
$37,683
Median Earnings
$896
Median Rent
$169,000
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 - Updated duplex with distinct one- and three-bedroom residential units.
Where is this duplex located?
The property is located at 273 Southbound Gratiot Avenue Mount Clemens, MI.
What is the asking price?
The asking price for this property is $324,900.
What are key features of this property?
This property features: Two‑unit duplex with 2,326 square feet; Remodeled property built in 1923; Lower unit includes 1 bedroom, full bath, and large kitchen
