Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Totally Remodeled Two-Unit Duplex Title is generated by Realmo AI

    273 Southbound Gratiot Avenue, Mount Clemens, MI 48043

    View on Map
    Claim this Listing
    For Sale
    $324,900

    MULTI_FAMILY - Colonial - Mount Clemens, MI

    Property size:
    2,326 SF
    Lot size:
    0.36 Acres
    Price / SF:
    $139/SF
    Added:
    Feb 16, 2026
    Days on Market:
    108
    Last Refresh:
    Jun 4 at 8:06 am

    Property Features for 273 Southbound Gratiot Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    5
    Bathrooms
    2
    Rooms
    Bedroom 5, Bedroom 4, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 3, Bedroom 2, Basement
    Standard status
    Active
    APN
    05-11-14-379-012
    Size
    2,326 SF
    Lot size
    0.36 Acres

    Taxes and HOA fees

    Tax Annual Amount
    4441

    Utilities

    Heating system
    Forced Air
    Water source
    Public

    Building Details

    Year built
    1923
    Floors in Building
    2
    Number of units
    2
    Architectural style
    Colonial

    We can help!

    Listing Contact
    James Fennell

    Listing agent James Fennell License #6501242077

    Listing office Berkshire Hathaway HomeServices Kee Realty NB 36622 Green St, Clinton Twp, MI

    Listing date Feb 16, 2026

    MLS# 50199530 Listing URL

    Copyright © 2026 Multiple Listing Service MiRealSource. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Remodeled 2‑unit multi‑family with move‑in ready interiors
    • First‑floor unit: 1 bedroom, large kitchen, and full bath
    • Upper unit: 3 bedrooms, full bath, kitchen, and large sitting area
    • Flexible use options noted: multi‑family, group home, or office needs
    • Heating: forced air; water source: public
    • Year built 1923 in a Colonial architectural style

    Overview

    Totally remodeled, move-in ready two-unit duplex designed for immediate occupancy. The first-floor unit features a spacious one-bedroom layout with a large kitchen and a full bath. The upper unit includes three bedrooms, a full bath, a kitchen, and a large sitting area that can support additional living space or a home office. The property includes 2,326 square feet and sits on a 0.36-acre lot.

    Located at 273 Southbound Gratiot Avenue in Mount Clemens, MI 48043 (Macomb County). The configuration supports privacy between units and offers options for different household needs, whether you are operating it as a rental property or maintaining one unit for personal use.

    This property may fit owner-occupants looking to live in one unit while renting the other, as described in the remarks. It can also appeal to investors seeking a straightforward two-unit residential income setup with updated finishes. For added value, the seller notes the option to split the lot into 2 lots and sell the back parcel, subject to applicable requirements.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $37.7k $16.20
    − Vacancy −$2.5k −$1.08
    EGI $35.2k $15.12
    − OpEx −$10.6k −$4.54
    NOI $24.6k $10.59
    2,326 SF · lease $16.20/SF/yr · vacancy 6.65% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $351.8K
    $307.8K – $410.4K (±1% cap)
    NOI $24,623 @ 7.0% cap · market cap 7.58%
    Second Best
    Apartment 5plus
    $312.1K
    $273.1K – $364.1K (±1% cap)
    NOI $21,844 @ 7.0% cap · market cap 6.72%
    Theoretical Best
    Specialty Retail
    $435.5K
    $381.0K – $508.1K (±1% cap)
    NOI $30,483 @ 7.0% cap · market cap 9.38%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Mount Clemens
    County
    Macomb
    State
    Michigan
    Longitude
    -82.882172
    Latitude
    42.587236

    Nearby Similar for Sale

    • $550,000
      5,529 SF

      Commercial Property in Mt. Clemens

      Commercial property with established tenants in high-traffic area.
      209 Northbound Gratiot Avenue, Mt. Clemens, MI 48043
      View Details
    • $250,000
      2,572 SF

      Victorian Duplex in Mt. Clemens

      Charming Victorian duplex with investment or owner-occupant potential.
      98 ELDREDGE Street, Mt. Clemens, MI 48043
      View Details
    • $195,000
      1,842 SF

      Duplex With Patio, Deck, and Garage

      Duplex offers separate living spaces with private outdoor areas, plus an unfinished basement and detached 2-car garage.
      1499 Wellesley Drive, Mount Clemens, MI 48043
      View Details
    • $239,000
      2,450 SF

      Duplex in Mount Clemens, MI

      Duplex with income potential near shopping and dining.
      121 Jones St, Mount Clemens, MI 48043
      View Details
    • $239,900
      1,969 SF

      Occupied Multifamily Investment Opportunity

      Five-unit multifamily property in Mt. Clemens with long-term tenants.
      104 Grand Avenue, Mt. Clemens, MI 48043
      View Details
    • $349,900
      2,134 SF

      Updated Triplex Investment Property

      Three-unit triplex with contemporary interior finishes and in-place city rental inspections.
      40 Ahrens Street, Mount Clemens, MI 48043
      View Details
    • $475,000
      3,934 SF

      Historic Office and Retail Building

      Historic Mt. Clemens building suitable for office or retail.
      56 Macomb Place, Mt Clemens City, MI 48043
      View Details
    • $165,000

      Mount Clemens Duplex Opportunity

      Duplex near downtown Mount Clemens with updated units.
      16 Leslie Street, Mount Clemens, MI 48043
      View Details
    • $529,000
      3,702 SF

      Remodeled Commercial Property in Mt. Clemens

      Prime commercial property in downtown Mt. Clemens with high-end remodel.
      104 MACOMB, Mt. Clemens, MI 48043
      View Details
    • $550,000

      Established Retail Property For Sale

      High-traffic location with long-term tenants, strong investment opportunity.
      209 Northbound Gratiot Ave, Mount Clemens, MI 48043
      View Details
    • $324,900

      Remodeled Multi-Unit Property

      Move-in ready, remodeled two-unit property with potential for lot split.
      273 Southbound Gratiot Ave, Mount Clemens, MI 48043
      View Details
    • $250,000

      Charming Victorian Duplex Investment Opportunity

      Victorian duplex with rental income potential in Mt. Clemens.
      98 ELDREDGE St, Mount Clemens, MI 48043
      View Details

    FAQs

    What type of property is this?
    Duplex - Move-in ready duplex with updated finishes and two distinct unit layouts for flexible owner-occupant or rental use.
    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: Remodeled 2‑unit multi‑family with move‑in ready interiors; First‑floor unit: 1 bedroom, large kitchen, and full bath; Upper unit: 3 bedrooms, full bath, kitchen, and large sitting area
    (586) 996-1251
    We can help!
    Listing Contact
    James Fennell
    Real Estate License ID: 6501242077
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    273 Southbound Gratiot Avenue, Mount Clemens, MI 48043
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!