Brick Duplex With Historic
New
For Sale
$500,000
2945 Rosa Parks Blvd, Detroit, MI 48216
Two-unit property with updated kitchens, period architecture, and landscaped outdoor areas.
Property Size3,300 SF
Days on Market6
Property Features for 2945 Rosa Parks Blvd
General Information
Standard status
Active
Size
3,300 SF
Property subtype
Investment
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 4BR, 1 x 3BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$536
Amenities
patios
green spaces
Building Details
Building Size
3,300 SF
Year Built
1910
Units
2
Construction
brick
Listing Agency:
O'Connor Realty Detroit, LLC
Listed By:
Bill Swanson · License #6501381221
(313) 506-5471
Source:
Elliman
Added: Sep 9
Changed: Sep 10
Last Checked: Sep 14 at 9:06AM
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 O'Connor Realty Detroit, LLC
Investment Insights
Based on property information with market context.
Built in 1910, this brick duplex combines updated residential interiors with preserved architectural features. The property includes one four-bedroom unit with a finished third-floor attic, vaulted ceilings, and skylights, along with a separate three-bedroom unit. Interior details include bay windows with original trim, leaded glass, tiled fireplaces, an exposed-beam ceiling, and exposed brick. Both kitchens feature open layouts, wrap-around counters, open shelving, and substantial storage.
Outdoor areas include patios and expansive backyards framed by mature trees. The property is located at 2945 Rosa Parks Blvd in Detroit’s North Corktown, with walkable access to Corktown, Woodbridge, Downtown, dining, entertainment, and public transit. WalkScore is 57, BikeScore is 53, and TransitScore is 79. Adjacent lots are available separately.
Outdoor areas include patios and expansive backyards framed by mature trees. The property is located at 2945 Rosa Parks Blvd in Detroit’s North Corktown, with walkable access to Corktown, Woodbridge, Downtown, dining, entertainment, and public transit. WalkScore is 57, BikeScore is 53, and TransitScore is 79. Adjacent lots are available separately.
Key Highlights
- Brick duplex built in 1910 at 2945 Rosa Parks Blvd, Detroit, MI 48216
- One unit has 4 bedrooms and a finished third‑floor attic with vaulted ceilings and skylights
- Second unit offers 3 bedrooms
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
$37,714
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
7.54%
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%
$754,280
$754.3K
Cap Rate 7%
$538,771
$538.8K
Cap Rate 9%
$419,044
$419.0K
Market Conditions
NOI Build-Up for 3,300 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
$57.4K $17.40/SF
− Vacancy
−$3.5K −$1.07/SF
EGI
$53.9K $16.33/SF
− OpEx
−$16.2K −$4.90/SF
NOI
$37.7K $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%
$754,280
Cap Rate 7%
$538,771
Cap Rate 9%
$419,044
Alternative Uses
Best Use
Multifamily LT 5
$538.8K
$471.4K – $628.6K
NOI $37,714 @ 7.0% cap · market cap 7.54%
Second Best
Apartment 5plus
$494.6K
$432.7K – $577.0K
NOI $34,619 @ 7.0% cap · market cap 6.92%
Theoretical Best
Office A
$728.0K
$637.0K – $849.3K
NOI $50,959 @ 7.0% cap · market cap 10.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
642
Businesses Nearby
Explore this area
Business Placement
Demographics for 48216, MI
5,031
Population
3,398
Households
1.5
Avg Household Size
35
Median Age
37%
College-Educated
87%
High-School Grad
2.3 sq mi
ZIP Area
2,187
Density / Sq Mi
$42,278
Median Household Income
$42,189
Median Earnings
$860
Median Rent
$225,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with updated kitchens, period architecture, and landscaped outdoor areas.
Where is this duplex located?
The property is located at 2945 Rosa Parks Blvd Detroit, MI.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Brick duplex built in 1910 at 2945 Rosa Parks Blvd, Detroit, MI 48216; One unit has 4 bedrooms and a finished third‑floor attic with vaulted ceilings and skylights; Second unit offers 3 bedrooms
