Updated Duplex with Private
For Sale
$129,900
2966 Harding St, Detroit, MI 48214
Two refreshed residential units include full kitchens, fenced outdoor space, and separate basement access.
Property Size1,026 SF
Price / SF$126.61
Days on Market18
Property Features for 2966 Harding St
General Information
Standard status
Active
Size
1,026 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Average Monthly Rent
$1,150
Amenities
fenced yard
Building Details
Year Built
1914
Buildings
1
Listing Agency:
RE/MAX Of Grand Rapids (Fh)
(616) 644-0784
Listed By:
Rogers Neighborhood Realty · License #6505412738
(616) 644-0784
Source:
Rogersneighborhoodrealty
Added: Aug 14
Changed: Aug 28
Last Checked: Aug 30 at 4:09PM
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 RE/MAX Of Grand Rapids (Fh)
Investment Insights
Based on property information with market context.
This duplex, built in 1914, contains two residential units, each offering approximately 1,026 square feet with two bedrooms, one bathroom, a living room, dining area, and full kitchen with appliances. Separate entrances provide privacy between the units, while recent improvements include LVP flooring, interior and front porch paint, furnaces, doors, and fixtures.
Each unit has its own portion of the split basement with a dedicated entrance, furnace, and hot water tank. The property also includes a third-floor attic, a fenced yard, and electrical, mechanical, and plumbing systems described as well maintained. Both units are presented as move-in ready.
Each unit has its own portion of the split basement with a dedicated entrance, furnace, and hot water tank. The property also includes a third-floor attic, a fenced yard, and electrical, mechanical, and plumbing systems described as well maintained. Both units are presented as move-in ready.
Key Highlights
- Two‑unit duplex with approximately 1,026 sq ft per unit
- Each unit includes 2 beds, 1 bath, living and dining rooms, and a full kitchen with appliances
- Separate entrances serve both units and their individual basement areas
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
$11,726
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
9.03%
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%
$234,520
$234.5K
Cap Rate 7%
$167,514
$167.5K
Cap Rate 9%
$130,289
$130.3K
Market Conditions
NOI Build-Up for 1,026 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
$17.9K $17.40/SF
− Vacancy
−$1.1K −$1.07/SF
EGI
$16.8K $16.33/SF
− OpEx
−$5.0K −$4.90/SF
NOI
$11.7K $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%
$234,520
Cap Rate 7%
$167,514
Cap Rate 9%
$130,289
Alternative Uses
Best Use
Multifamily LT 5
$167.5K
$146.6K – $195.4K
NOI $11,726 @ 7.0% cap · market cap 9.03%
Second Best
Apartment 5plus
$153.8K
$134.5K – $179.4K
NOI $10,763 @ 7.0% cap · market cap 8.29%
Theoretical Best
Office A
$226.3K
$198.1K – $264.1K
NOI $15,844 @ 7.0% cap · market cap 12.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
225
Businesses Nearby
Explore this area
Business Placement
Demographics for 48214, MI
18,959
Population
13,279
Households
1.4
Avg Household Size
44
Median Age
27%
College-Educated
84%
High-School Grad
5.1 sq mi
ZIP Area
3,717
Density / Sq Mi
$34,807
Median Household Income
$36,625
Median Earnings
$818
Median Rent
$120,500
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 refreshed residential units include full kitchens, fenced outdoor space, and separate basement access.
Where is this duplex located?
The property is located at 2966 Harding St Detroit, MI.
What is the asking price?
The asking price for this property is $129,900.
What are key features of this property?
This property features: Two‑unit duplex with approximately 1,026 sq ft per unit; Each unit includes 2 beds, 1 bath, living and dining rooms, and a full kitchen with appliances; Separate entrances serve both units and their individual basement areas
