Two-Unit Duplex with Lake
For Sale
$279,900
Pending
32203 Jefferson Ave, Saint Clair Shores, MI 48082
Two residential units offer separate access, shared laundry and storage, plus a shared driveway.
Property Size1,900 SF
Days on Market180
Property Features for 32203 Jefferson Ave
General Information
Standard status
Pending
Size
1,900 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,188
Amenities
washer/dryer
storage
enclosed porch
lake view
Building Details
Buildings
1
Listing Agency:
RE/MAX First
(586) 703-0254
Listed By:
Bernard D. Gallivan · License #6501218533
(586) 703-0254
Source:
Exprealty
Added: Mar 4
Changed: Aug 29
Last Checked: Aug 30 at 9:09PM
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 First
Investment Insights
Based on property information with market context.
This two-story duplex, built in 1927, contains a residential unit on each floor. The lower unit includes a living room, dining area, bedrooms, and a kitchen equipped with a stove and refrigerator, with access through the front entry or rear porch. The upper unit offers a living room, dining area, kitchen with stove and refrigerator, two bedrooms, a large walk-in closet, and an enclosed rear porch measuring 25 x 8.
A shared basement provides washer, dryer, and storage space, while both units use a shared driveway. The property has a lake view and is located close to Veterans Memorial Park. It has been vacant for the last 30 years.
A shared basement provides washer, dryer, and storage space, while both units use a shared driveway. The property has a lake view and is located close to Veterans Memorial Park. It has been vacant for the last 30 years.
Key Highlights
- Two‑story duplex built in 1927
- Separate residential units on the first and second floors
- Upper unit includes 2 bedrooms and a 25 x 8 enclosed rear porch
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
$20,113
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
7.19%
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%
$402,260
$402.3K
Cap Rate 7%
$287,329
$287.3K
Cap Rate 9%
$223,478
$223.5K
Market Conditions
NOI Build-Up for 1,900 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
$30.8K $16.20/SF
− Vacancy
−$2.0K −$1.08/SF
EGI
$28.7K $15.12/SF
− OpEx
−$8.6K −$4.54/SF
NOI
$20.1K $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%
$402,260
Cap Rate 7%
$287,329
Cap Rate 9%
$223,478
Alternative Uses
Best Use
Multifamily LT 5
$287.3K
$251.4K – $335.2K
NOI $20,113 @ 7.0% cap · market cap 7.19%
Second Best
Apartment 5plus
$254.9K
$223.0K – $297.4K
NOI $17,843 @ 7.0% cap · market cap 6.37%
Theoretical Best
Specialty Retail
$355.7K
$311.3K – $415.0K
NOI $24,900 @ 7.0% cap · market cap 8.90%
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
119
Businesses Nearby
Explore this area
Business Placement
Demographics for 48082, MI
16,029
Population
7,461
Households
2.1
Avg Household Size
45
Median Age
27%
College-Educated
95%
High-School Grad
3.3 sq mi
ZIP Area
4,857
Density / Sq Mi
$76,372
Median Household Income
$48,872
Median Earnings
$1,265
Median Rent
$200,600
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 residential units offer separate access, shared laundry and storage, plus a shared driveway.
Where is this duplex located?
The property is located at 32203 Jefferson Ave Saint Clair Shores, MI.
What is the asking price?
The asking price for this property is $279,900.
What are key features of this property?
This property features: Two‑story duplex built in 1927; Separate residential units on the first and second floors; Upper unit includes 2 bedrooms and a 25 x 8 enclosed rear porch
