Duplex with Two Separate
For Sale
$199,000
Pending
338 Goddard Road, Wyandotte, MI 48192
Two tenant-occupied residences share one parcel, with recent interior updates in the front house.
Property Size1,503 SF
Days on Market54
Property Features for 338 Goddard Road
General Information
Standard status
Pending
Size
1,503 SF
Property subtype
Residential Income / Multi Family
Net Operating Income
$24,240
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$3,543
Amenities
Forced Air, Natural Gas
Unfinished
No
Yes
2
2.0
Building Details
Year Built
1912
Buildings
2
Listing Agency:
Real Estate One-Southgate
Listed By:
Erica Hussey · License #6501357877
(734) 658-7039
Source:
Compass
Added: Sep 9
Changed: Oct 30
Last Checked: Nov 1 at 8:22AM
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 Real Estate One-Southgate
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This duplex property comprises two separate houses on one parcel. The front residence offers approximately 694 square feet, with two bedrooms and one bathroom, and has a refreshed kitchen, bathroom, flooring, and paint. The rear house is approximately 600 square feet and also has two bedrooms and one bathroom, plus attic storage accessed through a separate backyard entrance.
Both homes are tenant occupied. One tenant has signed a two-year lease, while the other has lived in the property for more than 20 years. Recent work includes new furnaces and a water tank. The property was built in 1912, and its city certificate of compliance remains valid through November 2030.
Both homes are tenant occupied. One tenant has signed a two-year lease, while the other has lived in the property for more than 20 years. Recent work includes new furnaces and a water tank. The property was built in 1912, and its city certificate of compliance remains valid through November 2030.
Key Highlights
- Two separate houses on one parcel
- Front house: approximately 694 square feet, two bedrooms, one bathroom
- Rear house: approximately 600 square feet, two bedrooms, one bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,756
Cap Rate
7.42%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$295,120
$295.1K
Cap Rate 7%
$210,800
$210.8K
Cap Rate 9%
$163,956
$164.0K
Market Conditions
NOI Build-Up for 1,503 SF
Gross rent
$22.5K $15.00/SF
− Vacancy
−$1.5K −$0.98/SF
EGI
$21.1K $14.03/SF
− OpEx
−$6.3K −$4.21/SF
NOI
$14.8K $9.82/SF
Area
Wayne County, MI
Vacancy
6.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$295,120
Cap Rate 7%
$210,800
Cap Rate 9%
$163,956
Alternative Uses
Best Use
Multifamily LT 5
$210.8K
$184.5K – $245.9K
NOI $14,756 @ 7.0% cap · market cap 7.42%
Second Best
Apartment 5plus
$193.6K
$169.4K – $225.8K
NOI $13,549 @ 7.0% cap · market cap 6.81%
Theoretical Best
Specialty Retail
$278.3K
$243.5K – $324.7K
NOI $19,479 @ 7.0% cap · market cap 9.79%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
439
Businesses Nearby
Explore this area
Business Placement
Demographics for 48192, MI
25,058
Population
11,441
Households
2.2
Avg Household Size
42
Median Age
21%
College-Educated
91%
High-School Grad
5.3 sq mi
ZIP Area
4,728
Density / Sq Mi
$67,846
Median Household Income
$42,999
Median Earnings
$995
Median Rent
$159,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two tenant-occupied residences share one parcel, with recent interior updates in the front house.
Where is this duplex located?
The property is located at 338 Goddard Road Wyandotte, MI.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: Two separate houses on one parcel; Front house: approximately 694 square feet, two bedrooms, one bathroom; Rear house: approximately 600 square feet, two bedrooms, one bathroom
