Two-Unit Duplex with
New
For Sale
$225,000
3485 Parker St, Detroit, MI 48214
The upper apartment has private outdoor space, while the second unit supports a separate occupancy arrangement.
Property Size1,920 SF
Days on Market3
Property Features for 3485 Parker St
General Information
Standard status
Active
Size
1,920 SF
Property subtype
Investment
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,058
Amenities
private balcony
Building Details
Building Size
1,920 SF
Year Built
1924
Units
2
Listing Agency:
DOBI Real Estate
Listed By:
Thanh Thieu Walker · License #461649
(248) 860-6114
Source:
Elliman
Added: Sep 24
Last Checked: Sep 24 at 2:55PM
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 DOBI Real Estate
Investment Insights
Based on property information with market context.
Built in 1924, this Detroit duplex contains two apartments, each with two bedrooms and one bathroom. The upper unit has a private balcony, adding an outdoor area to its living space. Both apartments are described as having generous room sizes and natural light.
The property is at 3485 and 3487 Parker Street, near major freeways. Its walk score is 50, bike score is 68, and transit score is 53.
The property is at 3485 and 3487 Parker Street, near major freeways. Its walk score is 50, bike score is 68, and transit score is 53.
Key Highlights
- Two 2‑bedroom, 1‑bath apartments
- Private balcony serving the upper unit
- Built in 1924
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
$20,142
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
8.95%
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%
$402,840
$402.8K
Cap Rate 7%
$287,743
$287.7K
Cap Rate 9%
$223,800
$223.8K
Market Conditions
NOI Build-Up for 1,920 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
$39.2K $20.40/SF
− Vacancy
−$2.5K −$1.33/SF
EGI
$36.6K $19.07/SF
− OpEx
−$16.5K −$8.58/SF
NOI
$20.1K $10.49/SF
Area
Detroit, MI
Vacancy
6.50%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
45.00%
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%
$402,840
Cap Rate 7%
$287,743
Cap Rate 9%
$223,800
Alternative Uses
Best Use
Multifamily LT 5
$313.5K
$274.3K – $365.7K
NOI $21,943 @ 7.0% cap · market cap 9.75%
Second Best
Apartment 5plus
$287.7K
$251.8K – $335.7K
NOI $20,142 @ 7.0% cap · market cap 8.95%
Theoretical Best
Office A
$423.6K
$370.6K – $494.2K
NOI $29,649 @ 7.0% cap · market cap 13.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
313
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - The upper apartment has private outdoor space, while the second unit supports a separate occupancy arrangement.
Where is this duplex located?
The property is located at 3485 Parker St Detroit, MI.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath apartments; Private balcony serving the upper unit; Built in 1924
