Two-Story Brick
New
For Sale
$225,000
3485 Parker Street, Detroit, MI 48214
Multifamily, 2 Story, Detroit, MI
Property Size1,920 SF
Lot Size0.07 Acres
Price / SF$117.19
Days on Market5
Property Features for 3485 Parker Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 2, Bedroom 1, Bedroom 4, Bathroom 1, Bedroom 2, Basement
Pets allowed
Yes
Subdivision
Thorbarns Miss L
Elementary school district
Detroit
Middle school district
Detroit
High school district
Detroit
Directions
I94 To Vandyke, Go South On Vandyke, To Left On Mack & Right Onto Parker
Standard status
Active
APN
W17I009026S
Size
1,920 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Description
W PARKER 12 MISS L THORBURNS SUB L11 P18 PLATS, W C R 17/60 30 X 108
Tax Annual Amount
1058
Legal Description
W PARKER 12 MISS L THORBURNS SUB L11 P18 PLATS, W C R 17/60 30 X 108
Utilities
Heating system
Forced Air
Water source
Public
Amenities
private balcony
Building Details
Year built
1924
Floors in Building
2
Number of units
2
Building materials
Brick
Architectural style
Other
Listing Agency:
DOBI Real Estate
(248) 385-3350
Listed By:
Thanh Thieu Walker · License #461649
(248) 860-6114
Added: Sep 22
Changed: Sep 23
Last Checked: Sep 26 at 11:06AM
MLS# 20261075912
Copyright © 2026 Realcomp Limited II. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1924 brick duplex contains 1,920 square feet across two 2-bedroom, 1-bath units. Both residences offer generous room layouts, natural light, and classic architectural character, while the upper unit adds a private balcony. A basement provides additional property space, and forced-air heating serves the building. Public water is available.
The property occupies 0.07 acres in Detroit and is located near major freeways. Multi-Family zoning supports the building’s duplex configuration. With two separate residences in one structure, the property can accommodate an owner-occupant arrangement or continued rental use, subject to applicable requirements.
The property occupies 0.07 acres in Detroit and is located near major freeways. Multi-Family zoning supports the building’s duplex configuration. With two separate residences in one structure, the property can accommodate an owner-occupant arrangement or continued rental use, subject to applicable requirements.
Key Highlights
- Two 2‑bedroom, 1‑bath residential units
- 1,920 square feet on 0.07 acres
- 1924 brick construction
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer a flexible owner-occupant or rental configuration in Detroit’s Multi-Family zoning district.
Where is this duplex located?
The property is located at 3485 Parker Street 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 residential units; 1,920 square feet on 0.07 acres; 1924 brick construction
