Brick Duplex with Private
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 Market11
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
Bathroom 2, Bedroom 4, Bedroom 2, Bedroom 3, Bathroom 1, Bedroom 1, 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 28
Last Checked: Oct 2 at 10:06PM
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 1,920-square-foot brick duplex contains two two-bedroom, one-bath units, with a total of four bedrooms and two bathrooms. Built in 1924, the property has forced-air heating and public water. The upper residence features a private balcony, and the home includes a basement.
Set on a 0.07-acre lot at 3485 Parker Street in Detroit, the duplex is described as near major freeways. Zoning is Multi-Family. The two-unit layout supports separate residential occupancy.
Set on a 0.07-acre lot at 3485 Parker Street in Detroit, the duplex is described as near major freeways. Zoning is Multi-Family. The two-unit layout supports separate residential occupancy.
Key Highlights
- Two units, each with 2 bedrooms and 1 bathroom
- 1,920 square feet on a 0.07‑acre lot
- Brick construction; 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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate two-bedroom, one-bath residences offer rental use or an owner-occupant arrangement.
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 units, each with 2 bedrooms and 1 bathroom; 1,920 square feet on a 0.07‑acre lot; Brick construction; built in 1924
