Remodeled Duplex
For Sale
$425,000
3531 2nd Avenue, Detroit, MI 48201
Two occupied residences offer distinct layouts, updated interiors, full kitchens, laundry areas, and finished bedroom configurations.
Property Size1,600 SF
Days on Market12
Property Features for 3531 2nd Avenue
General Information
Standard status
Active
Size
1,600 SF
Property subtype
Commercial
Zoning
Commercial
Units
Unit Mix
1 x 2BR/1.5BA, 1 x 3BR/2.5BA
Multifamily Units
2
Additional Details
Average Monthly Rent
$1,672
Taxes and HOA fees
Annual Taxes
$4,176
Building Details
Building Size
1,600 SF
Year Built
1910
Listing Agency:
Source Realty LLC
(734) 624-5620
Listed By:
Paul S Zulewski · License #6501356520
Source:
Thebrokeragehouse
Added: Aug 11
Changed: Aug 12
Last Checked: Aug 21 at 2:06PM
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 Source Realty LLC
Investment Insights
Based on property information with market context.
This commercial-zoned duplex property comprises two side-by-side residences that have both been remodeled. The home at 3531 2nd Avenue includes two bedrooms, one full bathroom, one half bathroom, a living room, kitchen, entryway, and basement laundry area. Its kitchen is equipped with a refrigerator, stove, overhead microwave, and dishwasher. The residence at 3533 2nd Avenue provides three bedrooms, two full bathrooms, one half bathroom, a foyer with coat storage, living room, kitchen, balcony access, basement space, and a primary suite with a walk-in closet and private bathroom. Both residences are currently occupied, and the 3531 unit is under a year lease. Built in 1910, the property combines two separate residential layouts within a single multifamily offering.
Key Highlights
- Two side‑by‑side duplex residences included in one property
- Both units have been remodeled
- 3531 2nd Avenue: 2 bedrooms, 1 full bathroom, and 1 half bathroom
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
$18,286
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
4.30%
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%
$365,720
$365.7K
Cap Rate 7%
$261,229
$261.2K
Cap Rate 9%
$203,178
$203.2K
Market Conditions
NOI Build-Up for 1,600 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
$27.8K $17.40/SF
− Vacancy
−$1.7K −$1.07/SF
EGI
$26.1K $16.33/SF
− OpEx
−$7.8K −$4.90/SF
NOI
$18.3K $11.43/SF
Area
Detroit, MI
Vacancy
6.17%
Lease Rate
$17.40 /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%
$365,720
Cap Rate 7%
$261,229
Cap Rate 9%
$203,178
Alternative Uses
Best Use
Multifamily LT 5
$261.2K
$228.6K – $304.8K
NOI $18,286 @ 7.0% cap · market cap 4.30%
Second Best
Apartment 5plus
$239.8K
$209.8K – $279.8K
NOI $16,785 @ 7.0% cap · market cap 3.95%
Theoretical Best
Office A
$353.0K
$308.9K – $411.8K
NOI $24,708 @ 7.0% cap · market cap 5.81%
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
4,203
Businesses Nearby
Explore this area
Business Placement
Demographics for 48201, MI
14,500
Population
9,900
Households
1.5
Avg Household Size
33
Median Age
37%
College-Educated
88%
High-School Grad
1.9 sq mi
ZIP Area
7,632
Density / Sq Mi
$24,392
Median Household Income
$36,835
Median Earnings
$841
Median Rent
$401,500
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 occupied residences offer distinct layouts, updated interiors, full kitchens, laundry areas, and finished bedroom configurations.
Where is this duplex located?
The property is located at 3531 2nd Avenue Detroit, MI.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Two side‑by‑side duplex residences included in one property; Both units have been remodeled; 3531 2nd Avenue: 2 bedrooms, 1 full bathroom, and 1 half bathroom
