Remodeled Duplex
For Sale
$449,000
3531 2nd Ave, Detroit, MI 48201
Two adjoining residential units offer updated interiors, separate layouts, and tenant occupancy.
Property Size1,600 SF
Price / SF$280.63
Days on Market269
Property Features for 3531 2nd Ave
General Information
Standard status
Active
Size
1,600 SF
Occupancy
100%
Units
Unit Mix
1 x 2BR/1.5BA, 1 x 3BR/2.5BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,176
Building Details
Tenancy
Multi
Listing Agency:
Source Realty LLC
(734) 285-0300
Listed By:
Paul S Zulewski Jr · License #6501356520
(734) 285-0300
Source:
Exprealty
Added: Nov 25, 2025
Changed: Aug 20
Last Checked: Aug 20 at 7:02AM
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 remodeled duplex property contains two adjoining residential units with distinct multi-level floor plans and a reported 1,600 square feet. The first residence includes two bedrooms, one full bathroom, one half bathroom, a living room, kitchen, entry area, and basement laundry space. Its kitchen includes a refrigerator, stove, overhead microwave, and dishwasher.
The second residence provides three bedrooms, two full bathrooms, one half bathroom, a foyer, living room, kitchen, balcony access, basement space, a walk-in closet, and a private primary bathroom. Both residences are occupied. The first unit is leased for one year, while the second is also tenant-occupied. The property is located at 3531 2nd Ave in Detroit, Michigan.
The second residence provides three bedrooms, two full bathrooms, one half bathroom, a foyer, living room, kitchen, balcony access, basement space, a walk-in closet, and a private primary bathroom. Both residences are occupied. The first unit is leased for one year, while the second is also tenant-occupied. The property is located at 3531 2nd Ave in Detroit, Michigan.
Key Highlights
- Two adjoining residential units with remodeled interiors
- Reported property size of 1,600 square feet
- Unit 3531 includes 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
4.07%
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 4.07%
Second Best
Apartment 5plus
$239.8K
$209.8K – $279.8K
NOI $16,785 @ 7.0% cap · market cap 3.74%
Theoretical Best
Office A
$353.0K
$308.9K – $411.8K
NOI $24,708 @ 7.0% cap · market cap 5.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
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 adjoining residential units offer updated interiors, separate layouts, and tenant occupancy.
Where is this duplex located?
The property is located at 3531 2nd Ave Detroit, MI.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Two adjoining residential units with remodeled interiors; Reported property size of 1,600 square feet; Unit 3531 includes 2 bedrooms, 1 full bathroom, and 1 half bathroom
