Remodeled Duplex
For Sale
$425,000
3531 2nd Ave, Detroit, MI 48201
Two adjoining residential units offer updated interiors, separate layouts, and tenant occupancy.
Property Size1,600 SF
Price / SF$265.63
Days on Market49
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
Building Details
Year Built
1910
Tenancy
Multi
Listing Agency:
Source Realty LLC
Listed By:
Paul S Zulewski · License #6501356520
(734) 624-5620
Source:
Katie-k
Added: Aug 19
Changed: Sep 25
Last Checked: Oct 6 at 12:20AM
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 / Yr
$18,286
Cap Rate
4.30%
Suggested Prices Based on Cap Rates
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
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 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
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
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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 $425,000.
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
