Remodeled Quadplex with Two
3531 2nd Avenue Unit SourceFi Detroit, MI 48201
3531 2nd Avenue Unit SourceFi, Detroit, MI, 48201
$425,000
For Sale
$425,000
Side-by-side remodeled duplex units offer two occupied rents, each with distinct bedroom and bathroom layouts.
Property Size1,600 SF
Price / SF$265.63
Days on Market242
Property Features for 3531 2nd Avenue Unit SourceFi
General Information
- Standard status
- Active
- Size
- 1,600 SF
- Property subtype
- Industrial
Building Details
- Year Built
- 19
Listing agency
Source Realty LLC
(734) 624-5620
Listed by
Paul Zulewski · License #6501356520
(734) 624-5620
Source
Xome
Added: Nov 23, 2025 Updated: Jul 22 at 1:44AM Checked: Jul 23 at 3:38AM
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 quadplex consists of two side-by-side duplex units, and both have been remodeled. Unit 3531 is currently occupied on a year lease and is rented for $1,450 per month. It features 2 bedrooms, 1 full bathroom, and a half bathroom, with an entry level that includes an entryway, living room, one bedroom, full bathroom, and kitchen. The kitchen is fully equipped with a refrigerator, stove, overhead microwave, and dishwasher. The lower level/basement includes an additional bedroom, a half bath, and a laundry area.
Unit 3533 is also currently occupied, rented for $1,895 per month. This unit includes 3 bedrooms, 2 full bathrooms, and a half bathroom. The entry level includes a foyer with a coat closet and stairs leading to the main spaces. The second level offers 2 bedrooms, a full bathroom, living room, and a fully equipped kitchen, with access to a balcony and stairs leading to the basement. The third level is the entire primary bedroom, including a walk-in closet and a primary bathroom.
The property is located at 3531 2nd Avenue Unit SourceFi in Detroit, MI 48201.
Unit 3533 is also currently occupied, rented for $1,895 per month. This unit includes 3 bedrooms, 2 full bathrooms, and a half bathroom. The entry level includes a foyer with a coat closet and stairs leading to the main spaces. The second level offers 2 bedrooms, a full bathroom, living room, and a fully equipped kitchen, with access to a balcony and stairs leading to the basement. The third level is the entire primary bedroom, including a walk-in closet and a primary bathroom.
The property is located at 3531 2nd Avenue Unit SourceFi in Detroit, MI 48201.
Key Highlights
- Two side‑by‑side duplex units, both remodeled
- Unit 3531 leased at $1,450/month (1‑year lease), 2 bedrooms, 1 full bath and 1 half bath
- Unit 3533 leased at $1,895/month, 3 bedrooms, 2 full baths and 1 half bathroom
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $27.8k | $17.40 |
| − Vacancy | −$1.7k | −$1.07 |
| EGI | $26.1k | $16.33 |
| − OpEx | −$7.8k | −$4.90 |
| NOI | $18.3k | $11.43 |
1,600 SF · lease $17.40/SF/yr · vacancy 6.17% · expense 30.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
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FAQs
What type of property is this?
Quadplex - Side-by-side remodeled duplex units offer two occupied rents, each with distinct bedroom and bathroom layouts.
Where is this quadplex located?
The property is located at 3531 2nd Avenue Unit SourceFi 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 units, both remodeled; Unit 3531 leased at $1,450/month (1‑year lease), 2 bedrooms, 1 full bath and 1 half bath; Unit 3533 leased at $1,895/month, 3 bedrooms, 2 full baths and 1 half bathroom
