Charming 1920s Two-Story
35324-326 Chestnut Street, Wayne, MI 48184
Two-story duplex near downtown shopping, ideal for owner-occupancy.
Type:Multi Family / 2 to 4 Units
Property size:
1,216 SFPrice / SF:
$151/SF- Added:
- Mar 16, 2026
- Days on Market:
- 79
- Last Refresh:
- Mar 18 at 8:09 am
Property Features for 35324-326 Chestnut Street
General Information
- Standard status
- Active
- Size
- 1,216 SF
- Property subtype
- Multi Family / 2 to 4 Units
Building Details
- Year Built
- 1920
Listing agent Howard Watts License #6501308142 (734) 930-0200
Listing office Coldwell Banker Realty (734) 930-0200
Listing date Mar 16, 2026
Source Compass
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 Coldwell Banker Realty
HighLights
- Move‑in ready duplex (built in 1920) ideal for owner‑occupancy or first‑time buyers.
- Excellent location: walking distance to downtown shopping, groceries, and restaurants; convenient commute to Canton, Ann Arbor, Novi, Plymouth, Detroit Metro Airport, and Dearborn.
- Each unit features separate utilities (water, gas, and electric meters) and updated electric panels.
- Recent updates include new carpet, fresh paint, new kitchen faucets, newer kitchen appliances, and a new H20 heater (Aug 2024).
- Includes a 2‑car garage with divider wall, providing covered parking for each unit, plus additional driveway parking.
- Energy‑efficient features: newer vinyl windows, glass block basement windows with vents.
Overview
This charming 1920s two-story duplex is located on a peaceful, tree-lined street. The property is ideal for owner-occupancy and/or first-time homebuyers. It is conveniently located within walking distance of downtown shopping, grocery stores, and restaurants. The location also provides convenient commuting access to Canton, Ann Arbor, Novi, Plymouth, Detroit Metro Airport, Dearborn, and other west Detroit neighborhoods. One unit, 35324 Chestnut, is move-in ready and has been recently enhanced with new carpet in the bedrooms, hall, and main living area, freshly painted kitchen walls and basement floor, new kitchen faucets, newer kitchen appliances, and a new water heater installed in August 2024. The other unit, 35326 Chestnut, has been occupied by the same tenant for over 15 years on a month-to-month lease. Each side of the duplex has an identical floor plan with 1216 square feet of living space, plus a full basement and attic with a large window. A two-car garage has a divider wall, providing each renter with covered parking, plus additional parking in the large paved driveway. Each unit has its own water meter, updated electric panel with breakers, and gas meter. Four glass block windows with vents are installed in the basement, providing energy efficiency, extra security, and natural light. Newer vinyl windows have been installed on the main two floors and in the attics.
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 | $18.2k | $15.00 |
| − Vacancy | −$1.2k | −$0.98 |
| EGI | $17.1k | $14.03 |
| − OpEx | −$5.1k | −$4.21 |
| NOI | $11.9k | $9.82 |
1,216 SF · lease $15.00/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$170.5K
$149.2K – $199.0K
NOI $11,938 @ 7.0% cap · market cap 6.49%
Second Best
Apartment 5plus
$156.6K
$137.0K – $182.7K
NOI $10,962 @ 7.0% cap · market cap 5.96%
Theoretical Best
Specialty Retail
$225.1K
$197.0K – $262.7K
NOI $15,759 @ 7.0% cap · market cap 8.57%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Duplexes
Location Insight
- Map
- Local Demand
- City
- Wayne
- County
- Wayne
- State
- Michigan
- Longitude
- -83.3868778
- Latitude
- 42.287686
Nearby Similar for Sale
FAQs
What type of property is this?
Duplex - Two-story duplex near downtown shopping, ideal for owner-occupancy.
Where is this duplex located?
The property is located at 35324-326 Chestnut Street Wayne, MI.
What is the asking price?
The asking price for this property is $183,900.
What are key features of this property?
This property features: Move‑in ready duplex (built in 1920) ideal for owner‑occupancy or first‑time buyers.; Excellent location: walking distance to downtown shopping, groceries, and restaurants; convenient commute to Canton, Ann Arbor, Novi, Plymouth, Detroit Metro Airport, and Dearborn.; Each unit features separate utilities (water, gas, and electric meters) and updated electric panels.
