Renovated Two-Unit
New
For Sale
$169,900
Pending
36024 Goddard Rd, Romulus, MI 48174
Separate gas and electric meters and a detached garage support the property's two-unit configuration.
Property Size1,536 SF
Lot Size0.41 Acres
Days on Market2
Property Features for 36024 Goddard Rd
General Information
Standard status
Pending
Size
1,536 SF
Total Parking Spaces
2
Lot size
0.41 Acres
Property subtype
Investment
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 2BR/1BA, 1 x studio
Multifamily Units
2
Individually Metered Utilities
gas, electricity
Taxes and HOA fees
Annual Taxes
$3,309
Amenities
fenced yard
laundry in basement
Building Details
Building Size
1,536 SF
Year Built
1942
Buildings
1
Units
2
Listed By:
Aaron McLean
(734) 624-6696
Source:
Elliman
Added: Oct 28
Last Checked: Oct 28 at 5:01PM
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 Aaron McLean
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Investment Insights
Based on property information with market context.
This renovated duplex contains two vacant units: a two-bedroom, one-bath residence on the main level and an upstairs studio with a private entrance, kitchen, and full bath. Laundry is located in the full basement. Boiler heat is divided into separate zones for the units, and each has its own gas and electric meter; water service is shared. A detached two-car garage and fenced yard are also on the property.
The home sits on a 0.41-acre lot in Romulus, with access to I-94, Metro Airport, and downtown Romulus. Built in 1942, the property combines distinct living spaces with separate heating zones and utility meters.
The home sits on a 0.41-acre lot in Romulus, with access to I-94, Metro Airport, and downtown Romulus. Built in 1942, the property combines distinct living spaces with separate heating zones and utility meters.
Key Highlights
- Two units: 2‑bedroom, 1‑bath main‑level residence and upstairs studio
- Upstairs studio has a private entrance, kitchen, and full bath
- Full basement includes laundry
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,080
Cap Rate
8.88%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$301,600
$301.6K
Cap Rate 7%
$215,429
$215.4K
Cap Rate 9%
$167,556
$167.6K
Market Conditions
NOI Build-Up for 1,536 SF
Gross rent
$23.0K $15.00/SF
− Vacancy
−$1.5K −$0.98/SF
EGI
$21.5K $14.03/SF
− OpEx
−$6.5K −$4.21/SF
NOI
$15.1K $9.82/SF
Area
Wayne County, MI
Vacancy
6.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$301,600
Cap Rate 7%
$215,429
Cap Rate 9%
$167,556
Alternative Uses
Best Use
Multifamily LT 5
$215.4K
$188.5K – $251.3K
NOI $15,080 @ 7.0% cap · market cap 8.88%
Second Best
Apartment 5plus
$197.8K
$173.1K – $230.8K
NOI $13,847 @ 7.0% cap · market cap 8.15%
Theoretical Best
Specialty Retail
$284.4K
$248.8K – $331.8K
NOI $19,907 @ 7.0% cap · market cap 11.72%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
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Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
261
Businesses Nearby
Explore this area
Business Placement
Demographics for 48174, MI
33,683
Population
13,124
Households
2.6
Avg Household Size
38
Median Age
17%
College-Educated
89%
High-School Grad
40.8 sq mi
ZIP Area
826
Density / Sq Mi
$65,675
Median Household Income
$41,186
Median Earnings
$1,053
Median Rent
$151,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Separate gas and electric meters and a detached garage support the property's two-unit configuration.
Where is this duplex located?
The property is located at 36024 Goddard Rd Romulus, MI.
What is the asking price?
The asking price for this property is $169,900.
What are key features of this property?
This property features: Two units: 2‑bedroom, 1‑bath main‑level residence and upstairs studio; Upstairs studio has a private entrance, kitchen, and full bath; Full basement includes laundry
