Renovated Duplex with
For Sale
$269,900
368 Piper Boulevard, Detroit, MI 48215
Two three-bedroom units offer separate utility metering and updated kitchens and bathrooms.
Property Size2,296 SF
Price / SF$117.55
Days on Market36
Property Features for 368 Piper Boulevard
General Information
Standard status
Active
Size
2,296 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1924
Buildings
1
Listing Agency:
Pearl Real Estate
(586) 489-7286
Listed By:
Meghan Schubring · License #6504410176
Source:
Premiermichiganhomesearch
Added: Jul 27
Changed: Aug 28
Last Checked: Aug 30 at 8:13PM
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 Pearl Real Estate
Investment Insights
Based on property information with market context.
This 2,296-square-foot duplex, built in 1924, contains two three-bedroom units with separate gas and electric meters. Both residences have renovated kitchens and bathrooms, along with fresh interior paint extending through the basement. The property also includes an unfinished third-floor attic that provides additional interior space for future planning.
Major building work includes replacement windows, new roof shingles, a replaced main drain, and installed backflow prevention. A one-year property-management arrangement is included with the sale. The property is located at 368 Piper Boulevard in Detroit, Michigan 48215.
Major building work includes replacement windows, new roof shingles, a replaced main drain, and installed backflow prevention. A one-year property-management arrangement is included with the sale. The property is located at 368 Piper Boulevard in Detroit, Michigan 48215.
Key Highlights
- Two three‑bedroom units with separate gas and electric meters
- 2,296 square feet across a duplex built in 1924
- Renovated kitchens and bathrooms in both units
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
$24,087
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
8.92%
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%
$481,740
$481.7K
Cap Rate 7%
$344,100
$344.1K
Cap Rate 9%
$267,633
$267.6K
Market Conditions
NOI Build-Up for 2,296 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
$46.8K $20.40/SF
− Vacancy
−$3.0K −$1.33/SF
EGI
$43.8K $19.07/SF
− OpEx
−$19.7K −$8.58/SF
NOI
$24.1K $10.49/SF
Area
Detroit, MI
Vacancy
6.50%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
45.00%
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%
$481,740
Cap Rate 7%
$344,100
Cap Rate 9%
$267,633
Alternative Uses
Best Use
Multifamily LT 5
$374.9K
$328.0K – $437.3K
NOI $26,240 @ 7.0% cap · market cap 9.72%
Second Best
Apartment 5plus
$344.1K
$301.1K – $401.5K
NOI $24,087 @ 7.0% cap · market cap 8.92%
Theoretical Best
Office A
$506.5K
$443.2K – $590.9K
NOI $35,455 @ 7.0% cap · market cap 13.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
209
Businesses Nearby
Explore this area
Business Placement
Demographics for 48215, MI
10,520
Population
6,044
Households
1.7
Avg Household Size
41
Median Age
19%
College-Educated
85%
High-School Grad
3.9 sq mi
ZIP Area
2,697
Density / Sq Mi
$33,741
Median Household Income
$36,728
Median Earnings
$897
Median Rent
$105,400
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 three-bedroom units offer separate utility metering and updated kitchens and bathrooms.
Where is this duplex located?
The property is located at 368 Piper Boulevard Detroit, MI.
What is the asking price?
The asking price for this property is $269,900.
What are key features of this property?
This property features: Two three‑bedroom units with separate gas and electric meters; 2,296 square feet across a duplex built in 1924; Renovated kitchens and bathrooms in both units
