Updated Two-Unit
New
For Sale
$220,000
3844 Norwalk St, Hamtramck, MI 48212
Two occupied units feature refreshed kitchens, flooring, fixtures, and stainless-steel appliances.
Property Size1,600 SF
Days on Market2
Property Features for 3844 Norwalk St
General Information
Standard status
Active
Size
1,600 SF
Property subtype
Investment
Financials
Gross Income
$25,200
Average Monthly Rent
$1,050
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,977
Building Details
Building Size
1,600 SF
Year Built
1930
Units
2
Tenancy
Multi
Listed By:
Matthew Praet · License #MISPE-6501318660
(810) 434-5274
Source:
Elliman
Added: Sep 18
Last Checked: Sep 19 at 10:26AM
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 Matthew Praet
Investment Insights
Based on property information with market context.
Built in 1930, this duplex contains two residential units that are currently occupied. Recent improvements include new flooring, updated fixtures, kitchen cabinetry, countertops, and stainless-steel appliances in both units.
The property is located at 3844 Norwalk St in Hamtramck, Michigan. Walk Score is 80, rated Very Walkable; Bike Score is 52, rated Bikeable; and Transit Score is 36, rated Some Transit. The configuration provides a two-unit residential income property with updated interior finishes and established occupancy.
The property is located at 3844 Norwalk St in Hamtramck, Michigan. Walk Score is 80, rated Very Walkable; Bike Score is 52, rated Bikeable; and Transit Score is 36, rated Some Transit. The configuration provides a two-unit residential income property with updated interior finishes and established occupancy.
Key Highlights
- Two‑unit duplex with both residences currently occupied
- Kitchen cabinets, countertops, fixtures, flooring, and stainless‑steel appliances updated in both units
- Built in 1930
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
$15,708
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
7.14%
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%
$314,160
$314.2K
Cap Rate 7%
$224,400
$224.4K
Cap Rate 9%
$174,533
$174.5K
Market Conditions
NOI Build-Up for 1,600 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
$24.0K $15.00/SF
− Vacancy
−$1.6K −$0.98/SF
EGI
$22.4K $14.03/SF
− OpEx
−$6.7K −$4.21/SF
NOI
$15.7K $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 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%
$314,160
Cap Rate 7%
$224,400
Cap Rate 9%
$174,533
Alternative Uses
Best Use
Multifamily LT 5
$224.4K
$196.4K – $261.8K
NOI $15,708 @ 7.0% cap · market cap 7.14%
Second Best
Apartment 5plus
$206.1K
$180.3K – $240.4K
NOI $14,424 @ 7.0% cap · market cap 6.56%
Theoretical Best
Specialty Retail
$296.2K
$259.2K – $345.6K
NOI $20,736 @ 7.0% cap · market cap 9.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,021
Businesses Nearby
Explore this area
Business Placement
Demographics for 48212, MI
43,192
Population
14,739
Households
2.9
Avg Household Size
29
Median Age
16%
College-Educated
68%
High-School Grad
5.3 sq mi
ZIP Area
8,149
Density / Sq Mi
$37,293
Median Household Income
$28,894
Median Earnings
$935
Median Rent
$98,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 occupied units feature refreshed kitchens, flooring, fixtures, and stainless-steel appliances.
Where is this duplex located?
The property is located at 3844 Norwalk St Hamtramck, MI.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: Two‑unit duplex with both residences currently occupied; Kitchen cabinets, countertops, fixtures, flooring, and stainless‑steel appliances updated in both units; Built in 1930
