Building Details

Year Built 1928

Tenancy Multi

Listing Agency: Metropolitan Gems

Listed By: Marvis Burns · License #6502432407 Show Phone

Source: Vmrealestatemichigan

Added: Apr 17 Changed: Oct 1 Last Checked: Oct 14 at 11:40PM

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Investment Insights

Based on property information with market context.

This recently renovated duplex features two separate residential units. Each unit offers two bedrooms, one full bathroom, and includes a bright living room with a fireplace and a separate dining room. Updates include new hardwood floors, modern kitchens with new cabinets and countertops, and renovated bathrooms with new tile finishes, creating a move-in-ready interior.

The property includes a detached garage, providing parking and additional storage space for residents.

One unit is currently leased, while the second unit is available for an owner-occupant or a new tenant.

Key Highlights

• Recently renovated duplex built in 1928 with 2 units and about 800 SF of living space per unit
• Each unit offers 2 bedrooms and 1 full bathroom, plus a bright living room with a fireplace and a separate dining room
• Updates include new hardwood floors, modern kitchens with new cabinets and countertops, and renovated bathrooms with new tile finishes

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$15,724

Cap Rate

7.86%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$314,480 $314.5K

Cap Rate 7%

$224,629 $224.6K

Cap Rate 9%

$174,711 $174.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,596 SF

Gross rent

$23.9K $15.00/SF

− Vacancy

−$1.5K −$0.93/SF

EGI

$22.5K $14.07/SF

− OpEx

−$6.7K −$4.22/SF

NOI

$15.7K $9.85/SF

Area

ZIP 48224

Vacancy

6.17%

Lease Rate

$15.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$314,480

Cap Rate 7%

$224,629

Cap Rate 9%

$174,711

Alternative Uses

Best Use

Multifamily LT 5

$224.6K

$196.6K – $262.1K (±1% cap)

NOI $15,724 @ 7.0% cap · market cap 7.86%

Second Best

Apartment 5plus

$206.8K

$181.0K – $241.3K (±1% cap)

NOI $14,478 @ 7.0% cap · market cap 7.24%

Theoretical Best

Office A

$402.6K

$352.2K – $469.7K (±1% cap)

NOI $28,179 @ 7.0% cap · market cap 14.09%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Parking Lot & Garage HVAC Service Law Firm Building Supply Dental Office Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

50%

Occupancy

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

368

Businesses Nearby

Explore this area Business Placement

Demographics for 48224, MI

39,633

Population

16,786

Households

2.4

Avg Household Size

33

Median Age

14%

College-Educated

84%

High-School Grad

5.8 sq mi

ZIP Area

6,833

Density / Sq Mi

$42,963

Median Household Income

$30,997

Median Earnings

$1,213

Median Rent

$77,900

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Two-bedroom duplex with renovated interiors, fireplaces, separate dining rooms, and a detached garage.

Where is this duplex located?

The property is located at 3974 Devonshire Rd Detroit, MI.

What is the asking price?

The asking price for this property is $200,000.

What are key features of this property?

This property features: Recently renovated duplex built in 1928 with 2 units and about 800 SF of living space per unit; Each unit offers 2 bedrooms and 1 full bathroom, plus a bright living room with a fireplace and a separate dining room; Updates include new hardwood floors, modern kitchens with new cabinets and countertops, and renovated bathrooms with new tile finishes