Historic Duplex with Private
For Sale
$324,900
4010 Bagley St, Detroit, MI 48209
Two separate residences feature kitchens, full baths, off-street parking, and flexible owner-occupant or rental arrangements.
Property Size2,000 SF
Days on Market9
Property Features for 4010 Bagley St
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$1,470
Building Details
Building Size
2,000 SF
Year Built
1926
Units
2
Listed By:
Chuck Cory · License #6501373647
(248) 228-6071
Source:
Elliman
Added: Sep 18
Changed: Sep 23
Last Checked: Sep 26 at 8:51AM
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 Chuck Cory
Investment Insights
Based on property information with market context.
Built in 1926, this Detroit duplex contains two separate flats, each with a kitchen and appliances, a full bathroom, and two bedrooms. Original architectural details remain throughout, while the upper residence adds vaulted ceilings, a finished loft reached by ladder, and a private balcony. A whole-house water purification system and recently re-epoxied bathroom fixtures support everyday use.
The property also includes a custom garden, a maple tree, a wood stove in the living room, and fenced off-street parking behind an automatic gate. Its location at 4010 Bagley St places it in the Hubbard Farms neighborhood within the Mexicantown community, one block from Clark Park and near Corktown. WalkScore is 82, BikeScore is 90, and TransitScore is 45.
The property also includes a custom garden, a maple tree, a wood stove in the living room, and fenced off-street parking behind an automatic gate. Its location at 4010 Bagley St places it in the Hubbard Farms neighborhood within the Mexicantown community, one block from Clark Park and near Corktown. WalkScore is 82, BikeScore is 90, and TransitScore is 45.
Key Highlights
- 1926‑built duplex with two distinct flats
- Each flat includes 2 bedrooms, a kitchen with appliances, and a full bath
- Upper flat offers vaulted ceilings, finished loft space, and a private balcony
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
$22,857
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
7.04%
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%
$457,140
$457.1K
Cap Rate 7%
$326,529
$326.5K
Cap Rate 9%
$253,967
$254.0K
Market Conditions
NOI Build-Up for 2,000 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
$34.8K $17.40/SF
− Vacancy
−$2.1K −$1.07/SF
EGI
$32.7K $16.33/SF
− OpEx
−$9.8K −$4.90/SF
NOI
$22.9K $11.43/SF
Area
Detroit, MI
Vacancy
6.17%
Lease Rate
$17.40 /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%
$457,140
Cap Rate 7%
$326,529
Cap Rate 9%
$253,967
Alternative Uses
Best Use
Multifamily LT 5
$326.5K
$285.7K – $381.0K
NOI $22,857 @ 7.0% cap · market cap 7.04%
Second Best
Apartment 5plus
$299.7K
$262.3K – $349.7K
NOI $20,981 @ 7.0% cap · market cap 6.46%
Theoretical Best
Office A
$441.2K
$386.1K – $514.8K
NOI $30,885 @ 7.0% cap · market cap 9.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
573
Businesses Nearby
Explore this area
Business Placement
Demographics for 48209, MI
27,096
Population
11,020
Households
2.5
Avg Household Size
30
Median Age
10%
College-Educated
61%
High-School Grad
6.8 sq mi
ZIP Area
3,985
Density / Sq Mi
$42,152
Median Household Income
$30,091
Median Earnings
$843
Median Rent
$82,800
Median Home Value
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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 separate residences feature kitchens, full baths, off-street parking, and flexible owner-occupant or rental arrangements.
Where is this duplex located?
The property is located at 4010 Bagley St Detroit, MI.
What is the asking price?
The asking price for this property is $324,900.
What are key features of this property?
This property features: 1926‑built duplex with two distinct flats; Each flat includes 2 bedrooms, a kitchen with appliances, and a full bath; Upper flat offers vaulted ceilings, finished loft space, and a private balcony
