Renovated Two-Unit
For Sale
$350,000
Pending
403 Mount Vernon St, Detroit, MI 48202
Renovated duplex with fenced outdoor space, gated parking, and tenants in place.
Property Size1,853 SF
Days on Market442
Property Features for 403 Mount Vernon St
General Information
Standard status
Pending
Size
1,853 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$34
Listing Agency:
TAP CRE
(313) 306-7653
Listed By:
Alan Davidov · License #6505433487
(313) 306-7653
Source:
Exprealty
Added: Jun 17, 2025
Changed: Aug 31
Last Checked: Aug 30 at 11:33PM
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 TAP CRE
Investment Insights
Based on property information with market context.
This renovated duplex contains 2 units totaling 1,853 square feet, with each residence offering 2 bedrooms and 1 full bath. Improvements include a newer roof, windows, electrical and plumbing systems, furnaces, water heaters, and exterior paint. A rear porch adds usable outdoor space, while the fully fenced double lot provides gated off-street parking.
Long-term tenants are in place, providing an existing income stream. The property is near the Q-Line, Fisher Building, New Center, Midtown, and Downtown Detroit.
Long-term tenants are in place, providing an existing income stream. The property is near the Q-Line, Fisher Building, New Center, Midtown, and Downtown Detroit.
Key Highlights
- 2‑unit duplex with 1,853 square feet
- Each unit includes 2 bedrooms and 1 full bath
- Updated roof, windows, electrical, plumbing, furnaces, and water heaters
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
$21,177
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
6.05%
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%
$423,540
$423.5K
Cap Rate 7%
$302,529
$302.5K
Cap Rate 9%
$235,300
$235.3K
Market Conditions
NOI Build-Up for 1,853 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
$32.2K $17.40/SF
− Vacancy
−$2.0K −$1.07/SF
EGI
$30.3K $16.33/SF
− OpEx
−$9.1K −$4.90/SF
NOI
$21.2K $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%
$423,540
Cap Rate 7%
$302,529
Cap Rate 9%
$235,300
Alternative Uses
Best Use
Multifamily LT 5
$302.5K
$264.7K – $353.0K
NOI $21,177 @ 7.0% cap · market cap 6.05%
Second Best
Apartment 5plus
$277.7K
$243.0K – $324.0K
NOI $19,439 @ 7.0% cap · market cap 5.55%
Theoretical Best
Office A
$408.8K
$357.7K – $476.9K
NOI $28,615 @ 7.0% cap · market cap 8.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,721
Businesses Nearby
Explore this area
Business Placement
Demographics for 48202, MI
17,260
Population
10,078
Households
1.7
Avg Household Size
32
Median Age
38%
College-Educated
91%
High-School Grad
3.4 sq mi
ZIP Area
5,076
Density / Sq Mi
$36,536
Median Household Income
$31,725
Median Earnings
$894
Median Rent
$193,700
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 - Renovated duplex with fenced outdoor space, gated parking, and tenants in place.
Where is this duplex located?
The property is located at 403 Mount Vernon St Detroit, MI.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 2‑unit duplex with 1,853 square feet; Each unit includes 2 bedrooms and 1 full bath; Updated roof, windows, electrical, plumbing, furnaces, and water heaters
