Renovated Duplex with Gated Off-Street
For Sale
$350,000
Pending
403 Mt Vernon Street, Detroit, MI 48202
MULTI_FAMILY - Colonial - Detroit, MI
Property Size1,853 SF
Lot Size0.24 Acres
Days on Market421
Property Features for 403 Mt Vernon Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Bedroom 4, Basement, Bedroom 1, Bathroom 2, Bedroom 2
Pets allowed
Yes
Exterior features
Fenced
Fencing
Fenced
Subdivision
Kochs Sub
Elementary school district
Detroit
Middle school district
Detroit
High school district
Detroit
Directions
Corner of Mt. Vernon and Brush
Standard status
Pending
APN
01002413
Size
1,853 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Description
PROPERTY EXEMPT FROM AD VALOREM TAXES AND ASSESSED ON THE SPECIAL ACT ROLL PURSUANT TO PA 261 OF 2003 EXPIRING 12/30/2021. N MT VERNON 112KOCHS SUB L8 P14 PLATS, WCR 1/108 33.3 X 110
Tax Annual Amount
34
Legal Description
PROPERTY EXEMPT FROM AD VALOREM TAXES AND ASSESSED ON THE SPECIAL ACT ROLL PURSUANT TO PA 261 OF 2003 EXPIRING 12/30/2021. N MT VERNON 112KOCHS SUB L8 P14 PLATS, WCR 1/108 33.3 X 110
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1915
Floors in Building
2
Number of units
2
Building materials
Wood
Architectural style
Colonial
Listing Agency:
KW Domain · Keller Williams Realty
(248) 590-0800
Listed By:
Alan Davidov · License #6505433487
(248) 590-0800
Added: Jun 17, 2025
Changed: Aug 2
Last Checked: Aug 11 at 7:06PM
MLS# 20251009087
Copyright © 2026 Realcomp Limited II. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Renovated duplex designed for two-unit occupancy, with each unit featuring 2 bedrooms and 1 full bath. The property has been fully renovated, including an updated roof, windows, electrical, plumbing, furnace, water heater, and fresh exterior paint. Exterior features include a fenced setting, and the property offers a gated off-street parking area.
The home sits on a fully fenced double lot, with 403 and 407 Mt Vernon included in the sale, providing additional outdoor space, parking flexibility, or room for future development. Heating is forced air and cooling is central air, supported by public water service.
Built in 1915 in a Colonial style, this residential-zoned duplex totals 1,853 square feet and is presented as a long-term, tenant-occupied property. Showings are scheduled only after an accepted offer and tenants should not be disturbed. Some photos may reflect the property prior to leasing.
The home sits on a fully fenced double lot, with 403 and 407 Mt Vernon included in the sale, providing additional outdoor space, parking flexibility, or room for future development. Heating is forced air and cooling is central air, supported by public water service.
Built in 1915 in a Colonial style, this residential-zoned duplex totals 1,853 square feet and is presented as a long-term, tenant-occupied property. Showings are scheduled only after an accepted offer and tenants should not be disturbed. Some photos may reflect the property prior to leasing.
Key Highlights
- Two‑unit duplex; each unit has 2 bedrooms and 1 full bath
- Fully renovated interior and systems: updated roof, windows, electrical, plumbing, furnace, and water heater
- Fenced double lot with 403 and 407 Mt Vernon included
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
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,659
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 two-unit duplex on a fully fenced double lot with gated off-street parking and central air in both units.
Where is this duplex located?
The property is located at 403 Mt Vernon Street 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: Two‑unit duplex; each unit has 2 bedrooms and 1 full bath; Fully renovated interior and systems: updated roof, windows, electrical, plumbing, furnace, and water heater; Fenced double lot with 403 and 407 Mt Vernon included
