Duplex with Private
New
For Sale
$299,000
4073 W Philadelphia St, Detroit, MI 48204
Two updated residences offer separate outdoor spaces and a shared driveway.
Property Size2,340 SF
Days on Market2
Property Features for 4073 W Philadelphia St
General Information
Standard status
Active
Size
2,340 SF
Property subtype
Investment
Units
Unit Mix
3BR/1BA, 4BR/2BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
front porch
private balcony
Building Details
Building Size
2,340 SF
Year Built
1917
Buildings
1
Units
2
Construction
brick Foursquare
Listing Agency:
KW Domain Birmingham
Listed By:
Bethany Reyes · License #6501396840
(248) 259-6583
Source:
Elliman
Added: Sep 26
Last Checked: Sep 26 at 2:50PM
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 KW Domain Birmingham
Investment Insights
Based on property information with market context.
Built in 1917, this brick duplex contains two renovated residences. The first-floor unit has three bedrooms, one full bathroom, and a front porch. The upper unit includes four bedrooms, two full bathrooms, and a private balcony.
A shared driveway serves the property, with street parking also available. The two-unit configuration pairs distinct living spaces with separate outdoor areas.
A shared driveway serves the property, with street parking also available. The two-unit configuration pairs distinct living spaces with separate outdoor areas.
Key Highlights
- Two‑unit brick duplex built in 1917
- First‑floor residence with 3 bedrooms, 1 full bath, and a front porch
- Upper residence with 4 bedrooms, 2 full baths, 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
$26,743
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
8.94%
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%
$534,860
$534.9K
Cap Rate 7%
$382,043
$382.0K
Cap Rate 9%
$297,144
$297.1K
Market Conditions
NOI Build-Up for 2,340 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
$40.7K $17.40/SF
− Vacancy
−$2.5K −$1.07/SF
EGI
$38.2K $16.33/SF
− OpEx
−$11.5K −$4.90/SF
NOI
$26.7K $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%
$534,860
Cap Rate 7%
$382,043
Cap Rate 9%
$297,144
Alternative Uses
Best Use
Multifamily LT 5
$382.0K
$334.3K – $445.7K
NOI $26,743 @ 7.0% cap · market cap 8.94%
Second Best
Apartment 5plus
$350.7K
$306.9K – $409.1K
NOI $24,548 @ 7.0% cap · market cap 8.21%
Theoretical Best
Office A
$516.2K
$451.7K – $602.3K
NOI $36,135 @ 7.0% cap · market cap 12.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
334
Businesses Nearby
Explore this area
Business Placement
Demographics for 48204, MI
21,738
Population
13,691
Households
1.6
Avg Household Size
37
Median Age
10%
College-Educated
83%
High-School Grad
5.0 sq mi
ZIP Area
4,348
Density / Sq Mi
$32,875
Median Household Income
$26,701
Median Earnings
$970
Median Rent
$53,600
Median Home Value
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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 updated residences offer separate outdoor spaces and a shared driveway.
Where is this duplex located?
The property is located at 4073 W Philadelphia St Detroit, MI.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Two‑unit brick duplex built in 1917; First‑floor residence with 3 bedrooms, 1 full bath, and a front porch; Upper residence with 4 bedrooms, 2 full baths, and a private balcony
