Updated Duplex with 2-Car
New
For Sale
$299,900
4316 Lakewood Street, Detroit, MI 48215
Multifamily, 2 Story, Detroit, MI
Property Size2,409 SF
Lot Size0.19 Acres
Price / SF$124.49
Days on Market1
Property Features for 4316 Lakewood Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family,Residential
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bathroom 2, Bedroom 5, Bedroom 3, Bedroom 4, Basement, Bathroom 1
Pets allowed
Yes
Subdivision
Hagers John A Oneida Park
Elementary school district
Detroit
Middle school district
Detroit
High school district
Detroit
Directions
MAPS
Standard status
Active
APN
W21I054641S
Size
2,409 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Description
E LAKEWOOD 91 JOHN A HAGERS ONEIDA PARK SUB L33 P82 PLATS, W C R 21/441 50 X 163.86A
Tax Annual Amount
380
Legal Description
E LAKEWOOD 91 JOHN A HAGERS ONEIDA PARK SUB L33 P82 PLATS, W C R 21/441 50 X 163.86A
Utilities
Heating system
Forced Air
Water source
Public
Amenities
Huge Basement
Nice Yard
Covered Rear Patio
Building Details
Year built
1951
Floors in Building
2
Number of units
2
Building materials
Brick
Architectural style
Colonial
Listing Agency:
Own It Realty
(313) 395-0000
Listed By:
Hassan Scheib · License #6502399271
(313) 395-0000
Added: Aug 20
Last Checked: Aug 20 at 10:06PM
MLS# 20261063877
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.
This 2,409-square-foot brick duplex was built in 1951 in the Colonial style and occupies a 0.19-acre lot. The property includes two units, a spacious basement, a yard, covered rear patio, and a 2-car garage. Each unit is described with a two-bedroom, two-bathroom configuration, though the supplied information does not clarify whether those counts apply individually or collectively.
Recent improvements include new kitchens and bathrooms, updated electrical and plumbing, replacement windows, new flooring, recessed lighting, and updated fixtures and finishes. Separate utilities and mechanical systems support the duplex layout. The property has forced-air heating, public water, and Multi-Family, Residential zoning. Located in Detroit, the building offers a renovated brick residential-income configuration with substantial supporting improvements.
Recent improvements include new kitchens and bathrooms, updated electrical and plumbing, replacement windows, new flooring, recessed lighting, and updated fixtures and finishes. Separate utilities and mechanical systems support the duplex layout. The property has forced-air heating, public water, and Multi-Family, Residential zoning. Located in Detroit, the building offers a renovated brick residential-income configuration with substantial supporting improvements.
Key Highlights
- 2,409 square feet on a 0.19‑acre lot
- Two‑unit duplex with a spacious basement and 2‑car garage
- New kitchens and bathrooms, updated electrical and plumbing
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
$27,531
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
9.18%
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%
$550,620
$550.6K
Cap Rate 7%
$393,300
$393.3K
Cap Rate 9%
$305,900
$305.9K
Market Conditions
NOI Build-Up for 2,409 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
$41.9K $17.40/SF
− Vacancy
−$2.6K −$1.07/SF
EGI
$39.3K $16.33/SF
− OpEx
−$11.8K −$4.90/SF
NOI
$27.5K $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%
$550,620
Cap Rate 7%
$393,300
Cap Rate 9%
$305,900
Alternative Uses
Best Use
Multifamily LT 5
$393.3K
$344.1K – $458.9K
NOI $27,531 @ 7.0% cap · market cap 9.18%
Second Best
Apartment 5plus
$361.0K
$315.9K – $421.2K
NOI $25,272 @ 7.0% cap · market cap 8.43%
Theoretical Best
Office A
$531.4K
$465.0K – $620.0K
NOI $37,200 @ 7.0% cap · market cap 12.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
320
Businesses Nearby
Explore this area
Business Placement
Demographics for 48215, MI
10,520
Population
6,044
Households
1.7
Avg Household Size
41
Median Age
19%
College-Educated
85%
High-School Grad
3.9 sq mi
ZIP Area
2,697
Density / Sq Mi
$33,741
Median Household Income
$36,728
Median Earnings
$897
Median Rent
$105,400
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 - Brick Colonial duplex with separate utilities, modernized systems, and a covered rear patio.
Where is this duplex located?
The property is located at 4316 Lakewood Street Detroit, MI.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: 2,409 square feet on a 0.19‑acre lot; Two‑unit duplex with a spacious basement and 2‑car garage; New kitchens and bathrooms, updated electrical and plumbing
