Renovated Side-by-Side
New
For Sale
$305,000
444 E Philadelphia St, Detroit, MI 48202
Renovated duplex delivered fully vacant with two side-by-side residential units.
Property Size2,242 SF
Price / SF$136.04
Days on Market5
Property Features for 444 E Philadelphia St
General Information
Standard status
Active
Size
2,242 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR
Multifamily Units
2
Additional Details
Road Access
Yes
Building Details
Year Built
1910
Listing Agency:
Five Star Real Estate - Mitchell St Cadillac
(231) 842-1200
Listed By:
In Network Real Estate Group
(248) 655-7955
Source:
Innetworkrealestate
Added: Sep 10
Changed: Sep 14
Last Checked: Sep 13 at 8:24AM
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 Five Star Real Estate - Mitchell St Cadillac
Investment Insights
Based on property information with market context.
This renovated duplex at 444 E Philadelphia Street contains approximately 2,142 square feet arranged as two spacious three-bedroom units. The side-by-side configuration provides distinct residential layouts, while the fully vacant status supports either immediate owner occupancy or a new leasing plan.
The property is located in Detroit’s North End neighborhood, with access to New Center, Midtown, and major employment centers. Nearby destinations include Oak & Reel, Kiesling, HOT BONES, Supino, Baobab Fare, Tangent Gallery, Milwaukee Cafe, and The Schvitz. The surrounding area also features historic homes and tree-lined streets.
The property is located in Detroit’s North End neighborhood, with access to New Center, Midtown, and major employment centers. Nearby destinations include Oak & Reel, Kiesling, HOT BONES, Supino, Baobab Fare, Tangent Gallery, Milwaukee Cafe, and The Schvitz. The surrounding area also features historic homes and tree-lined streets.
Key Highlights
- Renovated duplex at 444 E Philadelphia Street, Detroit, MI 48202
- Approximately 2,142 square feet
- Two spacious 3‑bedroom units
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
$25,623
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
8.40%
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%
$512,460
$512.5K
Cap Rate 7%
$366,043
$366.0K
Cap Rate 9%
$284,700
$284.7K
Market Conditions
NOI Build-Up for 2,242 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
$39.0K $17.40/SF
− Vacancy
−$2.4K −$1.07/SF
EGI
$36.6K $16.33/SF
− OpEx
−$11.0K −$4.90/SF
NOI
$25.6K $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%
$512,460
Cap Rate 7%
$366,043
Cap Rate 9%
$284,700
Alternative Uses
Best Use
Multifamily LT 5
$366.0K
$320.3K – $427.1K
NOI $25,623 @ 7.0% cap · market cap 8.40%
Second Best
Apartment 5plus
$336.0K
$294.0K – $392.0K
NOI $23,520 @ 7.0% cap · market cap 7.71%
Theoretical Best
Office A
$494.6K
$432.8K – $577.0K
NOI $34,622 @ 7.0% cap · market cap 11.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
941
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
Check the figures for this property
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 - Renovated duplex delivered fully vacant with two side-by-side residential units.
Where is this duplex located?
The property is located at 444 E Philadelphia St Detroit, MI.
What is the asking price?
The asking price for this property is $305,000.
What are key features of this property?
This property features: Renovated duplex at 444 E Philadelphia Street, Detroit, MI 48202; Approximately 2,142 square feet; Two spacious 3‑bedroom units
