Duplex with Bonus
447 N Monroe St, Monroe, MI 48162
For Sale
New
$194,000
Two separate units include kitchen appliances, with laundry facilities in the basement.
Property Size1,922 SF
Price / SF$100.94
Days on Market4
Property Features for 447 N Monroe St
General Information
Standard status
Size
Property subtype
Additional Details
Multifamily Units
Building Details
Year Built
Listing Agency:
Century 21 White House Realty
(231) 972-7676
Listed By:
Beyond MI Realty
(989) 214-2240
Source:
Beyondmirealty
Added: Nov 6
Changed: Nov 8
Last Checked: Nov 8 at 5:55AM
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 Century 21 White House Realty
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Investment Insights
Based on property information with market context.
Built in 1913, this 1,922-square-foot duplex has one unit on each floor. The lower unit includes a range/oven, microwave, basement laundry access and a half bath; the upper unit has a range/oven and refrigerator. Recent work includes interior painting, some replacement flooring and a new furnace serving the first-floor unit.
An additional 21 x 13 room sits above the upper unit and is reached by stairs. It offers bonus space but is not permitted for use as a bedroom. The property is in downtown Monroe, near restaurants, parks and shopping.
An additional 21 x 13 room sits above the upper unit and is reached by stairs. It offers bonus space but is not permitted for use as a bedroom. The property is in downtown Monroe, near restaurants, parks and shopping.
Key Highlights
- Two‑unit duplex with a 1,922‑square‑foot building
- Built in 1913
- First‑floor unit has a range/oven, microwave and half bath
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,058
Cap Rate
8.79%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$341,160
$341.2K
Cap Rate 7%
$243,686
$243.7K
Cap Rate 9%
$189,533
$189.5K
Market Conditions
NOI Build-Up for 1,922 SF
Gross rent
$26.1K $13.56/SF
− Vacancy
−$1.7K −$0.88/SF
EGI
$24.4K $12.68/SF
− OpEx
−$7.3K −$3.80/SF
NOI
$17.1K $8.88/SF
Area
Monroe County, MI
Vacancy
6.50%
Lease Rate
$13.56 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$341,160
Cap Rate 7%
$243,686
Cap Rate 9%
$189,533
Alternative Uses
Best Use
Multifamily LT 5
$243.7K
$213.2K – $284.3K
NOI $17,058 @ 7.0% cap · market cap 8.79%
Second Best
Apartment 5plus
$227.0K
$198.7K – $264.9K
NOI $15,893 @ 7.0% cap · market cap 8.19%
Theoretical Best
Office A
$426.8K
$373.5K – $497.9K
NOI $29,876 @ 7.0% cap · market cap 15.40%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,079
Businesses Nearby
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Business Placement
Demographics for 48162, MI
29,156
Population
12,698
Households
2.3
Avg Household Size
43
Median Age
24%
College-Educated
91%
High-School Grad
57.5 sq mi
ZIP Area
507
Density / Sq Mi
$68,801
Median Household Income
$41,678
Median Earnings
$912
Median Rent
$192,200
Median Home Value
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Market
Properties on Market for Duplexes in Monroe County
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two separate units include kitchen appliances, with laundry facilities in the basement.
Where is this duplex located?
The property is located at 447 N Monroe St Monroe, MI.
What is the asking price?
The asking price for this property is $194,000.
What are key features of this property?
This property features: Two‑unit duplex with a 1,922‑square‑foot building; Built in 1913; First‑floor unit has a range/oven, microwave and half bath
