Two-Unit Duplex with Bonus
447 N Monroe Street, Monroe, MI 48162
For Sale
New
$194,000
MULTIFAMILY, 2 Story, Monroe, MI
Property Size1,922 SF
Lot Size0.17 Acres
Price / SF$100.94
Days on Market5
Property Features for 447 N Monroe Street
General Information
Property type
Property subtype
Zoning description
Bedrooms
Bathrooms
Full bathrooms
Half bathrooms
Rooms
Parking features
Appliances
Elementary school district
Middle school district
High school district
Subdivision
Standard status
Size
Lot size
Taxes and HOA fees
Tax Annual Amount
Utilities
Heating system
Water source
Amenities
W/D facilities
Building Details
Year built
Floors in Building
Number of units
Architectural style
Buildings
Listing Agency:
Coldwell Banker Haynes R.E. in Monroe · Coldwell Banker Real Estate
(734) 242-8484
Listed By:
Brenda Reau · License #6502431688
(734) 731-5763
Added: Nov 3
Changed: Nov 6
Last Checked: Nov 7 at 8:06AM
MLS# 50226829
Copyright © 2026 Southeastern Border Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 1,922-square-foot duplex contains a first-floor unit and an upstairs unit. The lower residence has a range/oven and microwave, a half bath, and access to washer and dryer facilities in the basement. The upper unit includes a range/oven and refrigerator. A 21 x 13 room above the second-floor residence is reached by stairs and offers bonus space; it is not permitted for use as a bedroom.
Recent work includes fresh paint, some replacement flooring, and a new furnace for the first-floor unit. The property was built in 1913 and sits on a 0.17-acre lot. Forced-air heating, public water, and driveway parking are listed.
Recent work includes fresh paint, some replacement flooring, and a new furnace for the first-floor unit. The property was built in 1913 and sits on a 0.17-acre lot. Forced-air heating, public water, and driveway parking are listed.
Key Highlights
- Two units arranged on the first and second floors
- 1,922 square feet on a 0.17‑acre lot
- 21 x 13 bonus room accessed by stairs; not permitted as a bedroom
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
Warehouse
$1.98M
$1.73M – $2.31M
NOI $138,761 @ 7.0% cap · market cap 71.53%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,079
Businesses Nearby
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 basement laundry facilities serving the first-floor residence.
Where is this duplex located?
The property is located at 447 N Monroe Street 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 units arranged on the first and second floors; 1,922 square feet on a 0.17‑acre lot; 21 x 13 bonus room accessed by stairs; not permitted as a bedroom
