Rented Four-Bedroom
For Sale
$190,000
449 W Evelyn Ave, Hazel Park, MI 48030
Income-producing duplex with two spacious residential units and Multi-Family zoning in Hazel Park.
Property Size1,134 SF
Price / SF$167.55
Days on Market56
Property Features for 449 W Evelyn Ave
General Information
Standard status
Active
Size
1,134 SF
Property subtype
Multi-Family
Building Details
Year Built
1925
Listing Agency:
Keller Williams Somerset
(248) 649-7200
Listed By:
Joseph Hammel · License #6501422602
Source:
Vmrealestatemichigan
Added: Jul 6
Changed: Aug 29
Last Checked: Aug 25 at 8:08AM
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 Keller Williams Somerset
Investment Insights
Based on property information with market context.
This residential duplex includes two spacious units, each configured with four bedrooms and two bathrooms. Both units are currently rented, providing an established occupancy profile for the property. The building was constructed in 1925 and carries Multi-Family zoning.
Located at 449 W Evelyn Avenue in Hazel Park, the property sits near Ferndale and within the Detroit suburban market. Its unit count, bedroom configuration, existing tenancy, and residential zoning define the asset’s core operating profile.
Located at 449 W Evelyn Avenue in Hazel Park, the property sits near Ferndale and within the Detroit suburban market. Its unit count, bedroom configuration, existing tenancy, and residential zoning define the asset’s core operating profile.
Key Highlights
- Two 4‑bedroom, 2‑bath units
- Both units are already rented
- Multi‑Family zoning
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
$15,010
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
7.90%
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%
$300,200
$300.2K
Cap Rate 7%
$214,429
$214.4K
Cap Rate 9%
$166,778
$166.8K
Market Conditions
NOI Build-Up for 1,134 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
$22.5K $19.80/SF
− Vacancy
−$1.0K −$0.89/SF
EGI
$21.4K $18.91/SF
− OpEx
−$6.4K −$5.67/SF
NOI
$15.0K $13.24/SF
Area
Oakland County, MI
Vacancy
4.50%
Lease Rate
$19.80 /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%
$300,200
Cap Rate 7%
$214,429
Cap Rate 9%
$166,778
Alternative Uses
Best Use
Multifamily LT 5
$214.4K
$187.6K – $250.2K
NOI $15,010 @ 7.0% cap · market cap 7.90%
Second Best
Apartment 5plus
$198.7K
$173.9K – $231.8K
NOI $13,910 @ 7.0% cap · market cap 7.32%
Theoretical Best
Specialty Retail
$244.6K
$214.0K – $285.4K
NOI $17,122 @ 7.0% cap · market cap 9.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
511
Businesses Nearby
Explore this area
Business Placement
Demographics for 48030, MI
14,983
Population
7,149
Households
2.1
Avg Household Size
38
Median Age
25%
College-Educated
90%
High-School Grad
2.8 sq mi
ZIP Area
5,351
Density / Sq Mi
$62,878
Median Household Income
$42,374
Median Earnings
$1,221
Median Rent
$141,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Income-producing duplex with two spacious residential units and Multi-Family zoning in Hazel Park.
Where is this duplex located?
The property is located at 449 W Evelyn Ave Hazel Park, MI.
What is the asking price?
The asking price for this property is $190,000.
What are key features of this property?
This property features: Two 4‑bedroom, 2‑bath units; Both units are already rented; Multi‑Family zoning
