Two-Unit Duplex
For Sale
$185,000
449 W Evelyn Avenue, Hazel Park, MI 48030
Multifamily, 2 Story, Hazel Park, MI
Property Size1,134 SF
Lot Size0.07 Acres
Price / SF$163.14
Days on Market49
Property Features for 449 W Evelyn Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 2, Bedroom 1
Pets allowed
Call
Subdivision
Ford Heights- Hazel Park
Elementary school district
Hazel Park
Middle school district
Hazel Park
High school district
Hazel Park
Directions
From I-75 Southbound: Take Exit 55 toward 9 Mile Rd. Turn left onto E 9 Mile Rd (Eastbound). Travel about 0.5 miles and turn right onto John R Rd. Travel about 0.8 miles and turn right onto W Evelyn Ave. The destination will be on your right. From I-75 Northbound: Take Exit 54 for 8 Mile Rd. Turn right onto E 8 Mile Rd (Eastbound). Travel about 0.5 miles and turn left onto John R Rd. Travel about 0.8 miles and turn left onto W Evelyn Ave. The destination will be on your right.
Standard status
Active
APN
2535406003
Size
1,134 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Description
T1N, R11E, SEC 35 FORD HEIGHTS SUB LOT 273, ALSO 1/2 OF VAC ALLEY ADJ TO SAME
Tax Annual Amount
4085
Legal Description
T1N, R11E, SEC 35 FORD HEIGHTS SUB LOT 273, ALSO 1/2 OF VAC ALLEY ADJ TO SAME
Utilities
Heating system
Wall Furnace
Water source
Public
Building Details
Year built
1925
Floors in Building
2
Number of units
2
Building materials
Vinyl
Architectural style
Other
Listing Agency:
Keller Williams Somerset · Keller Williams Realty
(248) 649-7200
Listed By:
Joseph Hammel · License #6501422602
(248) 422-1685
Added: Jul 17
Changed: Sep 2
Last Checked: Sep 3 at 6:06PM
MLS# 20261053500
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 Hazel Park duplex property contains two three-bedroom, two-bath residential units that are currently rented. The improvements feature vinyl construction and wall-furnace heating, with public water serving the property. Built in 1925, the property sits on a 0.07-acre parcel and includes the room configuration associated with both residences.
The property is located at 449 W Evelyn Avenue in Hazel Park, Oakland County, Michigan. Its Multi-Family zoning is suited to the existing duplex configuration. The address is near Ferndale and within the Detroit suburban market, providing a defined southeast Michigan residential setting for an income-producing property.
The property is located at 449 W Evelyn Avenue in Hazel Park, Oakland County, Michigan. Its Multi-Family zoning is suited to the existing duplex configuration. The address is near Ferndale and within the Detroit suburban market, providing a defined southeast Michigan residential setting for an income-producing property.
Key Highlights
- Two residential units, each with 3 bedrooms and 2 bathrooms
- Currently rented duplex property in Hazel Park, MI
- 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
8.11%
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 8.11%
Second Best
Apartment 5plus
$198.7K
$173.9K – $231.8K
NOI $13,910 @ 7.0% cap · market cap 7.52%
Theoretical Best
Specialty Retail
$244.6K
$214.0K – $285.4K
NOI $17,122 @ 7.0% cap · market cap 9.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
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 - Multi-Family zoning supports two rented three-bedroom, two-bath units with vinyl exteriors and wall-furnace heating.
Where is this duplex located?
The property is located at 449 W Evelyn Avenue Hazel Park, MI.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: Two residential units, each with 3 bedrooms and 2 bathrooms; Currently rented duplex property in Hazel Park, MI; Multi‑Family zoning
