Duplex Residence with 2-Car
New
For Sale
$485,000
493-495 Saint Clair Ave, Grosse Pointe, MI 48230
Two matching units feature hardwood floors, refreshed kitchens, fireplaces, and access to shared basement space.
Property Size2,040 SF
Days on Market2
Property Features for 493-495 Saint Clair Ave
General Information
Standard status
Active
Size
2,040 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$9,571
Building Details
Building Size
2,040 SF
Year Built
1946
Units
2
Listing Agency:
Sine & Monaghan, Realtors
(313) 400-0751
Listed By:
Charles Gates
(313) 400-0751
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 9 at 12:10PM
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 Sine & Monaghan, Realtors
Investment Insights
Based on property information with market context.
Built in 1946, this duplex includes two residential units with matching layouts. Each unit offers 2 bedrooms, 1 full bathroom, a dining room, hardwood flooring, an updated kitchen, and a natural-burning fireplace in the living room. The property also includes a separate basement with common-area space, a 2-car garage, and a large fenced yard.
The property is located at 493-495 Saint Clair Ave in Grosse Pointe, Michigan. Schools, shops, and restaurants are within walking distance. Walk Score is 66, BikeScore is 54, and Transit Score is 41, reflecting a somewhat walkable setting with some transit service.
The property is located at 493-495 Saint Clair Ave in Grosse Pointe, Michigan. Schools, shops, and restaurants are within walking distance. Walk Score is 66, BikeScore is 54, and Transit Score is 41, reflecting a somewhat walkable setting with some transit service.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 full bathroom in each unit
- Updated kitchens, hardwood floors, dining rooms, and living‑room fireplaces
- Separate basement with common area
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
$20,028
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
4.13%
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%
$400,560
$400.6K
Cap Rate 7%
$286,114
$286.1K
Cap Rate 9%
$222,533
$222.5K
Market Conditions
NOI Build-Up for 2,040 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
$30.6K $15.00/SF
− Vacancy
−$2.0K −$0.98/SF
EGI
$28.6K $14.03/SF
− OpEx
−$8.6K −$4.21/SF
NOI
$20.0K $9.82/SF
Area
Wayne County, MI
Vacancy
6.50%
Lease Rate
$15.00 /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%
$400,560
Cap Rate 7%
$286,114
Cap Rate 9%
$222,533
Alternative Uses
Best Use
Multifamily LT 5
$286.1K
$250.4K – $333.8K
NOI $20,028 @ 7.0% cap · market cap 4.13%
Second Best
Apartment 5plus
$262.7K
$229.9K – $306.5K
NOI $18,390 @ 7.0% cap · market cap 3.79%
Theoretical Best
Specialty Retail
$377.7K
$330.5K – $440.6K
NOI $26,438 @ 7.0% cap · market cap 5.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
756
Businesses Nearby
Explore this area
Business Placement
Demographics for 48230, MI
17,559
Population
7,369
Households
2.4
Avg Household Size
42
Median Age
73%
College-Educated
99%
High-School Grad
3.3 sq mi
ZIP Area
5,321
Density / Sq Mi
$131,155
Median Household Income
$65,716
Median Earnings
$1,451
Median Rent
$448,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two matching units feature hardwood floors, refreshed kitchens, fireplaces, and access to shared basement space.
Where is this duplex located?
The property is located at 493-495 Saint Clair Ave Grosse Pointe, MI.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 full bathroom in each unit; Updated kitchens, hardwood floors, dining rooms, and living‑room fireplaces; Separate basement with common area
