Owner-Occupied
For Sale
$485,000
Pending
493-495 Saint Clair Avenue, Grosse Pointe, MI 48230
MULTIFAMILY, Grosse Pointe, MI
Property Size2,040 SF
Lot Size0.18 Acres
Days on Market51
Property Features for 493-495 Saint Clair Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 4, Bathroom 2, Basement, Bathroom 1, Bedroom 2, Bedroom 3
Parking features
Garage
Security features
Security System
Patio and Porch features
Patio
Interior features
Cable/Internet Avail., Hardwood Floors, Security System
Exterior features
Fenced Yard, Lawn Sprinkler, Patio
Fencing
Fenced
Fireplace
1
Appliances
Dishwasher, Dryer, Freezer, Microwave, Range/Oven, Refrigerator, Washer
Subdivision
Amndp of Saint Clair Park Sub
Lot features
Sidewalks
Elementary school district
Grosse Pointe Public Schools
Middle school district
Grosse Pointe Public Schools
High school district
Grosse Pointe Public Schools
Standard status
Pending
APN
37-002-04-0016-002
Size
2,040 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9571
Utilities
Heating system
Forced Air
Cooling system
Ceiling Fan(s), Attic Fan, Central Air
Water source
Public
Amenities
hardwood floors
updated kitchens
fireplaces
common basement
fenced yard
Building Details
Year built
1946
Floors in Building
2
Number of units
2
Listing Agency:
Sine & Monaghan LLC
(313) 884-7000
Listed By:
Charles Gates
(313) 400-0751
Added: Aug 7
Changed: Sep 24
Last Checked: Sep 26 at 12:06AM
MLS# 50217739
Copyright © 2026 Multiple Listing Service MiRealSource. 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 owner-occupied duplex contains 2,040 square feet on a 0.18-acre lot. Each unit includes 2 bedrooms, 1 full bathroom, a dining room, hardwood flooring, an updated kitchen, and a natural-burning fireplace in the living room. The property was built in 1946 and includes a separate basement with shared space.
Exterior features include a fenced yard, patio, lawn sprinkler, and a 2-car garage. Heating is provided by forced air, with central air, ceiling fans, and an attic fan for cooling. Appliances include a range/oven, refrigerator, dishwasher, microwave, washer, dryer, and freezer. The property has public water service, cable and internet availability, and a security system. Schools, shops, and restaurants are within walking distance.
Exterior features include a fenced yard, patio, lawn sprinkler, and a 2-car garage. Heating is provided by forced air, with central air, ceiling fans, and an attic fan for cooling. Appliances include a range/oven, refrigerator, dishwasher, microwave, washer, dryer, and freezer. The property has public water service, cable and internet availability, and a security system. Schools, shops, and restaurants are within walking distance.
Key Highlights
- 2,040‑square‑foot duplex on a 0.18‑acre lot
- Both units include 2 bedrooms and 1 full bathroom
- Two natural‑burning fireplaces, one in each living room
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
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,055
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer updated kitchens, hardwood floors, dining rooms, and natural-burning fireplaces.
Where is this duplex located?
The property is located at 493-495 Saint Clair Avenue 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: 2,040‑square‑foot duplex on a 0.18‑acre lot; Both units include 2 bedrooms and 1 full bathroom; Two natural‑burning fireplaces, one in each living room
