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    506 W 12 Mile Rd Royal Oak, MI 48073

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    For Sale
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    Well-maintained duplex with updated kitchens, new roof, and separate utilities.

    Property size:
    2,388 SF
    Lot size:
    0.15 Acres

    Property Features for 506 W 12 Mile Rd

    General Information

    Standard status
    Active
    Zoning
    Multifamily
    Size
    2,388 SF
    Lot size
    0.15 Acres

    Building Details

    Year built
    1952

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    Listing Contact
    Suzanne Obrien
    Source: Crexi

    Listing Agency: Max Broock REALTORS Listing Agent: Suzanne Obrien

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Updated Duplex Near Downtown

    This turn-key brick duplex is located near downtown Royal Oak. The multi-family property features two spacious units, each with 2 bedrooms and 1 full bath, generous living and dining areas. Both units have hardwood floors throughout and updated kitchens, and all appliances are included. The upper unit features newer neutral carpet and a private deck. The lower unit includes an enclosed Florida room. Major updates include a new roof installed in 2019 with a full tear-off and lifetime warranty, newer energy-efficient windows, and a new concrete driveway. The property offers separate utilities, including two furnaces, two central A/C units, two hot water heaters, and separate washers and dryers. Additional features include a two-car garage with an extra parking pad, a fenced yard, large private basement storage areas, and a security system. The property is suitable for owner-occupants or investors seeking a low-maintenance asset in a high-demand Royal Oak location close to downtown amenities. The property has a total size of 2388 square feet. It is currently vacant. The property was previously leased at $1,500 to the same tenants for the last 3 years, and the projected lease rate is $1,650 based on current market rents.
    Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Royal Oak
    County
    Oakland
    State
    Michigan
    Longitude
    -83.1499
    Latitude
    42.50446

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    FAQs

    What type of property is this?
    Duplex - Well-maintained duplex with updated kitchens, new roof, and separate utilities.
    Where is this duplex located?
    The property is located at 506 W 12 Mile Rd Royal Oak, MI.
    What are key features of this property?
    This property features: - Prime Royal Oak location near downtown amenities.; - Turn-key duplex with two spacious units, each with 2 bedrooms and 1 bath.; - Major updates including new roof (2019 with lifetime warranty), newer energy-efficient windows, and new concrete driveway.
    Request Owner's contact information
    506 W 12 Mile Rd Royal Oak, MI 48073
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    Royal Oak, MI 48073
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    506 W 12 Mile Rd Royal Oak, MI 48073
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    Listing Contact
    Suzanne Obrien
    Real Estate License ID: 6502340471
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