Two-Unit Duplex with Private
For Sale
$559,000
5229 Commonwealth St, Detroit, MI 48208
Both residences offer two bedrooms, two full baths, fireplaces, hardwood floors, and in-unit laundry.
Property Size2,506 SF
Price / SF$223.06
Days on Market8
Property Features for 5229 Commonwealth St
General Information
Standard status
Active
Size
2,506 SF
Total Parking Spaces
3
Property subtype
Residential Income
Site & Location
Neighborhood
Elijah Mccoy
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,152
Amenities
fireplace
hardwood floors
decks
walk-up attic
basement storage
washer/dryer
Building Details
Buildings
1
Listing Agency:
National Realty Centers, Inc
(248) 971-1010
Listed By:
Jim Vitasinsky
(248) 722-4342
Source:
Exprealty
Added: Oct 22
Changed: Oct 26
Last Checked: Oct 28 at 9:05AM
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 National Realty Centers, Inc
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Investment Insights
Based on property information with market context.
This 2,506-square-foot duplex contains two residences, each with two bedrooms and two full bathrooms. A substantial interior renovation about 20 years ago included new wiring, copper water lines, PVC drains, added insulation, and vinyl windows; the work was completed with permits. Both units have fireplaces, original hardwood floors, expanded kitchens, and private decks, with an additional large front deck serving the upper residence. Solid-core interior doors and closet storage are also present.
Three off-street parking spaces are located behind the building. The basement provides storage and a washer and dryer for each unit. A walk-up attic offers additional space. Nearby destinations named include Woodbridge Pub, Pie Sci, the Lexington, Minnie’s, and Toum & Tzatziki; the property also backs up to townhouses.
Three off-street parking spaces are located behind the building. The basement provides storage and a washer and dryer for each unit. A walk-up attic offers additional space. Nearby destinations named include Woodbridge Pub, Pie Sci, the Lexington, Minnie’s, and Toum & Tzatziki; the property also backs up to townhouses.
Key Highlights
- Two residences, each with 2 bedrooms and 2 full bathrooms
- 2,506 square feet
- Permitted interior renovation about 20 years ago included wiring, copper plumbing, PVC drains, insulation, and vinyl windows
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,640
Cap Rate
5.12%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$572,800
$572.8K
Cap Rate 7%
$409,143
$409.1K
Cap Rate 9%
$318,222
$318.2K
Market Conditions
NOI Build-Up for 2,506 SF
Gross rent
$43.6K $17.40/SF
− Vacancy
−$2.7K −$1.07/SF
EGI
$40.9K $16.33/SF
− OpEx
−$12.3K −$4.90/SF
NOI
$28.6K $11.43/SF
Area
Detroit, MI
Vacancy
6.17%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$572,800
Cap Rate 7%
$409,143
Cap Rate 9%
$318,222
Alternative Uses
Best Use
Multifamily LT 5
$409.1K
$358.0K – $477.3K
NOI $28,640 @ 7.0% cap · market cap 5.12%
Second Best
Apartment 5plus
$375.6K
$328.6K – $438.2K
NOI $26,290 @ 7.0% cap · market cap 4.70%
Theoretical Best
Office A
$552.8K
$483.7K – $645.0K
NOI $38,698 @ 7.0% cap · market cap 6.92%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
488
Businesses Nearby
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Business Placement
Demographics for 48208, MI
8,090
Population
5,226
Households
1.5
Avg Household Size
37
Median Age
27%
College-Educated
79%
High-School Grad
3.2 sq mi
ZIP Area
2,528
Density / Sq Mi
$29,742
Median Household Income
$39,526
Median Earnings
$842
Median Rent
$186,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Both residences offer two bedrooms, two full baths, fireplaces, hardwood floors, and in-unit laundry.
Where is this duplex located?
The property is located at 5229 Commonwealth St Detroit, MI.
What is the asking price?
The asking price for this property is $559,000.
What are key features of this property?
This property features: Two residences, each with 2 bedrooms and 2 full bathrooms; 2,506 square feet; Permitted interior renovation about 20 years ago included wiring, copper plumbing, PVC drains, insulation, and vinyl windows
