Renovated Duplex with Updated
For Sale
$200,000
5500 Devonshire Rd, Detroit, MI 48224
Two residential units feature refreshed interiors and renovated bathrooms.
Property Size1,676 SF
Price / SF$119.33
Days on Market77
Property Features for 5500 Devonshire Rd
General Information
Standard status
Active
Size
1,676 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,322
Building Details
Buildings
1
Listing Agency:
Metropolitan Gems
(313) 333-9465
Listed By:
Marvis Burns · License #6502432407
(313) 333-9465
Source:
Exprealty
Added: Jun 6
Changed: Aug 15
Last Checked: Aug 20 at 10:08AM
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 Metropolitan Gems
Investment Insights
Based on property information with market context.
Located at 5500 Devonshire Rd in Detroit, this renovated duplex contains two residential units totaling 1,676 square feet. Each unit offers two bedrooms, one full bathroom, and approximately 838 square feet of living area. Interior improvements include refinished hardwood flooring, updated kitchens, and fully renovated bathrooms.
The property is situated near shopping, dining, schools, and major transportation routes. Its two-unit configuration and updated interior features support both rental occupancy and owner-occupant use.
The property is situated near shopping, dining, schools, and major transportation routes. Its two-unit configuration and updated interior features support both rental occupancy and owner-occupant use.
Key Highlights
- Two‑unit duplex with 1,676 square feet of total property size
- Each unit includes 2 bedrooms and 1 full bath
- Each unit measures approximately 838 square feet
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
$16,512
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
8.26%
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%
$330,240
$330.2K
Cap Rate 7%
$235,886
$235.9K
Cap Rate 9%
$183,467
$183.5K
Market Conditions
NOI Build-Up for 1,676 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
$25.1K $15.00/SF
− Vacancy
−$1.6K −$0.93/SF
EGI
$23.6K $14.07/SF
− OpEx
−$7.1K −$4.22/SF
NOI
$16.5K $9.85/SF
Area
ZIP 48224
Vacancy
6.17%
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%
$330,240
Cap Rate 7%
$235,886
Cap Rate 9%
$183,467
Alternative Uses
Best Use
Multifamily LT 5
$235.9K
$206.4K – $275.2K
NOI $16,512 @ 7.0% cap · market cap 8.26%
Second Best
Apartment 5plus
$217.2K
$190.1K – $253.4K
NOI $15,204 @ 7.0% cap · market cap 7.60%
Theoretical Best
Office A
$422.7K
$369.9K – $493.2K
NOI $29,592 @ 7.0% cap · market cap 14.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
370
Businesses Nearby
Explore this area
Business Placement
Demographics for 48224, MI
39,633
Population
16,786
Households
2.4
Avg Household Size
33
Median Age
14%
College-Educated
84%
High-School Grad
5.8 sq mi
ZIP Area
6,833
Density / Sq Mi
$42,963
Median Household Income
$30,997
Median Earnings
$1,213
Median Rent
$77,900
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 residential units feature refreshed interiors and renovated bathrooms.
Where is this duplex located?
The property is located at 5500 Devonshire Rd Detroit, MI.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,676 square feet of total property size; Each unit includes 2 bedrooms and 1 full bath; Each unit measures approximately 838 square feet
