Turnkey Duplex with Separate
For Sale
$555,000
58 E Philadelphia St E, Detroit, MI 48202
Freshly renovated duplex offers two fully separate units, each with private entrance, brand-new kitchen, and brand-new bath.
Property Size3,524 SF
Days on Market121
Property Features for 58 E Philadelphia St E
General Information
Standard status
Active
Size
3,524 SF
Property subtype
Investment
Site & Location
Neighborhood
North End
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$25,832
Building Details
Building Size
3,524 SF
Year Built
1908
Units
2
Tenancy
Multi
Listing Agency:
Berkshire Hathaway HomeServices The Loft Warehouse
Listed By:
Kristi Mishaw
(313) 697-2050
Source:
Elliman
Added: Jul 1
Changed: Oct 25
Last Checked: Oct 28 at 9:28AM
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 Berkshire Hathaway HomeServices The Loft Warehouse
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Investment Insights
Based on property information with market context.
This turnkey duplex has been freshly renovated and is ready for its next owner. The home features two fully separate units, and each unit has its own private entrance. Updates include a brand-new kitchen and a brand-new bath in both units.
Access and operations are supported by separate utility meters per unit, providing clear separation between living and billing. The property is positioned near Woodward and John R on the edge of New Center, with the QLine stop nearby along the Woodward corridor. Henry Ford Health, Wayne State, and Detroit’s major institutions are described as being within easy reach, and downtown dining, sports, and year-round events are also nearby.
For buyers seeking flexibility, the two-unit setup allows one unit to be occupied while the other can be leased, with both units presented as move-in ready.
Access and operations are supported by separate utility meters per unit, providing clear separation between living and billing. The property is positioned near Woodward and John R on the edge of New Center, with the QLine stop nearby along the Woodward corridor. Henry Ford Health, Wayne State, and Detroit’s major institutions are described as being within easy reach, and downtown dining, sports, and year-round events are also nearby.
For buyers seeking flexibility, the two-unit setup allows one unit to be occupied while the other can be leased, with both units presented as move-in ready.
Key Highlights
- 1908‑built duplex with two fully separate units, each with its own private entrance
- Both units feature brand‑new kitchen and brand‑new bath
- Separate utility meters per unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,274
Cap Rate
7.26%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$805,480
$805.5K
Cap Rate 7%
$575,343
$575.3K
Cap Rate 9%
$447,489
$447.5K
Market Conditions
NOI Build-Up for 3,524 SF
Gross rent
$61.3K $17.40/SF
− Vacancy
−$3.8K −$1.07/SF
EGI
$57.5K $16.33/SF
− OpEx
−$17.3K −$4.90/SF
NOI
$40.3K $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%
$805,480
Cap Rate 7%
$575,343
Cap Rate 9%
$447,489
Alternative Uses
Best Use
Multifamily LT 5
$575.3K
$503.4K – $671.2K
NOI $40,274 @ 7.0% cap · market cap 7.26%
Second Best
Apartment 5plus
$528.1K
$462.1K – $616.2K
NOI $36,969 @ 7.0% cap · market cap 6.66%
Theoretical Best
Office A
$777.4K
$680.2K – $907.0K
NOI $54,419 @ 7.0% cap · market cap 9.81%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,467
Businesses Nearby
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Business Placement
Demographics for 48202, MI
17,260
Population
10,078
Households
1.7
Avg Household Size
32
Median Age
38%
College-Educated
91%
High-School Grad
3.4 sq mi
ZIP Area
5,076
Density / Sq Mi
$36,536
Median Household Income
$31,725
Median Earnings
$894
Median Rent
$193,700
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 - Freshly renovated duplex offers two fully separate units, each with private entrance, brand-new kitchen, and brand-new bath.
Where is this duplex located?
The property is located at 58 E Philadelphia St E Detroit, MI.
What is the asking price?
The asking price for this property is $555,000.
What are key features of this property?
This property features: 1908‑built duplex with two fully separate units, each with its own private entrance; Both units feature brand‑new kitchen and brand‑new bath; Separate utility meters per unit
