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    Brick Bungalow Duplex with Fire Pit Title is generated by Realmo AI

    580 Alter Rd, Detroit, MI 48215

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    For Sale
    $350,000

    Two updated rental units in a brick duplex, currently used as a short-term rental with backyard fire pit seating.

    Type:Investment
    Added:
    Jun 3, 2026
    Days on Market:
    6
    Last Refresh:
    Jun 6 at 4:30 am

    Property Features for 580 Alter Rd

    General Information

    Standard status
    Active
    Property subtype
    Investment

    Building Details

    Year Built
    1956

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    Listing Contact
    Steven Koski
    Steven Koski

    Listing agent Steven Koski

    Listing office

    Listing date Jun 3, 2026

    Source Elliman

    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 Steven Koski

    HighLights

    • Brick duplex built in 1956 with two updated rental units currently used for short‑term rentals
    • Lower unit: 2‑bedroom, 1‑bath; Upper unit: 1‑bedroom, 1‑bath
    • Renovations include updated flooring, remodeled kitchens with granite countertops and shaker‑style cabinetry, and updated bathrooms
    • Upgrades include electrical systems, furnaces, and added parking pad
    • Includes basement and garage for storage, plus a private backyard fire pit seating area
    • WalkScore 60 (somewhat walkable), bikeScore 55 (bikeable), transitScore 36 (some transit)

    Overview

    This brick bungalow duplex is currently operating as a short-term rental and offers flexible living and rental configurations. The lower unit is a spacious 2-bedroom, 1-bath layout, and the upper unit provides a comfortable 1-bedroom, 1-bath setup. Updates throughout include refreshed flooring, remodeled kitchens with granite countertops and shaker-style cabinetry, and tastefully updated bathrooms with wainscoting accents. The property also includes upgraded electrical systems, furnaces, added parking pad, and a basement and garage for storage.

    The home is situated in Jefferson Chalmers, a waterfront community known as “Detroit’s Little Venice,” with access to the Detroit River, neighborhood canals, and parks. Convenience to downtown Detroit and neighboring Grosse Pointe is noted, and the area includes local favorites such as Yellow Light Coffee & Donuts and Coriander Kitchen and Farm. WalkScore and bikeScore are provided as 60 (somewhat walkable) and 55 (bikeable), with transitScore listed as 36 (some transit).

    For buyers seeking a duplex with turn-key interior renovations and the option to continue a short-term rental setup, this property provides two self-contained units and dedicated outdoor gathering space. Investors and owner-occupants can also consider a house-hack approach by living in one unit while renting the other, supported by the existing unit-level layouts and practical storage offered by the basement and garage.
    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
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -82.9359679
    Latitude
    42.3701098

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    FAQs

    What type of property is this?
    Duplex - Two updated rental units in a brick duplex, currently used as a short-term rental with backyard fire pit seating.
    Where is this duplex located?
    The property is located at 580 Alter Rd Detroit, MI.
    What is the asking price?
    The asking price for this property is $350,000.
    What are key features of this property?
    This property features: Brick duplex built in 1956 with two updated rental units currently used for short‑term rentals; Lower unit: 2‑bedroom, 1‑bath; Upper unit: 1‑bedroom, 1‑bath; Renovations include updated flooring, remodeled kitchens with granite countertops and shaker‑style cabinetry, and updated bathrooms
    (586) 404-3505
    We can help!
    Listing Contact
    Steven Koski
    Steven Koski
    Learn More
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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.

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