Building Details

Building Size 1,320 SF

Year Built 1959

Units 2

Tenancy Multi

Listed By: Susan Kosmalski · License #6501206879 Show Phone

Source: Elliman

Added: Oct 14 Changed: Oct 15 Last Checked: Oct 15 at 2:29AM

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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 Susan Kosmalski

Investment Insights

Based on property information with market context.

This 1959 duplex contains two ranch-style residences, each with two bedrooms. Both units are occupied by long-term tenants on month-to-month agreements. The property is being sold as-is, and occupancy is subject to tenant rights.

Central air serves the units, which share a laundry room, furnace, and water heater. The tenants own the washer and dryer. The roof was completely replaced in 2015.

Key Highlights

• Two ranch‑style units, each with 2 bedrooms
• Both units occupied by long‑term tenants on month‑to‑month agreements
• Central air and shared laundry room

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$17,472

Cap Rate

6.24%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$349,440 $349.4K

Cap Rate 7%

$249,600 $249.6K

Cap Rate 9%

$194,133 $194.1K

Market Conditions

NOI Build-Up for 1,320 SF

Gross rent

$26.1K $19.80/SF

− Vacancy

−$1.2K −$0.89/SF

EGI

$25.0K $18.91/SF

− OpEx

−$7.5K −$5.67/SF

NOI

$17.5K $13.24/SF

Area

Oakland County, MI

Vacancy

4.50%

Lease Rate

$19.80 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$349,440

Cap Rate 7%

$249,600

Cap Rate 9%

$194,133

Alternative Uses

Best Use

Multifamily LT 5

$249.6K

$218.4K – $291.2K (±1% cap)

NOI $17,472 @ 7.0% cap · market cap 6.24%

Second Best

Apartment 5plus

$231.3K

$202.4K – $269.9K (±1% cap)

NOI $16,191 @ 7.0% cap · market cap 5.78%

Theoretical Best

Specialty Retail

$284.7K

$249.1K – $332.2K (±1% cap)

NOI $19,930 @ 7.0% cap · market cap 7.12%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Nail Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

100%

Occupancy

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

42

Businesses Nearby

Explore this area Business Placement

Demographics for 48382, MI

23,334

Population

8,857

Households

2.6

Avg Household Size

42

Median Age

49%

College-Educated

97%

High-School Grad

16.6 sq mi

ZIP Area

1,406

Density / Sq Mi

$132,602

Median Household Income

$59,784

Median Earnings

$1,685

Median Rent

$404,700

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

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What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Duplex - Both residences are leased month to month, with central air and a shared laundry room.

Where is this duplex located?

The property is located at 610 Cranbourne St Commerce Township, MI.

What is the asking price?

The asking price for this property is $280,000.

What are key features of this property?

This property features: Two ranch‑style units, each with 2 bedrooms; Both units occupied by long‑term tenants on month‑to‑month agreements; Central air and shared laundry room