Renovated Two-Family Income
For Sale
$315,000
Pending
6123 Commonwealth St, Detroit, MI 48208
Renovated two-family with a leased upper unit and a lower unit ready to re-lease this summer.
Property Size1,050 SF
Days on Market57
Property Features for 6123 Commonwealth St
General Information
Standard status
Pending
Size
1,050 SF
Property subtype
Investment
Additional Details
Fenced Yard
Yes
Multifamily Units
2
Building Details
Year Built
1915
Tenancy
Multi
Listing Agency:
(810) 623-0228
Listed By:
Garrett Blair
(810) 623-0228
Source:
Elliman
Added: Jun 4
Changed: Jul 10
Last Checked: Jul 29 at 1:03PM
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 Garrett Blair
Investment Insights
Based on property information with market context.
This renovated two-family flat features 1,050 sq ft per unit and includes hardwood floors, a bay window, and an exposed brick column running from the living space into the kitchens. The kitchens are updated with quartz counters, gas ranges, dishwashers, subway tile backsplashes, and open shelving. Full baths are finished in floor-to-ceiling tile. Both units share access to a fenced backyard and a shared basement with separate washer and dryer plus substantial extra storage.
The lower unit is set up as a short-term rental with turnover scheduled for this summer, while the upper unit is currently leased through June 2027 at $1,425 per month. The arrangement can support an owner-occupant living in one unit while the other unit helps offset expenses, or an investor holding a longer-term stabilized upper with the lower unit available for renewal.
The property is positioned near the Motown Museum, where a $75 million expansion is under construction on West Grand Boulevard, and within walking distance of Henry Ford Health’s Destination: Grand hospital campus, including a 20-story tower planned to open by the end of 2029. It also sits near LaSalle Gardens and Virginia Park, with straightforward access to New Center and Milwaukee Junction, and a quick ride to Corktown and downtown.
The lower unit is set up as a short-term rental with turnover scheduled for this summer, while the upper unit is currently leased through June 2027 at $1,425 per month. The arrangement can support an owner-occupant living in one unit while the other unit helps offset expenses, or an investor holding a longer-term stabilized upper with the lower unit available for renewal.
The property is positioned near the Motown Museum, where a $75 million expansion is under construction on West Grand Boulevard, and within walking distance of Henry Ford Health’s Destination: Grand hospital campus, including a 20-story tower planned to open by the end of 2029. It also sits near LaSalle Gardens and Virginia Park, with straightforward access to New Center and Milwaukee Junction, and a quick ride to Corktown and downtown.
Key Highlights
- Renovated two‑family (built 1915) with an upper unit leased through June 2027 at $1,425/month
- Lower unit is short‑term and ready to re‑lease this summer
- Updated interiors include 1,050 SF with hardwood floors, bay window, and an exposed brick column detail
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $18.3k | $17.40 |
| − Vacancy | −$1.1k | −$1.07 |
| EGI | $17.1k | $16.33 |
| − OpEx | −$5.1k | −$4.90 |
| NOI | $12.0k | $11.43 |
1,050 SF · lease $17.40/SF/yr · vacancy 6.17% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$171.4K
$150.0K – $200.0K
NOI $12,000 @ 7.0% cap · market cap 3.81%
Second Best
Apartment 5plus
$157.4K
$137.7K – $183.6K
NOI $11,015 @ 7.0% cap · market cap 3.50%
Theoretical Best
Office A
$231.6K
$202.7K – $270.2K
NOI $16,214 @ 7.0% cap · market cap 5.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
637
Businesses Nearby
Explore this area
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
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 - Renovated two-family with a leased upper unit and a lower unit ready to re-lease this summer.
Where is this duplex located?
The property is located at 6123 Commonwealth St Detroit, MI.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Renovated two‑family (built 1915) with an upper unit leased through June 2027 at $1,425/month; Lower unit is short‑term and ready to re‑lease this summer; Updated interiors include 1,050 SF with hardwood floors, bay window, and an exposed brick column detail
