Renovated Two-Family
For Sale
$305,000
Pending
6224 Hecla St, Detroit, MI 48208
Renovated two-unit property with updated kitchens, fenced backyard, and separate utilities for each unit.
Property Size2,200 SF
Days on Market49
Property Features for 6224 Hecla St
General Information
Standard status
Pending
Size
2,200 SF
Property subtype
Investment
Occupancy
50%
Additional Details
Business Included
Yes
Fenced Yard
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,544
Building Details
Building Size
2,200 SF
Year Built
1913
Units
2
Tenancy
Multi
Listing Agency:
(810) 623-0228
Listed By:
Garrett Blair
(810) 623-0228
Source:
Elliman
Added: Jun 25
Changed: Aug 8
Last Checked: Aug 12 at 5:20AM
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, built in 1913, is designed for an owner-occupant or an investor seeking two income-producing units under one roof. The home features a full-height bay and two front entries with the layout split between 6222 and 6224. Each unit offers two bedrooms and one bath over hardwood floors, with the living room framed by the bay. Kitchens have been refreshed with quartz countertops, gas ranges, dishwashers, subway tile backsplashes, and open shelving, while the baths are finished in tile. A fenced backyard includes a rear deck, and there is a shared basement that provides separate washer and dryer units, separate water heaters, and separate panels per unit, along with additional storage.
The property is located in Northwest Goldberg, positioned just south of Henry Ford Health’s main campus. Nearby development includes Henry Ford Health’s Destination: Grand expansion, with a 20-story tower planned to open by the end of 2029, and the Motown Museum’s expansion under construction a few blocks north. The area is also served by close proximity to Henry Ford, Wayne State, and CCS.
With one unit vacant and move-in ready, the lower unit can be occupied immediately while the upper unit remains leased. The configuration supports renting both units as well, with each unit equipped for day-to-day independence through separate laundry, water heating, and electrical panels.
The property is located in Northwest Goldberg, positioned just south of Henry Ford Health’s main campus. Nearby development includes Henry Ford Health’s Destination: Grand expansion, with a 20-story tower planned to open by the end of 2029, and the Motown Museum’s expansion under construction a few blocks north. The area is also served by close proximity to Henry Ford, Wayne State, and CCS.
With one unit vacant and move-in ready, the lower unit can be occupied immediately while the upper unit remains leased. The configuration supports renting both units as well, with each unit equipped for day-to-day independence through separate laundry, water heating, and electrical panels.
Key Highlights
- Renovated 2‑family flat built in 1913 with two front entries (6222 and 6224) under one roof
- Lower unit is vacant and move‑in ready; upper unit is leased for $1,375/month to a current tenant
- Each unit offers 2 bedrooms and 1 bath with hardwood floors and a living room framed by the full‑height bay
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
$25,143
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
8.24%
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%
$502,860
$502.9K
Cap Rate 7%
$359,186
$359.2K
Cap Rate 9%
$279,367
$279.4K
Market Conditions
NOI Build-Up for 2,200 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
$38.3K $17.40/SF
− Vacancy
−$2.4K −$1.07/SF
EGI
$35.9K $16.33/SF
− OpEx
−$10.8K −$4.90/SF
NOI
$25.1K $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 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%
$502,860
Cap Rate 7%
$359,186
Cap Rate 9%
$279,367
Alternative Uses
Best Use
Multifamily LT 5
$359.2K
$314.3K – $419.1K
NOI $25,143 @ 7.0% cap · market cap 8.24%
Second Best
Apartment 5plus
$329.7K
$288.5K – $384.7K
NOI $23,080 @ 7.0% cap · market cap 7.57%
Theoretical Best
Office A
$485.3K
$424.7K – $566.2K
NOI $33,973 @ 7.0% cap · market cap 11.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
50%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
2,687
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-unit property with updated kitchens, fenced backyard, and separate utilities for each unit.
Where is this duplex located?
The property is located at 6224 Hecla St Detroit, MI.
What is the asking price?
The asking price for this property is $305,000.
What are key features of this property?
This property features: Renovated 2‑family flat built in 1913 with two front entries (6222 and 6224) under one roof; Lower unit is vacant and move‑in ready; upper unit is leased for $1,375/month to a current tenant; Each unit offers 2 bedrooms and 1 bath with hardwood floors and a living room framed by the full‑height bay
