Brick Duplex with Renovated
For Sale
$349,900
625 HORTON Street, Detroit, MI 48202
MULTI_FAMILY - Other - Detroit, MI
Property Size2,146 SF
Lot Size0.09 Acres
Price / SF$163.05
Days on Market670
Property Features for 625 HORTON Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Basement, Bedroom 2, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 3
Parking
2
Pets allowed
Yes
Subdivision
BAKERS HIBBARD SUB LOT 2 OF 1/4 SEC 57
Elementary school district
Detroit
Middle school district
Detroit
High school district
Detroit
Directions
Woodward / E Grand Blvd
Standard status
Active
APN
W03I001858S
Size
2,146 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Description
N HORTON 142 HIBBARD BAKERS L7 P90 PLATS, W C R 3/90 30 X 125
Tax Annual Amount
1569
Legal Description
N HORTON 142 HIBBARD BAKERS L7 P90 PLATS, W C R 3/90 30 X 125
Utilities
Heating system
Forced Air
Water source
Public
Building Details
Year built
1913
Floors in Building
2
Number of units
2
Building materials
Brick
Architectural style
Other
Listing Agency:
KW Professionals · Keller Williams Realty
(734) 459-4700
Listed By:
Jeff Glover · License #6501317808
(734) 740-8404
Added: Oct 11, 2024
Changed: Aug 1
Last Checked: Aug 11 at 7:06PM
MLS# 20240072968
Copyright © 2026 Realcomp Limited II. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
625 Horton Street is a brick duplex on a 0.09-acre lot in Detroit, offering two units with identical layouts. The property has undergone a comprehensive top-to-bottom renovation, including newly upgraded soffits, windows, electrical, plumbing, and paint, designed for modern, move-in-ready living.
Each unit is approximately 1,073 square feet and features well-designed kitchens with stainless steel appliances, ample cabinet storage and counter space, a stylish tile backsplash, and marble-tiled floors. Spacious living rooms include recessed lighting. Additional storage is available in both the basement and attic.
The duplex was built in 1913 and is heated with forced air. Water service is public. The property includes four bedrooms across the rooms listed and has both a basement and two bathrooms (as indicated in the room list).
Each unit is approximately 1,073 square feet and features well-designed kitchens with stainless steel appliances, ample cabinet storage and counter space, a stylish tile backsplash, and marble-tiled floors. Spacious living rooms include recessed lighting. Additional storage is available in both the basement and attic.
The duplex was built in 1913 and is heated with forced air. Water service is public. The property includes four bedrooms across the rooms listed and has both a basement and two bathrooms (as indicated in the room list).
Key Highlights
- 0.09‑acre lot with brick duplex construction
- Comprehensive renovation includes soffits, windows, electrical, plumbing, and paint
- Two units with identical layouts, each approx 1,073 SF
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
$24,526
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
7.01%
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%
$490,520
$490.5K
Cap Rate 7%
$350,371
$350.4K
Cap Rate 9%
$272,511
$272.5K
Market Conditions
NOI Build-Up for 2,146 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
$37.3K $17.40/SF
− Vacancy
−$2.3K −$1.07/SF
EGI
$35.0K $16.33/SF
− OpEx
−$10.5K −$4.90/SF
NOI
$24.5K $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%
$490,520
Cap Rate 7%
$350,371
Cap Rate 9%
$272,511
Alternative Uses
Best Use
Multifamily LT 5
$350.4K
$306.6K – $408.8K
NOI $24,526 @ 7.0% cap · market cap 7.01%
Second Best
Apartment 5plus
$321.6K
$281.4K – $375.2K
NOI $22,513 @ 7.0% cap · market cap 6.43%
Theoretical Best
Office A
$473.4K
$414.2K – $552.3K
NOI $33,139 @ 7.0% cap · market cap 9.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,771
Businesses Nearby
Explore this area
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
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 brick duplex with two units, public utilities, forced-air heating, and added basement and attic storage.
Where is this duplex located?
The property is located at 625 HORTON Street Detroit, MI.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: 0.09‑acre lot with brick duplex construction; Comprehensive renovation includes soffits, windows, electrical, plumbing, and paint; Two units with identical layouts, each approx 1,073 SF
