Brick Duplex with Detached
New
For Sale
$319,900
6406-6408 Mead St, Dearborn, MI 48126
Vacant brick duplex with separate utilities, laundry areas, and recent mechanical and interior updates.
Property Size1,817 SF
Price / SF$176.06
Days on Market2
Property Features for 6406-6408 Mead St
General Information
Standard status
Active
Size
1,817 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Building Details
Year Built
1929
Construction
brick
Listing Agency:
RE/MAX Platinum
(248) 655-7955
Listed By:
In Network Real Estate Group · License #6501314702
(248) 655-7955
Source:
Innetworkrealestate
Added: Aug 30
Changed: Aug 31
Last Checked: Aug 26 at 12:42PM
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 RE/MAX Platinum
Investment Insights
Based on property information with market context.
This two-family brick duplex offers two vacant units with separate electric and gas utilities. Each floor has new HVAC, while the property also includes 2 water heaters and 2 separate laundry spots. Recent interior work includes new carpet throughout and fresh paint, complemented by a new garage door.
A 2-car detached garage sits behind the home and overlooks the alley. The property is located in Dearborn near Maple and William Ford elementary schools, parks, shopping, and major roads. The address is 6406-6408 Mead Street, Dearborn, MI 48126.
A 2-car detached garage sits behind the home and overlooks the alley. The property is located in Dearborn near Maple and William Ford elementary schools, parks, shopping, and major roads. The address is 6406-6408 Mead Street, Dearborn, MI 48126.
Key Highlights
- Two‑family brick duplex with both units vacant
- New HVAC serving both floors
- Separate electric and gas utilities
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
$17,838
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
5.58%
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%
$356,760
$356.8K
Cap Rate 7%
$254,829
$254.8K
Cap Rate 9%
$198,200
$198.2K
Market Conditions
NOI Build-Up for 1,817 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
$27.3K $15.00/SF
− Vacancy
−$1.8K −$0.98/SF
EGI
$25.5K $14.03/SF
− OpEx
−$7.6K −$4.21/SF
NOI
$17.8K $9.82/SF
Area
Dearborn, MI
Vacancy
6.50%
Lease Rate
$15.00 /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%
$356,760
Cap Rate 7%
$254,829
Cap Rate 9%
$198,200
Alternative Uses
Best Use
Multifamily LT 5
$254.8K
$223.0K – $297.3K
NOI $17,838 @ 7.0% cap · market cap 5.58%
Second Best
Apartment 5plus
$233.0K
$203.9K – $271.9K
NOI $16,311 @ 7.0% cap · market cap 5.10%
Theoretical Best
Office A
$400.8K
$350.7K – $467.7K
NOI $28,059 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
834
Businesses Nearby
Explore this area
Business Placement
Demographics for 48126, MI
55,863
Population
16,919
Households
3.3
Avg Household Size
28
Median Age
24%
College-Educated
74%
High-School Grad
8.4 sq mi
ZIP Area
6,650
Density / Sq Mi
$42,353
Median Household Income
$27,724
Median Earnings
$1,222
Median Rent
$200,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Vacant brick duplex with separate utilities, laundry areas, and recent mechanical and interior updates.
Where is this duplex located?
The property is located at 6406-6408 Mead St Dearborn, MI.
What is the asking price?
The asking price for this property is $319,900.
What are key features of this property?
This property features: Two‑family brick duplex with both units vacant; New HVAC serving both floors; Separate electric and gas utilities
