Rebuilt Historic Brick
For Sale
$819,000
691 W Alexandrine St, Detroit, MI 48201
Two residences offer updated systems, private outdoor areas, and dedicated off-street parking in Detroit’s Midtown district.
Property Size3,100 SF
Days on Market9
Property Features for 691 W Alexandrine St
General Information
Standard status
Active
Size
3,100 SF
Property subtype
Investment
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$15,718
Amenities
private outdoor living area
Building Details
Building Size
3,100 SF
Year Built
1905
Buildings
1
Units
2
Construction
all-brick
Listing Agency:
Vie Real Estate
(248) 318-2513
Listed By:
Lindsey Sundin
(248) 318-2513
Source:
Elliman
Added: Aug 14
Changed: Aug 21
Last Checked: Aug 21 at 1:19PM
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 Vie Real Estate
Investment Insights
Based on property information with market context.
This historic duplex, originally built in 1905, was taken to its original shell and reconstructed with new framing, historically inspired windows, energy-efficient HVAC, plumbing, and electrical systems. The all-brick building contains two residences with wide-plank white oak flooring, custom Amish-built cabinetry, designer lighting, premium tile, and individually selected finishes.
The lower residence includes a main-floor primary suite and a finished garden level with a second bedroom, full bath, family room, office, and laundry. The upper home provides additional living space and abundant natural light. Each residence has a private outdoor living area, while parking pads are positioned in front of and behind the building. The property is located at 691 W Alexandrine St in Detroit’s Midtown district and may also be purchased with the adjacent vacant parcel. WalkScore and BikeScore are each 94, with a TransitScore of 63.
The lower residence includes a main-floor primary suite and a finished garden level with a second bedroom, full bath, family room, office, and laundry. The upper home provides additional living space and abundant natural light. Each residence has a private outdoor living area, while parking pads are positioned in front of and behind the building. The property is located at 691 W Alexandrine St in Detroit’s Midtown district and may also be purchased with the adjacent vacant parcel. WalkScore and BikeScore are each 94, with a TransitScore of 63.
Key Highlights
- Originally built in 1905 and reconstructed from the original shell
- Two residences with wide‑plank white oak flooring and custom Amish‑built cabinetry
- Lower residence includes a main‑floor primary suite and finished garden level
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
$35,428
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
4.33%
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%
$708,560
$708.6K
Cap Rate 7%
$506,114
$506.1K
Cap Rate 9%
$393,644
$393.6K
Market Conditions
NOI Build-Up for 3,100 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
$53.9K $17.40/SF
− Vacancy
−$3.3K −$1.07/SF
EGI
$50.6K $16.33/SF
− OpEx
−$15.2K −$4.90/SF
NOI
$35.4K $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%
$708,560
Cap Rate 7%
$506,114
Cap Rate 9%
$393,644
Alternative Uses
Best Use
Multifamily LT 5
$506.1K
$442.9K – $590.5K
NOI $35,428 @ 7.0% cap · market cap 4.33%
Second Best
Apartment 5plus
$464.6K
$406.5K – $542.0K
NOI $32,521 @ 7.0% cap · market cap 3.97%
Theoretical Best
Office A
$683.9K
$598.4K – $797.9K
NOI $47,871 @ 7.0% cap · market cap 5.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,972
Businesses Nearby
Explore this area
Business Placement
Demographics for 48201, MI
14,500
Population
9,900
Households
1.5
Avg Household Size
33
Median Age
37%
College-Educated
88%
High-School Grad
1.9 sq mi
ZIP Area
7,632
Density / Sq Mi
$24,392
Median Household Income
$36,835
Median Earnings
$841
Median Rent
$401,500
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 - Two residences offer updated systems, private outdoor areas, and dedicated off-street parking in Detroit’s Midtown district.
Where is this duplex located?
The property is located at 691 W Alexandrine St Detroit, MI.
What is the asking price?
The asking price for this property is $819,000.
What are key features of this property?
This property features: Originally built in 1905 and reconstructed from the original shell; Two residences with wide‑plank white oak flooring and custom Amish‑built cabinetry; Lower residence includes a main‑floor primary suite and finished garden level
