Duplex with Finished Recreation
For Sale
$295,000
713 Saint Clair Ave, Grosse Pointe, MI
Two-unit property with one occupied apartment and a separate vacant upper residence near village amenities.
Property Size1,450 SF
Price / SF$203.45
Days on Market19
Property Features for 713 Saint Clair Ave
General Information
Standard status
Active
Size
1,450 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$5,843
Listing Agency:
Real Estate One Grosse Pointe
(313) 886-1000
Listed By:
Thomas R Youngblood · License #MISPE-6506026516
(313) 815-9958
Source:
Exprealty
Added: Sep 8
Changed: Sep 21
Last Checked: Sep 24 at 12:03PM
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 Real Estate One Grosse Pointe
Investment Insights
Based on property information with market context.
This duplex at 713 Saint Clair Ave includes two residential units with established mechanical systems, appliances, and window treatments. The lower apartment is leased month to month and includes a finished recreation room plus a full bathroom. The upper unit is currently vacant, providing a separate residential space within the building.
The property is located in Grosse Pointe within a short walk of the village shopping district, neighborhood club, restaurants, and schools. The 1,450-property-size figure is provided in the listing record without a stated unit of measure.
The property is located in Grosse Pointe within a short walk of the village shopping district, neighborhood club, restaurants, and schools. The 1,450-property-size figure is provided in the listing record without a stated unit of measure.
Key Highlights
- Duplex at 713 Saint Clair Ave in Grosse Pointe
- Lower unit rented month to month
- Finished recreation room and full bath in lower unit
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
$14,235
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
4.83%
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%
$284,700
$284.7K
Cap Rate 7%
$203,357
$203.4K
Cap Rate 9%
$158,167
$158.2K
Market Conditions
NOI Build-Up for 1,450 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
$21.8K $15.00/SF
− Vacancy
−$1.4K −$0.98/SF
EGI
$20.3K $14.03/SF
− OpEx
−$6.1K −$4.21/SF
NOI
$14.2K $9.82/SF
Area
Wayne County, 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%
$284,700
Cap Rate 7%
$203,357
Cap Rate 9%
$158,167
Alternative Uses
Best Use
Multifamily LT 5
$203.4K
$177.9K – $237.3K
NOI $14,235 @ 7.0% cap · market cap 4.83%
Second Best
Apartment 5plus
$186.7K
$163.4K – $217.9K
NOI $13,072 @ 7.0% cap · market cap 4.43%
Theoretical Best
Specialty Retail
$268.5K
$234.9K – $313.2K
NOI $18,792 @ 7.0% cap · market cap 6.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,082
Businesses Nearby
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Business Placement
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with one occupied apartment and a separate vacant upper residence near village amenities.
Where is this duplex located?
The property is located at 713 Saint Clair Ave Grosse Pointe, MI.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Duplex at 713 Saint Clair Ave in Grosse Pointe; Lower unit rented month to month; Finished recreation room and full bath in lower unit
