Duplex Property With Separate
For Sale
$189,900
724 Laplaisance Rd, Monroe, MI 48161
Occupied three-unit rental property with a two-story duplex, detached garage, and separate one-bedroom residence.
Property Size1,788 SF
Days on Market10
Property Features for 724 Laplaisance Rd
General Information
Standard status
Active
Size
1,788 SF
Total Parking Spaces
2
Property subtype
Investment
Occupancy
100%
Financials
Asking Price
$189,900
Gross Income
$27,600
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,281
Building Details
Building Size
1,788 SF
Year Built
1923
Buildings
2
Units
3
Listing Agency:
Coldwell Banker Haynes Real Estate, Inc.
(734) 731-0317
Listed By:
Charles Lemerand
(734) 731-0317
Source:
Elliman
Added: Aug 13
Changed: Aug 14
Last Checked: Aug 21 at 9:40AM
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 Coldwell Banker Haynes Real Estate, Inc.
Investment Insights
Based on property information with market context.
This residential income property combines a two-story duplex with upper and lower units, a separate one-bedroom home, and a detached two-car garage. All three rental units are occupied, and tenants pay utilities other than water. The duplex may also be converted to a single-family residence.
Property improvements include siding installed on the duplex in 2022 and on the one-bedroom home in 2016, along with a sewer line repair completed in 2019. Replacement windows and doors are included, as is a newer garage door. Built in 1923, the property is located at 724 Laplaisance Rd in Monroe, Michigan. Walk Score is 3 and Bike Score is 25, reflecting a car-dependent setting with some bike access.
Property improvements include siding installed on the duplex in 2022 and on the one-bedroom home in 2016, along with a sewer line repair completed in 2019. Replacement windows and doors are included, as is a newer garage door. Built in 1923, the property is located at 724 Laplaisance Rd in Monroe, Michigan. Walk Score is 3 and Bike Score is 25, reflecting a car-dependent setting with some bike access.
Key Highlights
- Three occupied rental units across a two‑story duplex and separate one‑bedroom home
- Detached two‑car garage with newer garage door
- Duplex siding installed in 2022
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
$15,869
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
8.36%
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%
$317,380
$317.4K
Cap Rate 7%
$226,700
$226.7K
Cap Rate 9%
$176,322
$176.3K
Market Conditions
NOI Build-Up for 1,788 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
$24.2K $13.56/SF
− Vacancy
−$1.6K −$0.88/SF
EGI
$22.7K $12.68/SF
− OpEx
−$6.8K −$3.80/SF
NOI
$15.9K $8.88/SF
Area
Monroe County, MI
Vacancy
6.50%
Lease Rate
$13.56 /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%
$317,380
Cap Rate 7%
$226,700
Cap Rate 9%
$176,322
Alternative Uses
Best Use
Multifamily LT 5
$226.7K
$198.4K – $264.5K
NOI $15,869 @ 7.0% cap · market cap 8.36%
Second Best
Apartment 5plus
$211.2K
$184.8K – $246.4K
NOI $14,785 @ 7.0% cap · market cap 7.79%
Theoretical Best
Warehouse
$1.84M
$1.61M – $2.15M
NOI $129,087 @ 7.0% cap · market cap 67.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
318
Businesses Nearby
Explore this area
Business Placement
Demographics for 48161, MI
26,571
Population
12,015
Households
2.2
Avg Household Size
40
Median Age
19%
College-Educated
89%
High-School Grad
44.8 sq mi
ZIP Area
593
Density / Sq Mi
$65,517
Median Household Income
$40,184
Median Earnings
$955
Median Rent
$173,200
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 - Occupied three-unit rental property with a two-story duplex, detached garage, and separate one-bedroom residence.
Where is this duplex located?
The property is located at 724 Laplaisance Rd Monroe, MI.
What is the asking price?
The asking price for this property is $189,900.
What are key features of this property?
This property features: Three occupied rental units across a two‑story duplex and separate one‑bedroom home; Detached two‑car garage with newer garage door; Duplex siding installed in 2022
