Duplex with Income
For Sale
$180,000
815 Union St, Monroe, MI 48161
Affordable, occupied duplex with separate utilities and large yard.
Property Size1,296 SF
Lot Size0.26 Acres
Days on Market165
Property Features for 815 Union St
General Information
Standard status
Active
Size
1,296 SF
Lot size
0.26 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$2,430
Building Details
Building Size
1,296 SF
Year Built
1916
Units
2
Listing Agency:
GERWECK REAL ESTATE GROUP,LLC
(734) 497-4487
Listed By:
Annette Perna-Taormina · License #6502357318
(734) 497-4487
Source:
Elliman
Added: Mar 11
Changed: Aug 12
Last Checked: Aug 21 at 8:18AM
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 GERWECK REAL ESTATE GROUP,LLC
Investment Insights
Based on property information with market context.
This is an investment opportunity featuring an affordable duplex. The property consists of two units: 815 Union, which is a 2-bedroom, 1-bath unit, and 821 Union, which is a 1-bedroom, 1-bath unit. The property includes a large yard and a porch. Both tenants are responsible for paying their own separate utilities. The property is located across from a newly built park. Planned improvements include a new basement floor and a new patio in 2025. Additional improvements include a new porch railing, new kitchen cabinets, a new bathroom vanity, and a new toilet at 820 Union.
Key Highlights
- Investment opportunity: Affordable, fully occupied duplex providing immediate rental income.
- Separate utilities for each unit (tenant paid) simplifies management and reduces landlord expenses.
- Large yard offers outdoor space and potential for tenant enjoyment.
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
$11,502
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
6.39%
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%
$230,040
$230.0K
Cap Rate 7%
$164,314
$164.3K
Cap Rate 9%
$127,800
$127.8K
Market Conditions
NOI Build-Up for 1,296 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
$17.6K $13.56/SF
− Vacancy
−$1.1K −$0.88/SF
EGI
$16.4K $12.68/SF
− OpEx
−$4.9K −$3.80/SF
NOI
$11.5K $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%
$230,040
Cap Rate 7%
$164,314
Cap Rate 9%
$127,800
Alternative Uses
Best Use
Multifamily LT 5
$164.3K
$143.8K – $191.7K
NOI $11,502 @ 7.0% cap · market cap 6.39%
Second Best
Apartment 5plus
$153.1K
$134.0K – $178.6K
NOI $10,716 @ 7.0% cap · market cap 5.95%
Theoretical Best
Warehouse
$1.34M
$1.17M – $1.56M
NOI $93,566 @ 7.0% cap · market cap 51.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
516
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 - Affordable, occupied duplex with separate utilities and large yard.
Where is this duplex located?
The property is located at 815 Union St Monroe, MI.
What is the asking price?
The asking price for this property is $180,000.
What are key features of this property?
This property features: Investment opportunity: Affordable, fully occupied duplex providing immediate rental income.; Separate utilities for each unit (tenant paid) simplifies management and reduces landlord expenses.; Large yard offers outdoor space and potential for tenant enjoyment.
