Updated Two-Unit
New
For Sale
$479,900
816-818 E 5th Street, Royal Oak, MI 48067
MULTIFAMILY, Royal Oak, MI
Property Size1,863 SF
Lot Size0.11 Acres
Price / SF$257.60
Days on Market2
Property Features for 816-818 E 5th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 2, Bedroom 2, Bedroom 3, Bedroom 1, Bedroom 4, Bathroom 1
Appliances
Dishwasher, Dryer, Microwave, Range/Oven, Refrigerator, Washer
Subdivision
Replat Of Alex Knowles
Elementary school district
Royal Oak Neighborhood Schools
Middle school district
Royal Oak Neighborhood Schools
High school district
Royal Oak Neighborhood Schools
Standard status
Active
APN
25-22-178-005
Size
1,863 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
5696
Utilities
Heating system
Forced Air
Water source
Public
Amenities
shared basement
laundry
Building Details
Year built
1950
Floors in Building
2
Number of units
2
Listing Agency:
Sine & Monaghan LLC
(313) 884-7000
Listed By:
Panagiota Vasilos · License #6506046473
(313) 477-3124
Added: Sep 16
Last Checked: Sep 17 at 1:06PM
MLS# 50222006
Copyright © 2026 Multiple Listing Service MiRealSource. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex at 816-818 E 5th Street contains 1,863 square feet and was built in 1950. The property includes two residential units, each configured with 2 bedrooms and 1 full bathroom. Separate utilities serve the units, while a shared basement provides laundry and storage space. Appliances include ranges/ovens, refrigerators, dishwashers, microwaves, washers, and dryers. Forced-air heating and public water service are in place, and the property has received updates to the roof, A/C, and HVAC systems.
The 0.11-acre parcel is located in Royal Oak, Oakland County, with postal code 48067. Both units are currently occupied by family friends without formal rental agreements. The layout supports continued two-unit residential use, with practical shared service areas and separate utility arrangements.
The 0.11-acre parcel is located in Royal Oak, Oakland County, with postal code 48067. Both units are currently occupied by family friends without formal rental agreements. The layout supports continued two-unit residential use, with practical shared service areas and separate utility arrangements.
Key Highlights
- Two‑unit duplex with 1,863 square feet
- Each unit has 2 bedrooms and 1 full bathroom
- 0.11‑acre parcel in Royal Oak, MI 48067
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
$24,659
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
5.14%
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%
$493,180
$493.2K
Cap Rate 7%
$352,271
$352.3K
Cap Rate 9%
$273,989
$274.0K
Market Conditions
NOI Build-Up for 1,863 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
$36.9K $19.80/SF
− Vacancy
−$1.7K −$0.89/SF
EGI
$35.2K $18.91/SF
− OpEx
−$10.6K −$5.67/SF
NOI
$24.7K $13.24/SF
Area
Oakland County, MI
Vacancy
4.50%
Lease Rate
$19.80 /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%
$493,180
Cap Rate 7%
$352,271
Cap Rate 9%
$273,989
Alternative Uses
Best Use
Multifamily LT 5
$352.3K
$308.2K – $411.0K
NOI $24,659 @ 7.0% cap · market cap 5.14%
Second Best
Apartment 5plus
$326.5K
$285.7K – $380.9K
NOI $22,852 @ 7.0% cap · market cap 4.76%
Theoretical Best
Specialty Retail
$401.8K
$351.6K – $468.8K
NOI $28,128 @ 7.0% cap · market cap 5.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,055
Businesses Nearby
Explore this area
Business Placement
Demographics for 48067, MI
24,589
Population
13,714
Households
1.8
Avg Household Size
36
Median Age
67%
College-Educated
96%
High-School Grad
4.6 sq mi
ZIP Area
5,345
Density / Sq Mi
$107,355
Median Household Income
$76,700
Median Earnings
$1,435
Median Rent
$309,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 residential units include separate utilities, shared laundry, and basement storage.
Where is this duplex located?
The property is located at 816-818 E 5th Street Royal Oak, MI.
What is the asking price?
The asking price for this property is $479,900.
What are key features of this property?
This property features: Two‑unit duplex with 1,863 square feet; Each unit has 2 bedrooms and 1 full bathroom; 0.11‑acre parcel in Royal Oak, MI 48067
