Updated Two-Unit
For Sale
$224,900
Pending
876 Vinewood St, Wyandotte, MI 48192
Updated two-unit duplex with separate utilities and in-unit appliances for owner-occupants or long-term rental use.
Property Size1,364 SF
Days on Market50
Property Features for 876 Vinewood St
General Information
Standard status
Pending
Size
1,364 SF
Property subtype
Investment
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,922
Building Details
Building Size
1,364 SF
Year Built
1918
Units
2
Tenancy
Multi
Listing Agency:
(313) 706-4420
Listed By:
Mark Lizyness · License #6506046759
(313) 706-4420
Source:
Elliman
Added: Jun 24
Changed: Aug 8
Last Checked: Aug 12 at 5:43AM
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 Mark Lizyness
Investment Insights
Based on property information with market context.
This updated two-unit duplex offers two bedrooms and a full bath in each unit, with an additional half bath located in the basement. Improvements include new kitchens and bathrooms, newer windows, updated lighting, and freshly painted interiors. Both units include their own hot water tanks and electric meters for individual utility responsibility. Appliances are included in each unit, with a refrigerator, stove, and washer/dryer provided, and the first-floor unit also includes a dishwasher and microwave.
The property is located in Wyandotte, and the public remarks indicate it is just minutes from Downtown Wyandotte, parks, and the waterfront. Walkability and bikeability are described as relatively limited, with the area characterized as car-dependent.
For tenants and buyers seeking a straightforward residential income setup, the duplex configuration allows for flexible occupancy: rent both units as a two-rental portfolio or live in one unit and rent the other. The presence of separate electric meters and hot water tanks can simplify day-to-day management. The seller indicates a Certificate of Occupancy (C of O) will be provided.
The property is located in Wyandotte, and the public remarks indicate it is just minutes from Downtown Wyandotte, parks, and the waterfront. Walkability and bikeability are described as relatively limited, with the area characterized as car-dependent.
For tenants and buyers seeking a straightforward residential income setup, the duplex configuration allows for flexible occupancy: rent both units as a two-rental portfolio or live in one unit and rent the other. The presence of separate electric meters and hot water tanks can simplify day-to-day management. The seller indicates a Certificate of Occupancy (C of O) will be provided.
Key Highlights
- Updated 2‑unit duplex with both units featuring 2 bedrooms and a full bath
- Newer kitchens and bathrooms plus updated lighting and freshly painted interior
- Newer windows throughout
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
$13,391
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
5.95%
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%
$267,820
$267.8K
Cap Rate 7%
$191,300
$191.3K
Cap Rate 9%
$148,789
$148.8K
Market Conditions
NOI Build-Up for 1,364 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
$20.5K $15.00/SF
− Vacancy
−$1.3K −$0.98/SF
EGI
$19.1K $14.03/SF
− OpEx
−$5.7K −$4.21/SF
NOI
$13.4K $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%
$267,820
Cap Rate 7%
$191,300
Cap Rate 9%
$148,789
Alternative Uses
Best Use
Multifamily LT 5
$191.3K
$167.4K – $223.2K
NOI $13,391 @ 7.0% cap · market cap 5.95%
Second Best
Apartment 5plus
$175.7K
$153.7K – $204.9K
NOI $12,296 @ 7.0% cap · market cap 5.47%
Theoretical Best
Specialty Retail
$252.5K
$221.0K – $294.6K
NOI $17,677 @ 7.0% cap · market cap 7.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
879
Businesses Nearby
Explore this area
Business Placement
Demographics for 48192, MI
25,058
Population
11,441
Households
2.2
Avg Household Size
42
Median Age
21%
College-Educated
91%
High-School Grad
5.3 sq mi
ZIP Area
4,728
Density / Sq Mi
$67,846
Median Household Income
$42,999
Median Earnings
$995
Median Rent
$159,700
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 - Updated two-unit duplex with separate utilities and in-unit appliances for owner-occupants or long-term rental use.
Where is this duplex located?
The property is located at 876 Vinewood St Wyandotte, MI.
What is the asking price?
The asking price for this property is $224,900.
What are key features of this property?
This property features: Updated 2‑unit duplex with both units featuring 2 bedrooms and a full bath; Newer kitchens and bathrooms plus updated lighting and freshly painted interior; Newer windows throughout
