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Remodeled Virginia Park Two-Family Property

1645 Taylor St, Detroit, MI 48206

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For Sale

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Completely remodeled two-family property in Virginia Park with tenant in place.

Type:Multifamily

Property size:

2,668 SF

Price / SF:

$129/SF

HighLights

Completely remodeled 2‑family property, ideal for investors.
Both units are currently rented with leases in place through late 2025, generating immediate income ($1,700 and $1,400 per month).
Each unit features 3 bedrooms, 1 bathroom, and 1,274 sq. ft. of living space.
The 2nd‑floor unit includes a large, additional room on the 3rd floor, suitable for a home gym, office, or entertainment space.
Extensive updates include new wiring, roof, windows, plumbing, heating, and on‑demand water heaters.
Located in a rapidly developing area with significant planned investments and close proximity to local amenities.

We can help!

Listing Contact

Ryan Kain

For Sale

Contact for pricing

Completely remodeled two-family property in Virginia Park with tenant in place.

Type:Multifamily

Property size:

2,668 SF

Price / SF:

$129/SF

Added:: Jun 11, 2024
Days on Market:: 734
Last Refresh:: May 12 at 9:32 pm

Property Features for 1645 Taylor St

General Information

Standard status: Active
Size: 2,668 SF
Property subtype: Multifamily

Building Details

Year Built: 1916

We can help!

Listing Contact

Ryan Kain

Listing agent Ryan Kain License #MI 6501401697

Listing office RE/MAX Leading Edge

Listing date Jun 11, 2024

Source Crexi

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 RE/MAX Leading Edge

HighLights

Completely remodeled 2‑family property, ideal for investors.
Both units are currently rented with leases in place through late 2025, generating immediate income ($1,700 and $1,400 per month).
Each unit features 3 bedrooms, 1 bathroom, and 1,274 sq. ft. of living space.
The 2nd‑floor unit includes a large, additional room on the 3rd floor, suitable for a home gym, office, or entertainment space.
Extensive updates include new wiring, roof, windows, plumbing, heating, and on‑demand water heaters.
Located in a rapidly developing area with significant planned investments and close proximity to local amenities.

Overview

This Virginia Park two-family property has been completely remodeled. Each of the two units features 1,274 sq. ft., 3 bedrooms, 1 bathroom, a living room, dining room, and kitchen. The upper unit is rented for $1,700 per month through August 31, 2025, and the lower unit is rented for $1,400 per month through September 30, 2025. The kitchens include white shaker cabinets, butcher block counter-tops, and a full suite of stainless steel appliances. The bathrooms feature new tile, fixtures, and a large double vanity. The second-floor unit also features an additional room on the third floor. Updates include new wiring, a new roof, new vinyl windows, new plumbing, new forced air heating, and new electric on-demand water heaters. The property also features refinished hardwood floors. A small 1-car garage is located out back off of the alley. Gas and electric are metered separately, and water is on 1 meter. Located less than 1/4 mile from The Congregation, it is also close to New Center. The property has a covered front porch and an upper unit balcony. Vacant lots across the street may be available for purchase from the Detroit Land Bank. The La Salle Gardens/Virginia Park neighborhoods are experiencing growth, with over $3.5 billion in developments slated over the next 5 years.

Local Financial Insights For Multifamily LT 5

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$46.4k	$17.40
− Vacancy	−$2.9k	−$1.07
EGI	$43.6k	$16.33
− OpEx	−$13.1k	−$4.90
NOI	$30.5k	$11.43

2,668 SF · lease $17.40/SF/yr · vacancy 6.17% · expense 30.00%

Alternative Uses

Best Use

Multifamily LT 5

$435.6K

$381.1K – $508.2K (±1% cap)

NOI $30,491 @ 7.0% cap · market cap 8.84%

Second Best

Apartment 5plus

$399.8K

$349.9K – $466.5K (±1% cap)

NOI $27,989 @ 7.0% cap · market cap 8.11%

Theoretical Best

Office A

$588.6K

$515.0K – $686.7K (±1% cap)

NOI $41,200 @ 7.0% cap · market cap 11.94%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Duplexes

Suggested Use

Location Insight

Map
Local Demand

City: Detroit
County: Wayne
State: Michigan
Longitude: -83.0967464
Latitude: 42.3760799

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For sale
Duplexes
MI
Detroit
48206
1645 Taylor St

What type of property is this?

Duplex - Completely remodeled two-family property in Virginia Park with tenant in place.

Where is this duplex located?

The property is located at 1645 Taylor St Detroit, MI.

What is the asking price?

The asking price for this property is $345,000.

What are key features of this property?

This property features: Completely remodeled 2‑family property, ideal for investors.; Both units are currently rented with leases in place through late 2025, generating immediate income ($1,700 and $1,400 per month).; Each unit features 3 bedrooms, 1 bathroom, and 1,274 sq. ft. of living space.