Remodeled Virginia Park Two-Family
For Sale
Contact for pricing
1645 Taylor St, Detroit, MI 48206
Completely remodeled two-family property in Virginia Park with tenant in place.
Property Size2,668 SF
Price / SF$129.31
Days on Market780
Property Features for 1645 Taylor St
General Information
Standard status
Active
Size
2,668 SF
Property subtype
Multifamily
Building Details
Year Built
1916
Listing Agency:
RE/MAX Leading Edge
(734) 626-7815
Listed By:
Ryan Kain · License #MI 6501401697
Source:
Crexi
Added: Jun 11, 2024
Changed: Jul 6
Last Checked: Jul 30 at 3:45PM
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
Investment Insights
Based on property information with market context.
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.
Key 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.
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| 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
NOI $30,491 @ 7.0% cap · market cap 8.84%
Second Best
Apartment 5plus
$399.8K
$349.9K – $466.5K
NOI $27,989 @ 7.0% cap · market cap 8.11%
Theoretical Best
Office A
$588.6K
$515.0K – $686.7K
NOI $41,200 @ 7.0% cap · market cap 11.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
297
Businesses Nearby
Explore this area
Business Placement
Demographics for 48206, MI
15,712
Population
10,784
Households
1.5
Avg Household Size
38
Median Age
24%
College-Educated
89%
High-School Grad
3.1 sq mi
ZIP Area
5,068
Density / Sq Mi
$43,702
Median Household Income
$36,674
Median Earnings
$923
Median Rent
$102,300
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 - 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.
