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    1092 Grand Blvd Detroit, MI 48207

    Sponsored
    For Sale
    $150,000

    Prime residential duplex, 2 units, $150k

    Property size:
    2,119 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    401
    This exceptional redevelopment opportunity presents a charming two-unit duplex located at 1092-1094 E. Grand Blvd in Detroit, Michigan. Built in 1908, this Class C property sits on a 0.105-acre lot and boasts a total of 2,119 square feet of net rentable space, spread across two stories. The asking price is $150,000, translating to $75,000 per unit and $70.79 per square foot. The property is zoned R5, offering potential for various development scenarios. The address is 1092-1094 E. Grand Blvd, Detroit, MI 48207, with the Assessor's Parcel Number (APN) being 15007668. This presents a unique chance to acquire a multifamily property in a desirable Detroit location, ideal for investors seeking a redevelopment project with significant upside potential. The property's age and existing structure offer a blend of character and opportunity for modernization and increased rental income. The location within Wayne County provides access to various amenities and transportation options. This is a compelling investment for those seeking a hands-on project with substantial return potential.

    Property Features for 1092 Grand Blvd

    General Information

    Property type
    Multifamily properties
    Square Feet
    2,119 SF
    Class
    C
    Lot Size
    4,574 SF

    Building Details

    Year Built
    1908
    Buildings
    1
    Stories
    2
    Units
    2

    HighLights

    • $150,000 asking price for a two‑unit multifamily property.
    • Located at 1092‑1094 E. Grand Blvd, Detroit, MI 48207.
    • 2,119 square feet on a 0.105‑acre lot.
    • Two units, $75,000 per unit.
    • Built in 1908, Class C construction.
    • R5 zoning.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential income homes

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.017950088041
    Latitude
    42.371987100923

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    FAQs

    What type of property is this?
    Multifamily property - Prime residential duplex, 2 units, $150k
    Where is this multifamily property located?
    The property is located at 1092 Grand Blvd Detroit, MI.
    What is the asking price?
    The asking price for this property is $150,000.
    What are key features of this property?
    This property features: $150,000 asking price for a two-unit multifamily property.; Located at 1092-1094 E. Grand Blvd, Detroit, MI 48207.; 2,119 square feet on a 0.105-acre lot.
    (313) 406-9110
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1092 Grand Blvd Detroit, MI 48207
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