Brick Duplex with Oversized
For Sale
$379,900
Pending
928 Maplegrove Ave, Royal Oak, MI 48067
Two residential units offer separate kitchens, dining areas, and living rooms.
Property Size2,386 SF
Days on Market79
Property Features for 928 Maplegrove Ave
General Information
Standard status
Pending
Size
2,386 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Amenities
rear porch/patio
balcony
front porch
full basement
garage
Building Details
Year Built
1928
Construction
brick
Listing Agency:
Ralph Conselyea Realtor
(248) 399-6400
Listed By:
David Conselyea
Source:
Semichiganhomesource
Added: Jun 14
Changed: Aug 31
Last Checked: Aug 30 at 6:11PM
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 Ralph Conselyea Realtor
Investment Insights
Based on property information with market context.
Built in 1928, this all-brick duplex contains 2,386 SF across upper and lower residences. The lower unit includes two bedrooms, one bathroom, a kitchen, dining room, living room, and rear porch or patio. The upper unit provides one bedroom, one bathroom, kitchen, dining room, living room, and a balcony. A full basement adds supporting space.
The property includes an oversized two-story garage and a broad front porch. Utility service is separately metered between the units, with two furnaces, two hot-water tanks, and two 100-amp circuit breaker panels. Located at 928 Maplegrove Ave in Royal Oak, the property is configured as a two-family residential income asset.
The property includes an oversized two-story garage and a broad front porch. Utility service is separately metered between the units, with two furnaces, two hot-water tanks, and two 100-amp circuit breaker panels. Located at 928 Maplegrove Ave in Royal Oak, the property is configured as a two-family residential income asset.
Key Highlights
- 2,386 SF all‑brick duplex built in 1928
- Lower residence includes 2 bedrooms and 1 bath; upper residence includes 1 bedroom and 1 bath
- Separate utility service, with 2 furnaces and 2 hot‑water tanks
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
$31,582
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
8.31%
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%
$631,640
$631.6K
Cap Rate 7%
$451,171
$451.2K
Cap Rate 9%
$350,911
$350.9K
Market Conditions
NOI Build-Up for 2,386 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
$47.2K $19.80/SF
− Vacancy
−$2.1K −$0.89/SF
EGI
$45.1K $18.91/SF
− OpEx
−$13.5K −$5.67/SF
NOI
$31.6K $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%
$631,640
Cap Rate 7%
$451,171
Cap Rate 9%
$350,911
Alternative Uses
Best Use
Multifamily LT 5
$451.2K
$394.8K – $526.4K
NOI $31,582 @ 7.0% cap · market cap 8.31%
Second Best
Apartment 5plus
$418.1K
$365.8K – $487.8K
NOI $29,267 @ 7.0% cap · market cap 7.70%
Theoretical Best
Specialty Retail
$514.6K
$450.3K – $600.4K
NOI $36,025 @ 7.0% cap · market cap 9.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
863
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
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 offer separate kitchens, dining areas, and living rooms.
Where is this duplex located?
The property is located at 928 Maplegrove Ave Royal Oak, MI.
What is the asking price?
The asking price for this property is $379,900.
What are key features of this property?
This property features: 2,386 SF all‑brick duplex built in 1928; Lower residence includes 2 bedrooms and 1 bath; upper residence includes 1 bedroom and 1 bath; Separate utility service, with 2 furnaces and 2 hot‑water tanks
