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    10215 S Lake Station Lake, MI 48632

    View on Map
    For Sale
    $318,900

    1 Story, Duplex - Lake, MI

    Type:Duplex
    Property size:
    3,744 SF
    Lot size:
    0.72 Acres
    Added:
    Aug 16, 2025
    Days on Market:
    233
    Last Refresh:
    Apr 5 at 9:06 am

    Property Features for 10215 S Lake Station

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Duplex
    Zoning
    Residential
    Bedrooms
    4
    Bathrooms
    2
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4
    Parking features
    Garage, Garage - Detached
    Patio and Porch features
    Deck
    Exterior features
    Deck
    Basement Y/N
    1
    Appliances
    Range, Refrigerator
    Standard status
    Active
    APN
    18-013-026-100-07
    Size
    3,744 SF
    Lot size
    0.72 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    3210.54

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1994
    Floors in Building
    1
    Number of units
    2
    Building materials
    Vinyl Siding
    Architectural style
    Other

    We can help!

    Listing Contact
    ALAN REISS

    Listing agent ALAN REISS License #6502123263

    Listing office REISS REAL ESTATE INC. 575 Main / PO Box 678, FARWELL, MI

    Listing date Aug 16, 2025

    MLS# 50185624 Listing URL

    Copyright © 2026 Clare Gladwin Board of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Duplex with Detached Four-Car Garage

    This duplex offers an opportunity to own a residential income property. Each unit features 2 bedrooms and 1 bath, along with a full basement. The property includes a shared entrance from the backside of the duplex and a large decking area. It is equipped with natural gas heat and central air. A large 24x48 detached four-car garage is also included. The property is located just South of the Village of Lake, near Crooked Lake, 8 Point Lake, and Perch Lake. The lot size is 0.72 acres, and the property size is 3744 square feet. The seller may consider terms.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Restaurant Building Supply Hotel & Motel Food Market Storage Facility Bar & Pub Grocery & Convenience Store Garden Center Cafe & Coffee Shop Parking Lot & Garage

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

    Location Insight

    • Map
    • Local Demand
    City
    Lake
    County
    Clare
    State
    Michigan
    Longitude
    -85.00894
    Latitude
    43.840202

    Nearby Similar for Sale

    • $649,000
      3,164 SF

      Waterfront Cabins on Crooked Lake

      Unique waterfront property featuring four updated cabins on one lot.
      1249 N CROOKED LAKE Drive, Lake, MI 48632
      View Details
    • $519,000
      8,128 SF

      Duplex Near Crooked and Perch Lake

      Two duplexes near Crooked and Perch Lake, each with two units.
      10195 S Lake Station, Lake, MI 48632
      View Details
    • $315,000
      4,496 SF

      Duplex Near Crooked and Perch Lake

      Two-unit duplex near lakes, ideal for owner-occupancy with rental income.
      10203 S Lake Station, Lake, MI 48632
      View Details

    FAQs

    What type of property is this?
    Duplex - Duplex with rental income potential near multiple lakes.
    Where is this duplex located?
    The property is located at 10215 S Lake Station Lake, MI.
    What is the asking price?
    The asking price for this property is $318,900.
    What are key features of this property?
    This property features: Duplex offers opportunity to live in one unit and rent out the other; Features a **large 4‑car detached garage (24x48)**; Each unit has 2 bedrooms and 1 bath
    (989) 387-1409
    We can help!
    Listing Contact
    ALAN REISS
    Real Estate License ID: 6502123263
    Learn More
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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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
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