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    Duplex in Baldwin Investment Opportunity Title is generated by Realmo AI

    1038 Michigan Avenue, Baldwin, MI 49304

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    Claim this Listing
    For Sale
    $134,900

    COMMERCIAL - Baldwin, MI

    Type:Retail
    Property size:
    1,640 SF
    Lot size:
    0.18 Acres
    Price / SF:
    $82/SF
    Added:
    Apr 16, 2024
    Days on Market:
    782
    Last Refresh:
    Jun 6 at 12:06 pm

    Property Features for 1038 Michigan Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Bathrooms
    3
    Rooms
    Bathroom 2, Bathroom 1, Bathroom 3, Basement
    Interior features
    Broadband
    Standard status
    Active
    APN
    41-102-013-00
    Size
    1,640 SF
    Lot size
    0.18 Acres

    Taxes and HOA fees

    Tax Year
    2022
    Tax Description
    Lot 13 BLK 2 Village of Baldwin
    Tax Annual Amount
    1868

    Utilities

    Utilities
    Phone Available
    Heating system
    Forced Air

    Building Details

    Floors in Building
    2
    Number of units
    2
    Building materials
    Vinyl Siding
    Roof type
    Composition

    We can help!

    Listing Contact
    Christian J Radden

    Listing agent Christian J Radden License #6501303165

    Listing office North West Realty, LLC 9326 S M-37, Baldwin, MI

    Listing date Apr 16, 2024

    MLS# 24018224

    Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Great investment opportunity with two units.
    • Larger unit boasts updated electric, furnace, ductwork, and water heater (2021).
    • New roof (2021).
    • Both units are separately metered for gas and electric.
    • Located in the Village of Baldwin, close to shopping and amenities.
    • Both units are currently leased and occupied.

    Overview

    This duplex, situated in the Village of Baldwin, presents an investment opportunity. It features a large unit with living quarters on both the upper and lower levels, complete with two separate bathrooms. The second unit, smaller in size, is located on the main floor and includes one bathroom. In 2021, the larger unit received updates including new electric wiring upstairs, a new furnace and ductwork, and a new water heater. The building's roof was also replaced in 2021. Both units are equipped with separate gas and electric meters, furnaces, and water heaters. Located in town, the property is close to shopping and other amenities. Both units are currently leased and occupied, and the sale is subject to tenant lease rights. The property is situated on a 0.18-acre lot. The building has a size of 1640 square feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Auto Repair Shop Hair Salon Nail Salon Gym & Fitness Center Auto Parts Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Baldwin
    County
    Lake
    State
    Michigan
    Longitude
    -85.851291
    Latitude
    43.898485

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    FAQs

    What type of property is this?
    Duplex - Duplex with two units, updated in 2021, great investment.
    Where is this duplex located?
    The property is located at 1038 Michigan Avenue Baldwin, MI.
    What is the asking price?
    The asking price for this property is $134,900.
    What are key features of this property?
    This property features: Great investment opportunity with two units.; Larger unit boasts updated electric, furnace, ductwork, and water heater (2021).; New roof (2021).
    (231) 690-9555
    We can help!
    Listing Contact
    Christian J Radden
    Real Estate License ID: 6501303165
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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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