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    Turnkey Cadillac Investment Property Title is generated by Realmo AI

    1102 Chestnut Street, Cadillac, MI 49601

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    For Sale
    $285,000

    4 - Plex, Apartment - Cadillac, MI

    Property size:
    2,929 SF
    Lot size:
    0.16 Acres
    Price / SF:
    $97/SF
    Added:
    Mar 6, 2026
    Days on Market:
    71
    Last Refresh:
    May 16 at 2:06 pm

    Property Features for 1102 Chestnut Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    Residential,Multi-Family
    Rooms
    Basement, Kitchen, Living Room
    Parking
    1
    Interior features
    Other
    Basement Y/N
    1
    Appliances
    Dryer, Range, Refrigerator
    Standard status
    Active
    Size
    2,929 SF
    Lot size
    0.16 Acres

    Utilities

    Heating system
    Forced Air

    Building Details

    Number of units
    4
    Roof type
    Asphalt
    Architectural style
    Other

    We can help!

    Listing Contact
    KJ Sayer

    Listing agent KJ Sayer

    Listing office The Mitten Real Estate Group 310 W. Front Street, Ste. 411, Traverse City, MI

    Listing date Mar 6, 2026

    MLS# 1942746 Listing URL

    Copyright © 2026 Northern Great Lakes Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Strong in‑place cash flow with $4,000/month rental income + coin laundry income.
    • Turnkey, fully rented 4‑unit investment property.
    • Low‑maintenance property with vinyl siding, architectural shingles, and off‑street parking.
    • Unit 1 is a spacious 3BR/1BA with basement & garage (1,263 sq ft).
    • Convenient corner lot location near Lake Cadillac, dining, and parks.
    • All units have private entrances, separate kitchens, and full baths.

    Overview

    This is a turnkey four-unit investment property located in Cadillac. The property is fully rented and generates $4,000 per month, with additional income from coin laundry. One unit is a 3-bedroom, 1-bathroom apartment with a basement and garage, offering 1,263 square feet of living space. The remaining units include two 2-bedroom apartments and one 1-bedroom apartment, ranging in size from 356 to 719 square feet. Each unit features a private entrance, a separate kitchen, and a full bathroom. The average monthly utility cost is $558, paid by the owner. The property has vinyl siding, architectural shingles, and off-street parking. Situated on a corner lot, it is conveniently located near Lake Cadillac, dining options, and parks. The property is connected to city water and sewer services and uses natural gas. The lot size is 0.16 acres and the total property size is 2,929 square feet. The property has a history of successful rentals and is located in a high-demand area.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Daycare Center Auto Repair Shop Pharmacy Food Market Bar & Pub Grocery & Convenience Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Cadillac
    County
    Wexford
    State
    Michigan
    Longitude
    -85.423601
    Latitude
    44.249114

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    FAQs

    What type of property is this?
    Quadplex - Four-unit property with strong cash flow near Lake Cadillac.
    Where is this quadplex located?
    The property is located at 1102 Chestnut Street Cadillac, MI.
    What is the asking price?
    The asking price for this property is $285,000.
    What are key features of this property?
    This property features: Strong in‑place cash flow with $4,000/month rental income + coin laundry income.; Turnkey, fully rented 4‑unit investment property.; Low‑maintenance property with vinyl siding, architectural shingles, and off‑street parking.
    (231) 735-4089
    We can help!
    Listing Contact
    KJ Sayer
    Real Estate License ID: 6501429487
    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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