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    Historic Howell Multifamily Investment Opportunity Title is generated by Realmo AI

    121 S COURT Street, Howell, MI 48843

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    For Sale
    $650,000

    MULTI_FAMILY - Colonial - Howell, MI

    Property size:
    5,472 SF
    Lot size:
    0.11 Acres
    Price / SF:
    $118/SF
    Added:
    Jan 24, 2024
    Days on Market:
    853
    Last Refresh:
    May 26 at 9:06 pm

    Property Features for 121 S COURT Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    Multi-Family
    Bedrooms
    4
    Bathrooms
    7
    Rooms
    Bathroom 5, Bathroom 7, Bedroom 3, Bathroom 2, Bedroom 1, Bedroom 4, Bathroom 1, Bathroom 6, Bedroom 2, Bathroom 3, Bathroom 4, Basement
    Standard status
    Active
    APN
    1736307060
    Size
    5,472 SF
    Lot size
    0.11 Acres

    Taxes and HOA fees

    Tax Description
    SEC 36, T3N R4E CITY OF HOWELL COWDRY'S ADDITION, S 50 FT OF W1/2 OF LOT 14 & S 50 FT OF LOT 15
    Tax Annual Amount
    5922

    Utilities

    Heating system
    Forced Air
    Water source
    Public

    Building Details

    Year built
    1920
    Floors in Building
    2
    Number of units
    7
    Building materials
    Vinyl
    Architectural style
    Colonial

    We can help!

    Listing Contact
    Aaren D Currie

    Listing agent Aaren D Currie License #6502115284,PersonLicenseNumber

    Listing office NextHome Statewide Real Estate 1285 S Michigan Ave, Howell, MI

    Listing date Jan 24, 2024

    MLS# 20240004604 Listing URL

    Copyright © 2026 Realcomp Limited II. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime downtown Howell location: Walkable to shops and restaurants.
    • Fully remodeled: Historic charm with modern amenities.
    • Multifamily apartment building: Fantastic investment opportunity.
    • Thoughtfully updated: Attractive to potential investors.
    • Backs up to the largest new development in Howell.
    • Fully occupied: Immediate income potential.

    Overview

    This multifamily apartment building is located in downtown Howell, offering residents access to local shops and dining establishments. The property has been remodeled, retaining its historic character while incorporating modern amenities. The building backs up to a large new development in Howell. The property is currently fully occupied by tenants. The building contains 5,472 square feet and is situated on a 0.11-acre lot. The zoning is Multi-Family. It presents an investment opportunity due to its location and updates.

    Financial Insights

    Value Estimation Calculated for Apartment 5plus

    Conservative
    $509.2K
    NOI $45,830 @ 9.00% cap · cautious / downside scenario
    Moderate
    $654.7K
    NOI $45,830 @ 7.00% cap · market / base-case scenario
    Aggressive
    $916.6K
    NOI $45,830 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Apartment 5plus

    Component $ $/SF
    Gross rent $88.6k $16.20
    − Vacancy −$5.3k −$0.97
    EGI $83.3k $15.23
    − OpEx −$37.5k −$6.85
    NOI $45.8k $8.38
    5,472 SF · lease $16.20/SF/yr · vacancy 6.00% · expense 45.00%

    Alternative Use Scenarios

    Best Use
    Apartment 5plus
    $654.7K
    $572.9K – $763.8K (±1% cap)
    NOI $45,830 @ 7.0% cap · market cap 7.05%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Healthcare Medical
    $871.6K
    $762.7K – $1.02M (±1% cap)
    NOI $61,012 @ 7.0% cap · market cap 9.39%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Howell
    County
    Livingston
    State
    Michigan
    Longitude
    -83.928238
    Latitude
    42.605743

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    FAQs

    What type of property is this?
    Apartment building - Remodeled historic multifamily building in downtown Howell, a prime investment.
    Where is this apartment building located?
    The property is located at 121 S COURT Street Howell, MI.
    What is the asking price?
    The asking price for this property is $650,000.
    What are key features of this property?
    This property features: Prime downtown Howell location: Walkable to shops and restaurants.; Fully remodeled: **Historic charm with modern amenities.**; Multifamily apartment building: **Fantastic investment opportunity.**
    (517) 546-9060
    We can help!
    Listing Contact
    Aaren D Currie
    Real Estate License ID: 6502115284,PersonLicenseNumber
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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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