Duplex Requiring
New
For Sale
$55,000
206 S Jefferson Street, Ionia, MI 48846
Multi Family, Ionia, MI
Property Size952 SF
Lot Size0.29 Acres
Price / SF$57.77
Days on Market4
Property Features for 206 S Jefferson Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Res
Bedrooms
3
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 2, Bathroom 1, Bedroom 1, Basement, Bedroom 3
Parking
2
Elementary school
Jefferson Elementary School
Middle school
Ionia Middle School
High school
Ionia High School
Elementary school district
Ionia
Middle school district
Ionia
High school district
Ionia
Directions
M21 to Dexter St (M-66) to Main St, to Jefferson.
Standard status
Active
APN
204-090-000-450-00
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
CITY OF IONIA SUPERVISOR INMAN'S ADDITION LOT 95,EXC A PARCEL DESC AS: BEG AT SW COR LOT 95;TH N 00 D,E 6.27 FT ALG W LI OF LOT 95; TH S 89 D 22 M 35 S,E 60.31 FT; TH S 84 D 40 M 56 S,W 60.57 FT ALG S LI OF LOT 95 TO P.O.B. ALSO INCLUDING PART OF LOT 91 OF SD ADD DESC AS: BEG AT NE COR LOT 91; TH S 84 D 40 M 56 S,W 75.55 FT ALG N LI OF LOT 91; TH S 89 D 22 M 35 S,E 27.79 FT; TH N 81 D 14 M 48 S,E
Tax Annual Amount
1045
Legal Description
CITY OF IONIA SUPERVISOR INMAN'S ADDITION LOT 95,EXC A PARCEL DESC AS: BEG AT SW COR LOT 95;TH N 00 D,E 6.27 FT ALG W LI OF LOT 95; TH S 89 D 22 M 35 S,E 60.31 FT; TH S 84 D 40 M 56 S,W 60.57 FT ALG S LI OF LOT 95 TO P.O.B. ALSO INCLUDING PART OF LOT 91 OF SD ADD DESC AS: BEG AT NE COR LOT 91; TH S 84 D 40 M 56 S,W 75.55 FT ALG N LI OF LOT 91; TH S 89 D 22 M 35 S,E 27.79 FT; TH N 81 D 14 M 48 S,E
Utilities
Utilities
Cable Available
Heating system
Forced Air
Building Details
Year built
1945
Number of units
2
Building materials
Vinyl Siding
Listing Agency:
Success Realty West Michigan
(616) 447-3010
Listed By:
Yolanda M Rojas
(616) 902-6808
Added: Aug 27
Changed: Aug 28
Last Checked: Aug 30 at 12:06PM
MLS# 26045566
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.
Investment Insights
Based on property information with market context.
This duplex was built in 1945 and contains approximately 952 square feet on a 0.29-acre parcel. The layout includes three bedrooms, one bathroom, and a basement. Vinyl siding and forced-air heating are present, while cable service is available.
Fire and burn damage affects the property, and significant repairs are required. The building is offered as-is, with restoration work forming a central part of the property’s condition and current profile. It is located at 206 S Jefferson Street in Ionia, Michigan 48846.
Fire and burn damage affects the property, and significant repairs are required. The building is offered as-is, with restoration work forming a central part of the property’s condition and current profile. It is located at 206 S Jefferson Street in Ionia, Michigan 48846.
Key Highlights
- Duplex built in 1945
- Approximately 952 Sq Ft on a 0.29‑acre lot
- Fire and burn damage with significant repairs required
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
$4,862
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
8.84%
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%
$97,240
$97.2K
Cap Rate 7%
$69,457
$69.5K
Cap Rate 9%
$54,022
$54.0K
Market Conditions
NOI Build-Up for 952 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
$7.3K $7.68/SF
− Vacancy
−$366 −$0.38/SF
EGI
$6.9K $7.30/SF
− OpEx
−$2.1K −$2.19/SF
NOI
$4.9K $5.11/SF
Area
Ionia County, MI
Vacancy
5.00%
Lease Rate
$7.68 /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%
$97,240
Cap Rate 7%
$69,457
Cap Rate 9%
$54,022
Alternative Uses
Best Use
Multifamily LT 5
$69.5K
$60.8K – $81.0K
NOI $4,862 @ 7.0% cap · market cap 8.84%
Second Best
Apartment 5plus
$64.3K
$56.3K – $75.0K
NOI $4,500 @ 7.0% cap · market cap 8.18%
Theoretical Best
Specialty Retail
$181.4K
$158.7K – $211.6K
NOI $12,698 @ 7.0% cap · market cap 23.09%
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
265
Businesses Nearby
Explore this area
Business Placement
Demographics for 48846, MI
22,470
Population
7,597
Households
3
Avg Household Size
38
Median Age
12%
College-Educated
88%
High-School Grad
110.6 sq mi
ZIP Area
203
Density / Sq Mi
$66,717
Median Household Income
$37,858
Median Earnings
$804
Median Rent
$172,300
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-unit residential property with fire damage, basement space, and forced-air heating.
Where is this duplex located?
The property is located at 206 S Jefferson Street Ionia, MI.
What is the asking price?
The asking price for this property is $55,000.
What are key features of this property?
This property features: Duplex built in 1945; Approximately 952 Sq Ft on a 0.29‑acre lot; Fire and burn damage with significant repairs required
