Lapeer Duplex: Investment
For Sale
$198,000
220 W Park Street, Lapeer, MI 48446
MULTI_FAMILY - Other - Lapeer, MI
Property Size1,621 SF
Lot Size0.17 Acres
Price / SF$122.15
Days on Market101
Property Features for 220 W Park Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1, Basement, Bedroom 1, Bedroom 2, Bedroom 3
Exterior features
Lighting
Subdivision
City Of Lapeer R Lapeer Village
Elementary school district
Lapeer
Middle school district
Lapeer
High school district
Lapeer
Directions
Court to Park, second house west of Park.
Standard status
Active
APN
L202050004000
Size
1,621 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
CITY OF LAPEER LAPEER VILLAGE PLAT SW'LY 60 FT OF NE'LY 120 FT OF BLK KNOWN AS "CONGREGATIONAL CHURCH LOT" (L=1 P=73 SEC 5, T7N-R10E)
Tax Annual Amount
2062
Legal Description
CITY OF LAPEER LAPEER VILLAGE PLAT SW'LY 60 FT OF NE'LY 120 FT OF BLK KNOWN AS "CONGREGATIONAL CHURCH LOT" (L=1 P=73 SEC 5, T7N-R10E)
Utilities
Heating system
Forced Air
Water source
Public
Building Details
Year built
1890
Floors in Building
2
Number of units
2
Building materials
Wood
Architectural style
Other
Listing Agency:
Exit Realty Group
(810) 245-2600
Listed By:
Jeanne McCorkle · License #6501288248
(810) 245-2600
Added: Apr 23
Changed: Jul 28
Last Checked: Aug 1 at 5:06AM
MLS# 20261027917
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.
Investment Insights
Based on property information with market context.
This fully rented duplex is located in Lapeer, Michigan, and presents an investment opportunity. The main floor unit includes 2 bedrooms, hardwood floors, an updated bathroom, and a laundry area, with access to a side porch and garage. The upper unit features an open layout. Appliances, including refrigerators and stoves, are included. The property is zoned for multi-family use and is situated on a lot of 0.17 acres. The building size is 1,621 square feet.
Key Highlights
- Fully rented 2‑unit duplex at 220/222 W Park St, Lapeer
- Built in 1890 with wood construction and forced‑air heating
- Main‑floor unit includes 2 bedrooms, hardwood floors, an updated bathroom, and a laundry area
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $26.5k | $16.32 |
| − Vacancy | −$503 | −$0.31 |
| EGI | $26.0k | $16.01 |
| − OpEx | −$7.8k | −$4.80 |
| NOI | $18.2k | $11.21 |
1,621 SF · lease $16.32/SF/yr · vacancy 1.90% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$259.5K
$227.1K – $302.8K
NOI $18,166 @ 7.0% cap · market cap 9.17%
Second Best
Apartment 5plus
$210.4K
$184.1K – $245.5K
NOI $14,731 @ 7.0% cap · market cap 7.44%
Theoretical Best
Healthcare Medical
$265.5K
$232.3K – $309.7K
NOI $18,582 @ 7.0% cap · market cap 9.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
908
Businesses Nearby
Explore this area
Business Placement
Demographics for 48446, MI
30,788
Population
12,797
Households
2.4
Avg Household Size
45
Median Age
20%
College-Educated
93%
High-School Grad
121.9 sq mi
ZIP Area
253
Density / Sq Mi
$66,382
Median Household Income
$40,263
Median Earnings
$976
Median Rent
$206,300
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 - Fully rented duplex in Lapeer, Michigan, great investment opportunity.
Where is this duplex located?
The property is located at 220 W Park Street Lapeer, MI.
What is the asking price?
The asking price for this property is $198,000.
What are key features of this property?
This property features: Fully rented 2‑unit duplex at 220/222 W Park St, Lapeer; Built in 1890 with wood construction and forced‑air heating; Main‑floor unit includes 2 bedrooms, hardwood floors, an updated bathroom, and a laundry area
