4-Unit Garden-Style Brick
For Sale
$425,000
Pending
2311 22nd Street, Bay City, MI 48708
MULTIFAMILY, Bay City, MI
Property Size3,132 SF
Lot Size0.28 Acres
Days on Market327
Property Features for 2311 22nd Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Basement, Bedroom 6, Bathroom 2, Bedroom 7, Bedroom 5, Bedroom 3, Bathroom 1, Bedroom 8, Bathroom 3, Bedroom 1, Bedroom 4, Bathroom 4
Elementary school district
Bay City School District
Middle school district
Bay City School District
High school district
Bay City School District
Subdivision
Bay City (09016)
Standard status
Pending
APN
160-027-364-006-00
Size
3,132 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Annual Amount
3542
Building Details
Year built
1962
Floors in Building
1
Number of units
4
Listing Agency:
HomeCoin.com
(888) 400-2513
Listed By:
Jonathan Minerick · License #B.1003079.CORP
(888) 400-2513
Added: Sep 30, 2025
Changed: Aug 19
Last Checked: Aug 22 at 8:06AM
MLS# 50189995
Copyright © 2026 Multiple Listing Service MiRealSource. 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 purpose-built brick garden-style quadplex offers four well-proportioned units in a single 4-unit building. The property totals approximately 3,132 square feet and is comprised of four 2-bedroom, 1-bath units, each with approximately 783 square feet of living space. Every unit includes a full basement with washer/dryer hookups.
Utilities are separately metered and tenant-paid, supporting straightforward unit-level responsibility. The property was built in 1962 and sits on an approximately 0.28-acre lot. The location is described as convenient to Bay City amenities, including a hospital, schools, shopping, and restaurants.
With its unit configuration and tenant-paid utilities, this quadplex is positioned for investors seeking a simple, repeatable residential income setup.
Utilities are separately metered and tenant-paid, supporting straightforward unit-level responsibility. The property was built in 1962 and sits on an approximately 0.28-acre lot. The location is described as convenient to Bay City amenities, including a hospital, schools, shopping, and restaurants.
With its unit configuration and tenant-paid utilities, this quadplex is positioned for investors seeking a simple, repeatable residential income setup.
Key Highlights
- Approximately 3,132 sq. ft. purpose‑built brick garden‑style quadplex on a 0.28‑acre lot
- Four units total, each with approximately 2‑bedroom and 1‑bath layout
- Approx. 783 sq. ft. of living space per unit
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
$18,311
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
4.31%
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%
$366,220
$366.2K
Cap Rate 7%
$261,586
$261.6K
Cap Rate 9%
$203,456
$203.5K
Market Conditions
NOI Build-Up for 3,132 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
$28.2K $9.00/SF
− Vacancy
−$2.0K −$0.65/SF
EGI
$26.2K $8.35/SF
− OpEx
−$7.8K −$2.51/SF
NOI
$18.3K $5.85/SF
Area
Bay County, MI
Vacancy
7.20%
Lease Rate
$9.00 /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%
$366,220
Cap Rate 7%
$261,586
Cap Rate 9%
$203,456
Alternative Uses
Best Use
Multifamily LT 5
$261.6K
$228.9K – $305.2K
NOI $18,311 @ 7.0% cap · market cap 4.31%
Second Best
Apartment 5plus
$245.8K
$215.1K – $286.8K
NOI $17,208 @ 7.0% cap · market cap 4.05%
Theoretical Best
Office A
$567.0K
$496.1K – $661.5K
NOI $39,689 @ 7.0% cap · market cap 9.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
289
Businesses Nearby
Explore this area
Business Placement
Demographics for 48708, MI
25,860
Population
12,625
Households
2
Avg Household Size
41
Median Age
17%
College-Educated
89%
High-School Grad
29.1 sq mi
ZIP Area
889
Density / Sq Mi
$50,216
Median Household Income
$31,978
Median Earnings
$703
Median Rent
$98,500
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?
Quadplex - Purpose-built brick quadplex with four 2-bedroom, 1-bath units and separately metered, tenant-paid utilities.
Where is this quadplex located?
The property is located at 2311 22nd Street Bay City, MI.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Approximately 3,132 sq. ft. purpose‑built brick garden‑style quadplex on a 0.28‑acre lot; Four units total, each with approximately 2‑bedroom and 1‑bath layout; Approx. 783 sq. ft. of living space per unit
