Two-Unit Duplex Near
New
For Sale
$229,900
29 Monroe Street, Hillsdale, MI 49242
Multi Family, Hillsdale, MI
Property Size2,852 SF
Lot Size0.18 Acres
Price / SF$80.61
Days on Market2
Property Features for 29 Monroe Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Full bathrooms
2
Rooms
Bedroom 5, Bedroom 6, Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 3, Bedroom 1, Bedroom 4, Basement
Parking
2
Lot features
Level, Corner Lot
Elementary school district
Hillsdale
Middle school district
Hillsdale
High school district
Hillsdale
Directions
NW corner of Manning and Monroe
Standard status
Active
APN
3000622723008
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2832
Utilities
Utilities
Natural Gas Available
Heating system
Forced Air
Cooling system
Window Unit(s)
Building Details
Year built
1915
Number of units
2
Building materials
Vinyl Siding
Roof type
Composition
Listing Agency:
Christie Plemmons Realty
(517) 398-0268
Listed By:
Christie M Plemmons · License #6505379808
(517) 398-0268
Added: Aug 20
Last Checked: Aug 21 at 8:06AM
MLS# 26044079
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 1915 duplex offers 2,852 square feet of interior space on a 0.18-acre lot, with a layout that supports either separate-unit occupancy or conversion to a six-bedroom single-family residence. The main level includes four bedrooms, a full bathroom, laundry, a living room, kitchen, dining area, and an additional kitchen area toward the rear. The rear portion connects to the upper level, where two more bedrooms, a second full bathroom, laundry, and a study or recreation area are located. A basement provides additional access and storage space.
The property is within walking distance of Hillsdale College and downtown Hillsdale. The front unit is leased for the 2026/2027 school year. Vinyl siding, composition roofing, forced-air heating, window-unit cooling, and natural gas availability are included among the property features.
The property is within walking distance of Hillsdale College and downtown Hillsdale. The front unit is leased for the 2026/2027 school year. Vinyl siding, composition roofing, forced-air heating, window-unit cooling, and natural gas availability are included among the property features.
Key Highlights
- 2,852 square feet of interior space on a 0.18‑acre lot
- Currently configured as a 2 unit duplex
- Layout can be converted to a 6 bedroom, 2 full bath single‑family residence
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
$19,447
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
8.46%
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%
$388,940
$388.9K
Cap Rate 7%
$277,814
$277.8K
Cap Rate 9%
$216,078
$216.1K
Market Conditions
NOI Build-Up for 2,852 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
$29.1K $10.20/SF
− Vacancy
−$1.3K −$0.46/SF
EGI
$27.8K $9.74/SF
− OpEx
−$8.3K −$2.92/SF
NOI
$19.4K $6.82/SF
Area
Hillsdale County, MI
Vacancy
4.50%
Lease Rate
$10.20 /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%
$388,940
Cap Rate 7%
$277,814
Cap Rate 9%
$216,078
Alternative Uses
Best Use
Multifamily LT 5
$277.8K
$243.1K – $324.1K
NOI $19,447 @ 7.0% cap · market cap 8.46%
Second Best
Apartment 5plus
$258.1K
$225.9K – $301.2K
NOI $18,070 @ 7.0% cap · market cap 7.86%
Theoretical Best
Specialty Retail
$453.2K
$396.5K – $528.7K
NOI $31,721 @ 7.0% cap · market cap 13.80%
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
720
Businesses Nearby
Explore this area
Business Placement
Demographics for 49242, MI
14,812
Population
6,687
Households
2.2
Avg Household Size
38
Median Age
25%
College-Educated
93%
High-School Grad
90.6 sq mi
ZIP Area
163
Density / Sq Mi
$57,813
Median Household Income
$28,886
Median Earnings
$770
Median Rent
$182,900
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 - Flexible interior arrangement includes two kitchens, two full baths, laundry areas, and multiple living spaces.
Where is this duplex located?
The property is located at 29 Monroe Street Hillsdale, MI.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: 2,852 square feet of interior space on a 0.18‑acre lot; Currently configured as a 2 unit duplex; Layout can be converted to a 6 bedroom, 2 full bath single‑family residence
