Four-Unit Multifamily
For Sale
$251,500
321 S 13th Street, Escanaba, MI 49829
MULTIFAMILY, 2 Story, Escanaba, MI
Property Size2,284 SF
Lot Size0.16 Acres
Price / SF$110.11
Days on Market27
Property Features for 321 S 13th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Multi-Family
Bedrooms
6
Bathrooms
5
Full bathrooms
5
Rooms
Basement, Bathroom 5, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 3, Bedroom 4, Bathroom 4, Bedroom 5, Bedroom 6, Bedroom 1, Bedroom 2
Patio and Porch features
Deck
Exterior features
Deck
Elementary school district
Escanaba Area Public Schools
Middle school district
Escanaba Area Public Schools
High school district
Escanaba Area Public Schools
Subdivision
Escanaba (21010)
Standard status
Active
Size
2,284 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2877
Utilities
Heating system
Hot Water(Heating)
Cooling system
Wall/Window Unit(s)
Water source
Public
Amenities
deck
exterior shed
Building Details
Year built
1898
Floors in Building
2
Number of units
4
Architectural style
Other
Listing Agency:
KEY REALTY DELTA COUNTY LLC
(906) 233-7455
Listed By:
LUCAS GESTWICKI · License #6501433737
(906) 280-0570
Added: Aug 12
Changed: Sep 7
Last Checked: Sep 7 at 9:06PM
MLS# 50218479
Copyright © 2026 Upper Peninsula Association of Realtors. 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 multifamily property comprises two duplex buildings on a 0.16-acre lot, with 2,284 square feet of building area. The front duplex includes a four-bedroom, two-bath unit and a basement studio, while the rear duplex contains one one-bedroom, one-bath unit and one two-bedroom, one-bath unit. A wraparound deck extends along the south side of the front building, and an 8' x 12' exterior shed provides additional storage.
Both roofs have been replaced since 2019, and the front duplex has new windows. The property was built in 1898 and is served by public water. Heating is provided by hot water systems, with wall/window unit cooling.
Both roofs have been replaced since 2019, and the front duplex has new windows. The property was built in 1898 and is served by public water. Heating is provided by hot water systems, with wall/window unit cooling.
Key Highlights
- Four‑unit multifamily property with two duplex buildings
- 2,284 square feet on a 0.16‑acre lot
- Front duplex includes a 4 bed, 2 bath unit and a basement studio
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
$15,085
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
6.00%
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%
$301,700
$301.7K
Cap Rate 7%
$215,500
$215.5K
Cap Rate 9%
$167,611
$167.6K
Market Conditions
NOI Build-Up for 2,284 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
$23.3K $10.20/SF
− Vacancy
−$1.7K −$0.77/SF
EGI
$21.5K $9.44/SF
− OpEx
−$6.5K −$2.83/SF
NOI
$15.1K $6.60/SF
Area
Delta County, MI
Vacancy
7.50%
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%
$301,700
Cap Rate 7%
$215,500
Cap Rate 9%
$167,611
Alternative Uses
Best Use
Multifamily LT 5
$215.5K
$188.6K – $251.4K
NOI $15,085 @ 7.0% cap · market cap 6.00%
Second Best
Apartment 5plus
$200.3K
$175.2K – $233.7K
NOI $14,019 @ 7.0% cap · market cap 5.57%
Theoretical Best
Office A
$447.1K
$391.2K – $521.6K
NOI $31,298 @ 7.0% cap · market cap 12.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
627
Businesses Nearby
Explore this area
Business Placement
Demographics for 49829, MI
17,009
Population
8,729
Households
1.9
Avg Household Size
45
Median Age
19%
College-Educated
90%
High-School Grad
66.8 sq mi
ZIP Area
255
Density / Sq Mi
$45,808
Median Household Income
$31,366
Median Earnings
$667
Median Rent
$139,000
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?
Multifamily property - Two duplex buildings share a 0.16-acre lot with updated roofs, front-unit windows, and outdoor deck space.
Where is this multifamily property located?
The property is located at 321 S 13th Street Escanaba, MI.
What is the asking price?
The asking price for this property is $251,500.
What are key features of this property?
This property features: Four‑unit multifamily property with two duplex buildings; 2,284 square feet on a 0.16‑acre lot; Front duplex includes a 4 bed, 2 bath unit and a basement studio
