Two-Home Ranch Estate with Pole
For Sale
$299,900
494 W Barnes Lake Road, Columbiaville, MI 48421
MULTIFAMILY, Columbiaville, MI
Property Size2,200 SF
Lot Size10.00 Acres
Price / SF$136.32
Days on Market162
Property Features for 494 W Barnes Lake Road
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning description
Residential
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 5, Bedroom 1, Bathroom 1, Bathroom 2, Bedroom 3, Bedroom 4, Bedroom 2
Exterior features
Fenced Yard, Garden Area
Fencing
Fenced
Appliances
Dryer, Microwave, Range/Oven, Refrigerator, Washer
Lot features
Rural, Deep Lot - 150+ Ft., Large Lot - 65+ Ft., Ravine, Treed
Elementary school district
North Branch Area Schools
Middle school district
North Branch Area Schools
High school district
North Branch Area Schools
Subdivision
Deerfield Twp (44007)
Standard status
Active
APN
006-018-013-00
Size
2,200 SF
Lot size
10.00 Acres
Taxes and HOA fees
Tax Annual Amount
2262
Utilities
Heating system
Forced Air
Water source
Private
Water front
1
Building Details
Year built
1920
Floors in Building
1
Architectural style
Ranch
Listing Agency:
REMAX Edge · RE/MAX International
(810) 653-5020
Listed By:
Stephanie Leland · License #122909
(810) 656-4984
Added: Mar 18
Changed: Aug 19
Last Checked: Aug 26 at 7:06AM
MLS# 50202243
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 for-sale ranch estate includes two separate homes on approximately 10 acres, along with a 24-by-40 pole barn. The primary residence features three bedrooms, a large open-concept living area, and a primary suite with built-in bathroom elements and ample closet space. Interior details include custom metal and woodwork, with fresh paint and modern vinyl plank flooring. Outdoor space is set up with separate fenced-in areas for gardening and pets, including a pet door for convenient indoor-outdoor access.
The property is positioned just 50 feet from the pavement and is within the North Branch School District. The grounds include private wooded trails, a serene cedar swamp, and direct frontage on the Flint River.
Natural gas is available on-site, and the property is available by appointment for showing.
The property is positioned just 50 feet from the pavement and is within the North Branch School District. The grounds include private wooded trails, a serene cedar swamp, and direct frontage on the Flint River.
Natural gas is available on-site, and the property is available by appointment for showing.
Key Highlights
- 10‑acre estate within North Branch School District, about 50 feet from the pavement
- Two separate homes plus a 24 x 40 pole barn for flexible multi‑generational or rental setups
- Direct frontage on the Flint River with private wooded trails and a cedar swamp
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
$19,993
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
6.67%
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%
$399,860
$399.9K
Cap Rate 7%
$285,614
$285.6K
Cap Rate 9%
$222,144
$222.1K
Market Conditions
NOI Build-Up for 2,200 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
$37.1K $16.86/SF
− Vacancy
−$742 −$0.34/SF
EGI
$36.4K $16.52/SF
− OpEx
−$16.4K −$7.44/SF
NOI
$20.0K $9.09/SF
Area
Lapeer County, MI
Vacancy
2.00%
Lease Rate
$16.86 /SF/Yr
Expense Ratio
45.00%
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%
$399,860
Cap Rate 7%
$285,614
Cap Rate 9%
$222,144
Alternative Uses
Best Use
Apartment 5plus
$285.6K
$249.9K – $333.2K
NOI $19,993 @ 7.0% cap · market cap 6.67%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$360.3K
$315.2K – $420.3K
NOI $25,219 @ 7.0% cap · market cap 8.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5
Businesses Nearby
Explore this area
Business Placement
Demographics for 48421, MI
6,656
Population
2,987
Households
2.2
Avg Household Size
45
Median Age
20%
College-Educated
94%
High-School Grad
41.5 sq mi
ZIP Area
160
Density / Sq Mi
$69,597
Median Household Income
$38,368
Median Earnings
$698
Median Rent
$208,100
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 - For sale on 10 acres with two homes, natural gas, and a 24 by 40 pole barn near Flint River frontage.
Where is this multifamily property located?
The property is located at 494 W Barnes Lake Road Columbiaville, MI.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: 10‑acre estate within North Branch School District, about 50 feet from the pavement; Two separate homes plus a 24 x 40 pole barn for flexible multi‑generational or rental setups; Direct frontage on the Flint River with private wooded trails and a cedar swamp
