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    Multi-Unit Investment Opportunity Title is generated by Realmo AI

    5459 Coan Street NE, Sand Lake, MI 49343

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    Claim this Listing
    Pending
    $329,900

    MULTI_FAMILY - Sand Lake, MI

    Lot size:
    1.67 Acres
    Added:
    Apr 14, 2026
    Days on Market:
    25
    Last Refresh:
    May 8 at 8:06 pm

    Property Features for 5459 Coan Street NE

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    5
    Rooms
    Bedroom 2, Bathroom 3, Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 5, Bedroom 3, Bedroom 4
    Parking
    4
    Parking features
    Paved or Surfaced
    Basement
    Crawl Space
    Standard status
    Pending
    APN
    410318200014
    Lot size
    1.67 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    THAT PART OF S 230 FT OF W 19 A. OF NE 1/4 NE 1/4 LYING ELY OF ELY LINE OF NORTHLAND DR EX E 100 FT * SEC 18 T10N R10W 1.67 A.
    Tax Annual Amount
    2110

    Utilities

    Sewer type
    Septic Tank
    Heating system
    Forced Air
    Cooling system
    Central Air
    Water source
    Well

    Building Details

    Year built
    1940
    Number of units
    3
    Building materials
    Vinyl Siding
    Roof type
    Composition

    We can help!

    Listing Contact
    Mark S Hoskins
    Mark S Hoskins

    Listing agent Mark S Hoskins

    Listing office Berkshire Hathaway HomeServices Michigan Real Estate (Rock) 502 Northland Drive, Grand Rapids, MI

    Listing date Apr 14, 2026

    MLS# 26015301 Listing URL

    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.

    HighLights

    • Multi‑unit property with income potential between Cedar Springs and Sand Lake.
    • Main residence is an updated duplex with separate units.
    • Includes a 2‑bedroom mobile home with value‑add potential.
    • Features a large 40x60 pole barn (new roof 2025) for storage or additional revenue.
    • New roof (2023) and two new gas water heaters (2023) provide peace of mind.
    • Separate utilities for each unit (shared septic for the main house).

    Overview

    This multi-dwelling property, situated between Cedar Springs and Sand Lake, presents a versatile income opportunity. The main residence is an updated duplex, featuring a 2-bedroom, 1-bath unit and a 1-bedroom, 1-bath unit. Recent updates include a new roof installed in 2023 and two new gas water heaters, also installed in 2023. Additionally, the property includes a 2-bedroom, 1-bath mobile home with its own septic system, presenting value-add potential with new flooring and minor updates. A 40x60 pole barn, with a new roof planned for 2025, and a 2-story garage with a hip roof provide storage and additional revenue streams. The units have separate utilities, with a shared septic system for the main house. This expansive 1.67-acre property offers the infrastructure and acreage to succeed, whether for portfolio expansion or owner-occupancy with mortgage offset.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Storage Facility Grocery & Convenience Store Nursing Home Nursing Home

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Sand Lake
    County
    St. Clair
    State
    Michigan
    Longitude
    -85.534771
    Latitude
    43.260498

    FAQs

    What type of property is this?
    Multifamily property - Multi-unit property on 1.67 acres between Cedar Springs and Sand Lake.
    Where is this multifamily property located?
    The property is located at 5459 Coan Street NE Sand Lake, MI.
    What is the asking price?
    The asking price for this property is $329,900.
    What are key features of this property?
    This property features: Multi‑unit property with income potential between Cedar Springs and Sand Lake.; Main residence is an updated duplex with separate units.; Includes a 2‑bedroom mobile home with value‑add potential.
    (616) 893-9422
    We can help!
    Listing Contact
    Mark S Hoskins
    Mark S Hoskins
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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