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    701 Center Ave Bay City, MI 48708

    View on Map
    Sponsored
    For Sale
    $819,900

    MULTI_FAMILY - Bay City, MI

    Lot size:
    0.33 Acres
    Days on Market:
    132
    Last Refresh:
    Mar 8 at 12:06 am

    Property Features for 701 Center Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bathroom 8, Bedroom 8, Bedroom 1, Bedroom 2, Bedroom 11, Bedroom 12, Bedroom 10, Bathroom 11, Bedroom 17, Bathroom 13, Bedroom 7, Bathroom 9, Bathroom 6, Bathroom 16, Bathroom 4, Bedroom 3, Bathroom 14, Bedroom 4, Bedroom 15, Bedroom 13, Bathroom 5, Basement, Bedroom 6, Bathroom 15, Bedroom 16, Bedroom 9, Bathroom 12, Bathroom 7, Bedroom 5, Bathroom 1, Bathroom 3, Bathroom 2, Bathroom 10, Bedroom 14
    Bedrooms
    17
    APN
    160-021-454-003-00
    Parking
    17
    Parking features
    Paved or Surfaced
    Basement
    Full
    Lot size
    0.33 Acres

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer
    Heating system
    Forced Air, Hot Water(Heating)

    Building Details

    Year built
    1870
    Number of units
    16
    Building materials
    Brick

    We can help!

    Listing Contact
    Drew Denham

    Grand Rapids North Market Center, LLC (616) 447-9100

    Listing agent Drew Denham (616) 232-0853

    Listing date Oct 28, 2025

    MLS# 25008700 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.

    Learn more

    Property Insight Report

    Overview

    Historic Bay City Multifamily Property

    Located in Bay City, this restored Second Empire home, constructed in 1876, features 16 units, including 5 one-bedroom units, 1 two-bedroom unit, and 10 studio apartments. The property blends historic architectural details, such as a grand staircase, ornate plasterwork, and fireplaces, with modern upgrades. Recent improvements include a new roof, refinished windows, and new gutters. The property also offers off-street parking and on-site laundry facilities. The boiler heat system is efficient, with gas, water, and sewer expenses covered by the owner. Currently, 10 units operate as Airbnbs, presenting high upside potential, while the remaining units are leased to long-term tenants, providing a steady income stream and opportunities for future growth. Situated steps from downtown Bay City, the property provides walkable access to dining, shopping, and entertainment. The lot size is 0.33 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Short term rental ...

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Bay City
    County
    Bay
    State
    Michigan
    Longitude
    -83.883085
    Latitude
    43.597979

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    FAQs

    What type of property is this?
    Apartment building - Restored 16-unit property near downtown with Airbnb potential.
    Where is this apartment building located?
    The property is located at 701 Center Ave Bay City, MI.
    What is the asking price?
    The asking price for this property is $819,900.
    What are key features of this property?
    This property features: - Prime location in downtown Bay City, offering walkable access to dining, shopping, and entertainment.; - Significant income potential with 10 units operating as high-performing Airbnbs and additional long-term rental units.; - Historically significant Second Empire home built in 1876, featuring preserved architectural details.
    (616) 920-1953
    Request Owner's contact information
    701 Center Ave Bay City, MI 48708
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    Bay City, MI 48708
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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
    701 Center Ave Bay City, MI 48708
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    We can help!
    Listing Contact
    Drew Denham
    Real Estate License ID: 6506047679
    (616) 920-1953 (616) 232-0853 (616) 447-9100
    Learn more
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