Duplex with Separate Living
For Sale
$113,000
Pending
702 S Warner Street, Bay City, MI 48706
MULTIFAMILY, Bay City, MI
Property Size1,567 SF
Lot Size0.11 Acres
Days on Market14
Property Features for 702 S Warner Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Multi-Family
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 2, Bedroom 4, Bedroom 2, Bathroom 1, Basement, Bedroom 1
Patio and Porch features
Porch
Interior features
Cable/Internet Avail.
Exterior features
Porch, Sidewalks
Appliances
Range/Oven, Refrigerator
Subdivision
Zagelmeyer & COS
Lot features
Subdivision, Platted
Elementary school district
Bay City School District
Middle school district
Bay City School District
High school district
Bay City School District
Standard status
Pending
APN
160-029-127-007-00
Size
1,567 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
2433
Utilities
Heating system
Forced Air
Water source
Public
Building Details
Year built
1890
Floors in Building
2
Number of units
2
Architectural style
Colonial
Listing Agency:
Century 21 Signature Realty · Century 21 Real Estate
(989) 921-7000
Listed By:
Connie Reppuhn · License #6501253246
(989) 239-2895
Added: Aug 13
Changed: Aug 25
Last Checked: Aug 26 at 5:06PM
MLS# 50218434
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 1,567-square-foot duplex in Bay City offers distinct upper and lower living spaces within a Colonial-style residence built in 1890. The floor plan includes four bedrooms, two bathrooms, and a basement, with forced-air heating serving the property. A porch, sidewalk access, range/oven, and refrigerator are also included.
The property occupies 0.11 acres at 702 S Warner Street in Bay City, Michigan. Public water service is available, and cable/internet service is noted as available. The separate living areas provide a clearly defined multi-unit configuration for residential ownership or rental use.
The property occupies 0.11 acres at 702 S Warner Street in Bay City, Michigan. Public water service is available, and cable/internet service is noted as available. The separate living areas provide a clearly defined multi-unit configuration for residential ownership or rental use.
Key Highlights
- 1,567‑square‑foot duplex with separate upper and lower living spaces
- Four bedrooms, two bathrooms, and a basement
- 0.11‑acre property at 702 S Warner Street, Bay City, MI 48706
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
$9,161
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
8.11%
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%
$183,220
$183.2K
Cap Rate 7%
$130,871
$130.9K
Cap Rate 9%
$101,789
$101.8K
Market Conditions
NOI Build-Up for 1,567 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
$14.1K $9.00/SF
− Vacancy
−$1.0K −$0.65/SF
EGI
$13.1K $8.35/SF
− OpEx
−$3.9K −$2.51/SF
NOI
$9.2K $5.85/SF
Area
Bay County, MI
Vacancy
7.20%
Lease Rate
$9.00 /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%
$183,220
Cap Rate 7%
$130,871
Cap Rate 9%
$101,789
Alternative Uses
Best Use
Multifamily LT 5
$130.9K
$114.5K – $152.7K
NOI $9,161 @ 7.0% cap · market cap 8.11%
Second Best
Apartment 5plus
$123.0K
$107.6K – $143.5K
NOI $8,610 @ 7.0% cap · market cap 7.62%
Theoretical Best
Office A
$283.7K
$248.2K – $331.0K
NOI $19,857 @ 7.0% cap · market cap 17.57%
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
646
Businesses Nearby
Explore this area
Business Placement
Demographics for 48706, MI
39,381
Population
18,163
Households
2.2
Avg Household Size
45
Median Age
24%
College-Educated
93%
High-School Grad
66.3 sq mi
ZIP Area
594
Density / Sq Mi
$61,908
Median Household Income
$40,151
Median Earnings
$887
Median Rent
$142,300
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 - Colonial-style property with upper and lower living areas, a porch, basement, and public water service.
Where is this duplex located?
The property is located at 702 S Warner Street Bay City, MI.
What is the asking price?
The asking price for this property is $113,000.
What are key features of this property?
This property features: 1,567‑square‑foot duplex with separate upper and lower living spaces; Four bedrooms, two bathrooms, and a basement; 0.11‑acre property at 702 S Warner Street, Bay City, MI 48706
