Updated Duplex with Two
New
For Sale
$394,000
7228 S M-88, Bellaire, MI 49615
Multi-Family, Duplex, Raised Ranch, 1 Story, Bellaire, MI
Property Size1,784 SF
Lot Size1.00 Acre
Price / SF$220.85
Days on Market6
Property Features for 7228 S M-88
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Not Zoned
Zoning description
Not Zoned
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bedroom 2, Bedroom 3, Bathroom 1
Patio and Porch features
Deck, Patio
Interior features
Great Room, Solid Surface Counters, Drywall
Exterior features
Deck, Countryside View, Patio
Appliances
Refrigerator, Oven/Range, Washer, Dryer, Exhaust Fan, Electric water Heater
Elementary school district
Bellaire Public Schools
Middle school district
Bellaire Public Schools
High school district
Bellaire Public Schools
Directions
From Bellaire South on M-88 approximately 4 miles to property on south side of road. Property is across from the campground.
Subdivision
Antrim
Standard status
Active
Size
1,784 SF
Lot size
1.00 Acre
Taxes and HOA fees
Tax Description
Part of: COM AT THE W 1/4 COR OF SEC 8; TH S 89 DEG E 1707.41 FT ALG E-W 1/4 LINE & C/L OF S M-88 HWY TO POB; TH CONT S 89 DEG E 300 FT; TH S 00 DEG E 270 FT; TH N 89 DEG W 300 FT; TH N 00 DEG W 270 FT TO POB; BEING PART OF THE SW 1/4 SEC 8 T29N R7W
Tax Annual Amount
2738
Legal Description
Part of: COM AT THE W 1/4 COR OF SEC 8; TH S 89 DEG E 1707.41 FT ALG E-W 1/4 LINE & C/L OF S M-88 HWY TO POB; TH CONT S 89 DEG E 300 FT; TH S 00 DEG E 270 FT; TH N 89 DEG W 300 FT; TH N 00 DEG W 270 FT TO POB; BEING PART OF THE SW 1/4 SEC 8 T29N R7W
Utilities
Sewer type
Shared Septic
Water source
Private
Amenities
laundry
Building Details
Year built
1998
Floors in Building
1
Number of units
2
Building materials
Frame
Roof type
Asphalt
Architectural style
Ranch, Other
Listing Agency:
Keller Williams Northern Michigan · Keller Williams Realty
(231) 947-8200
Listed By:
Julia Pietrowicz · License #6502372398
(231) 360-0739
Added: Aug 17
Changed: Aug 22
Last Checked: Aug 22 at 6:06PM
MLS# 1949522
Copyright © 2026 Northern Great Lakes Realtors MLS. 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 1,784-square-foot ranch-style duplex contains two units on a 1-acre parcel. The property was renovated throughout a couple of years ago, with updated windows, plumbing, electrical systems, kitchens, appliances, and bathrooms. Interior finishes include wood, tile, and LVP flooring, along with solid surface counters and drywall. Laundry accommodations are provided on both levels, including a dedicated lower-level laundry room and laundry in the upstairs bathroom.
The residence includes three bedrooms and two bathrooms, plus a deck and patio with countryside views. One lower-level bedroom is currently non-conforming; the property information notes that an egress window could be added. Built in 1998, the home has a frame structure, asphalt roof, private water, and shared septic. The parcel is identified as Not Zoned and is located across from a campground at 7228 S M-88 in Bellaire, Michigan.
The residence includes three bedrooms and two bathrooms, plus a deck and patio with countryside views. One lower-level bedroom is currently non-conforming; the property information notes that an egress window could be added. Built in 1998, the home has a frame structure, asphalt roof, private water, and shared septic. The parcel is identified as Not Zoned and is located across from a campground at 7228 S M-88 in Bellaire, Michigan.
Key Highlights
- Two‑unit duplex totaling 1,784 square feet
- 1‑acre parcel identified as Not Zoned
- Renovated a couple of years ago with updated windows, plumbing, electrical, kitchens, and bathrooms
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
$14,064
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
3.57%
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%
$281,280
$281.3K
Cap Rate 7%
$200,914
$200.9K
Cap Rate 9%
$156,267
$156.3K
Market Conditions
NOI Build-Up for 1,784 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 $13.08/SF
− Vacancy
−$3.2K −$1.82/SF
EGI
$20.1K $11.26/SF
− OpEx
−$6.0K −$3.38/SF
NOI
$14.1K $7.88/SF
Area
Antrim County, MI
Vacancy
13.90%
Lease Rate
$13.08 /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%
$281,280
Cap Rate 7%
$200,914
Cap Rate 9%
$156,267
Alternative Uses
Best Use
Multifamily LT 5
$200.9K
$175.8K – $234.4K
NOI $14,064 @ 7.0% cap · market cap 3.57%
Second Best
Apartment 5plus
$192.1K
$168.1K – $224.2K
NOI $13,449 @ 7.0% cap · market cap 3.41%
Theoretical Best
Office A
$317.5K
$277.8K – $370.4K
NOI $22,224 @ 7.0% cap · market cap 5.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
14
Businesses Nearby
Explore this area
Business Placement
Demographics for 49615, MI
4,161
Population
3,575
Households
1.2
Avg Household Size
57
Median Age
44%
College-Educated
97%
High-School Grad
68.4 sq mi
ZIP Area
61
Density / Sq Mi
$78,750
Median Household Income
$38,635
Median Earnings
$775
Median Rent
$257,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Ranch-style duplex with refreshed kitchens, remodeled bathrooms, and laundry accommodations serving both units.
Where is this duplex located?
The property is located at 7228 S M-88 Bellaire, MI.
What is the asking price?
The asking price for this property is $394,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,784 square feet; 1‑acre parcel identified as Not Zoned; Renovated a couple of years ago with updated windows, plumbing, electrical, kitchens, and bathrooms
