Updated Duplex with Ranch
New
For Sale
$394,000
7228 S M-88, Bellaire, MI 49615
Single Family, Raised Ranch, Duplex, 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
Property subtype
Duplex
Zoning
Outbuildings Allowed
Zoning description
Outbuildings Allowed
Bedrooms
2
Bathrooms
2
Rooms
Bathroom 2, Family Room, Bedroom 2, Dining Room, Bedroom 1, Bathroom 1
Patio and Porch features
Patio, Deck
Interior features
Solid Surface Counters, Drywall
Exterior features
Deck, Patio, Countryside View
Appliances
Refrigerator, Oven/Range, Washer, Dryer, Exhaust Fan, Electric Water Heater, Smoke Alarms(s)
Lot features
Metes and Bounds, Wooded- Hardwoods, Cleared, Wooded, Level, Rolling
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
Metes and Bounds
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
Building Details
Year built
1998
Floors in Building
1
Building materials
Frame
Roof type
Asphalt
Architectural style
Other, Ranch
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# 1949524
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 sits on a 1-acre parcel and contains two residential units. The interior has been substantially renovated, with wood, tile, and LVP flooring, replacement windows, updated plumbing and electrical systems, contemporary kitchens with newer appliances, and remodeled bathrooms. Laundry is provided on both levels, including an upstairs bathroom setup and a separate lower-level laundry room.
The lower level includes one bedroom identified as non-conforming; an egress window could be added for improved functionality. The layout can also serve as a single-family residence. Exterior features include a deck and patio, while the property uses a private water source and shared septic system. It is located across from a campground near Bellaire, Michigan. The residence currently shares its parcel with a retail building and pole building, and the seller will divide the property before closing.
The lower level includes one bedroom identified as non-conforming; an egress window could be added for improved functionality. The layout can also serve as a single-family residence. Exterior features include a deck and patio, while the property uses a private water source and shared septic system. It is located across from a campground near Bellaire, Michigan. The residence currently shares its parcel with a retail building and pole building, and the seller will divide the property before closing.
Key Highlights
- 1,784‑square‑foot duplex on a 1‑acre parcel
- Two residential units with ranch‑style layout
- Renovated kitchens, bathrooms, plumbing, electrical, and windows
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 - Two residential units include remodeled kitchens, bathrooms, and dedicated laundry areas.
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: 1,784‑square‑foot duplex on a 1‑acre parcel; Two residential units with ranch‑style layout; Renovated kitchens, bathrooms, plumbing, electrical, and windows
