Renovated
For Sale
$147,000
1015 S Webster St, Saginaw, MI 48602
Two separately metered residences are leased and share garage storage.
Property Size1,835 SF
Days on Market59
Property Features for 1015 S Webster St
General Information
Standard status
Active
Size
1,835 SF
Property subtype
Investment
Occupancy
100%
Additional Details
Gross Income
$23,400
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,213
Amenities
garage storage
Building Details
Building Size
1,835 SF
Year Built
1904
Units
2
Listing Agency:
(989) 721-4241
Listed By:
Alyssa LaRose
(989) 721-4241
Source:
Elliman
Added: Jul 4
Changed: Aug 31
Last Checked: Aug 31 at 12:48AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Alyssa LaRose
Investment Insights
Based on property information with market context.
Built in 1904, this duplex contains two residential units that are currently leased under separate one-year and two-year terms. Recent renovation work includes new flooring, windows, exterior doors, and a newer roof, along with refurbishment of the boiler.
Each unit has its own electrical service, while the garage provides storage for both residences. The property is located at 1015 S Webster St in Saginaw, with a Walk Score of 61 and a Bike Score of 53.
Each unit has its own electrical service, while the garage provides storage for both residences. The property is located at 1015 S Webster St in Saginaw, with a Walk Score of 61 and a Bike Score of 53.
Key Highlights
- Two‑unit duplex with one‑year and two‑year leases
- Fully leased residential property
- Recent updates include new flooring, windows, exterior doors, and a newer roof
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
$10,871
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
7.40%
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%
$217,420
$217.4K
Cap Rate 7%
$155,300
$155.3K
Cap Rate 9%
$120,789
$120.8K
Market Conditions
NOI Build-Up for 1,835 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
$16.7K $9.12/SF
− Vacancy
−$1.2K −$0.66/SF
EGI
$15.5K $8.46/SF
− OpEx
−$4.7K −$2.54/SF
NOI
$10.9K $5.92/SF
Area
Saginaw County, MI
Vacancy
7.20%
Lease Rate
$9.12 /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%
$217,420
Cap Rate 7%
$155,300
Cap Rate 9%
$120,789
Alternative Uses
Best Use
Multifamily LT 5
$155.3K
$135.9K – $181.2K
NOI $10,871 @ 7.0% cap · market cap 7.40%
Second Best
Apartment 5plus
$147.5K
$129.1K – $172.1K
NOI $10,326 @ 7.0% cap · market cap 7.02%
Theoretical Best
Specialty Retail
$339.0K
$296.7K – $395.5K
NOI $23,732 @ 7.0% cap · market cap 16.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
631
Businesses Nearby
Explore this area
Business Placement
Demographics for 48602, MI
27,613
Population
12,286
Households
2.2
Avg Household Size
36
Median Age
15%
College-Educated
83%
High-School Grad
7.8 sq mi
ZIP Area
3,540
Density / Sq Mi
$46,068
Median Household Income
$29,611
Median Earnings
$902
Median Rent
$70,200
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 - Two separately metered residences are leased and share garage storage.
Where is this duplex located?
The property is located at 1015 S Webster St Saginaw, MI.
What is the asking price?
The asking price for this property is $147,000.
What are key features of this property?
This property features: Two‑unit duplex with one‑year and two‑year leases; Fully leased residential property; Recent updates include new flooring, windows, exterior doors, and a newer roof
