Building Details

Building Size 1,456 SF

Year Built 1995

Buildings 1

Units 3

Listing Agency: Goedert Real Estate

Listed By: Brad L Fowle Sr. · License #6501187973 Show Phone

Source: Elliman

Added: Oct 14 Changed: Oct 15 Last Checked: Oct 15 at 1:55AM

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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 Goedert Real Estate

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Investment Insights

Based on property information with market context.

This triplex, built in 1995, contains three residences. Two are on the main floor, each with two bedrooms and one bathroom. The third is on the walkout level and includes three bedrooms and two bathrooms. A detached garage accommodates four cars.

The property occupies a double lot on a paved road, with access to Lake Leann and a view of the Lake Leann golf course.

Key Highlights

• Three units: two main‑floor homes with 2 bedrooms and 1 bath each, plus a walkout unit with 3 bedrooms and 2 baths
• Detached garage with capacity for 4 cars
• Double lot on a paved road

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$9,928

Cap Rate

2.84%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$198,560 $198.6K

Cap Rate 7%

$141,829 $141.8K

Cap Rate 9%

$110,311 $110.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,456 SF

Gross rent

$14.9K $10.20/SF

− Vacancy

−$668 −$0.46/SF

EGI

$14.2K $9.74/SF

− OpEx

−$4.3K −$2.92/SF

NOI

$9.9K $6.82/SF

Area

Hillsdale County, MI

Vacancy

4.50%

Lease Rate

$10.20 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$198,560

Cap Rate 7%

$141,829

Cap Rate 9%

$110,311

Alternative Uses

Best Use

Multifamily LT 5

$141.8K

$124.1K – $165.5K (±1% cap)

NOI $9,928 @ 7.0% cap · market cap 2.84%

Second Best

Apartment 5plus

$131.8K

$115.3K – $153.8K (±1% cap)

NOI $9,225 @ 7.0% cap · market cap 2.64%

Theoretical Best

Specialty Retail

$231.3K

$202.4K – $269.9K (±1% cap)

NOI $16,194 @ 7.0% cap · market cap 4.63%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Triplexes

Suggested Use

Top Pick Building Supply Big Box & Wholesale Store Garden Center Plumbing Service Kitchen & Bath Showroom Storage Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

35

Businesses Nearby

Explore this area Business Placement

Demographics for 49249, MI

3,269

Population

1,754

Households

1.9

Avg Household Size

48

Median Age

27%

College-Educated

92%

High-School Grad

29.4 sq mi

ZIP Area

111

Density / Sq Mi

$84,507

Median Household Income

$52,181

Median Earnings

$862

Median Rent

$220,900

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Frequently Asked Questions

What type of property is this?

Triplex - Two main-level residences and a lower walkout unit offer a defined three-unit layout.

Where is this triplex located?

The property is located at 10260 Fairway Dr Jerome, MI.

What is the asking price?

The asking price for this property is $349,900.

What are key features of this property?

This property features: Three units: two main‑floor homes with 2 bedrooms and 1 bath each, plus a walkout unit with 3 bedrooms and 2 baths; Detached garage with capacity for 4 cars; Double lot on a paved road