Duplex-Style Apartment
For Sale
$1,325,000
1030 Te Ann Ct, Lake Odessa, MI 48849
18-unit multifamily community featuring nine duplex-style buildings with off-street parking and tenant-paid gas and electric.
Property Size11,040 SF
Lot Size2.90 Acres
Days on Market49
Property Features for 1030 Te Ann Ct
General Information
Standard status
Active
Size
11,040 SF
Lot size
2.90 Acres
Property subtype
Multifamily
Occupancy
95%
Additional Details
Cap Rate
7.63%
Multifamily Units
18
Amenities
Attractive Unit Mix — Eight One-Bedroom and 10 Two-Bedroom Units Across Nine Well-Maintained Duplexes
Stable Demand Drivers — Functional Unit Mix and Affordability Support Consistent Tenant Demand in Lake Odessa
Accessible Location — Positioned Between Grand Rapids and Lansing with Access to Jobs, Retail, and Recreation
Building Details
Building Size
11,040 SF
Year Built
1959
Units
18
Listing Agency:
Chicago Downtown Office
Listed By:
Yianni Mouflouzelis · License #License(s): IL: 475.205207, MI: 6501455825, IA: S73371000
(312) 624-7074
Source:
Marcusmillichap
Added: Jul 18
Changed: Aug 8
Last Checked: Sep 4 at 2:07AM
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 Chicago Downtown Office
Investment Insights
Based on property information with market context.
Te Ann Apartments is an 18-unit multifamily community built in 1959, configured as nine duplex-style buildings. The unit mix includes eight one-bedroom, one-bath units and 10 two-bedroom, one-bath units. The property offers a low-density, residential-feeling setting with off-street parking and tenant-paid gas and electric.
Located in Lake Odessa within Ionia County, Te Ann provides convenient access to local retail, daily necessities, schools, parks, and outdoor recreation. Jordan Lake and Lakewood Elementary School are located nearby.
With its duplex configuration and functional floor plans, Te Ann supports a neighborhood-oriented living environment within a smaller West Michigan community positioned between Grand Rapids and Lansing.
Located in Lake Odessa within Ionia County, Te Ann provides convenient access to local retail, daily necessities, schools, parks, and outdoor recreation. Jordan Lake and Lakewood Elementary School are located nearby.
With its duplex configuration and functional floor plans, Te Ann supports a neighborhood-oriented living environment within a smaller West Michigan community positioned between Grand Rapids and Lansing.
Key Highlights
- 18‑unit multifamily property at 1030 Te Ann Court in Lake Odessa, MI (Ionia County)
- Built in 1959 with nine duplex‑style buildings on approximately 2.90 acres
- Unit mix: 8 one‑bedroom/one‑bath units and 10 two‑bedroom/one‑bath units
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
$56,383
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
4.26%
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%
$1,127,660
$1.1M
Cap Rate 7%
$805,471
$805.5K
Cap Rate 9%
$626,478
$626.5K
Market Conditions
NOI Build-Up for 11,040 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
$84.8K $7.68/SF
− Vacancy
−$4.2K −$0.38/SF
EGI
$80.5K $7.30/SF
− OpEx
−$24.2K −$2.19/SF
NOI
$56.4K $5.11/SF
Area
Ionia County, MI
Vacancy
5.00%
Lease Rate
$7.68 /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%
$1,127,660
Cap Rate 7%
$805,471
Cap Rate 9%
$626,478
Alternative Uses
Best Use
Multifamily LT 5
$805.5K
$704.8K – $939.7K
NOI $56,383 @ 7.0% cap · market cap 4.26%
Second Best
Apartment 5plus
$745.6K
$652.4K – $869.8K
NOI $52,189 @ 7.0% cap · market cap 3.94%
Theoretical Best
Specialty Retail
$2.10M
$1.84M – $2.45M
NOI $147,255 @ 7.0% cap · market cap 11.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18
Residential units
Location Intelligence
Trade Area within ½ mile
210
Businesses Nearby
Explore this area
Business Placement
Demographics for 48849, MI
5,904
Population
2,295
Households
2.6
Avg Household Size
42
Median Age
18%
College-Educated
94%
High-School Grad
83.7 sq mi
ZIP Area
71
Density / Sq Mi
$79,423
Median Household Income
$41,516
Median Earnings
$772
Median Rent
$212,900
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 - 18-unit multifamily community featuring nine duplex-style buildings with off-street parking and tenant-paid gas and electric.
Where is this duplex located?
The property is located at 1030 Te Ann Ct Lake Odessa, MI.
What is the asking price?
The asking price for this property is $1,325,000.
What are key features of this property?
This property features: 18‑unit multifamily property at 1030 Te Ann Court in Lake Odessa, MI (Ionia County); Built in 1959 with nine duplex‑style buildings on approximately 2.90 acres; Unit mix: 8 one‑bedroom/one‑bath units and 10 two‑bedroom/one‑bath units
