Waterfront Duplex with Private
New
For Sale
$824,900
10420 52nd St SE, Lowell, MI 49331
Two residences offer separate entrances, kitchens, laundry facilities, mechanical systems, and utility meters.
Property Size3,710 SF
Lot Size4.71 Acres
Price / SF$222.35
Days on Market2
Property Features for 10420 52nd St SE
General Information
Standard status
Active
Size
3,710 SF
Total Parking Spaces
3
Lot size
4.71 Acres
Property subtype
Investment
Units
Unit Mix
3BR/2.5BA, 3BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$4,317
Amenities
lake-facing deck
covered porch
workshop area
firepit
private dock
Building Details
Year Built
2001
Buildings
1
Stories
2
Units
2
Listing Agency:
Greenridge Realty (Lowell)
Listed By:
Joshua M McCracken
(616) 250-7635
Source:
Elliman
Added: Sep 26
Last Checked: Sep 26 at 3:11PM
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 Greenridge Realty (Lowell)
Investment Insights
Based on property information with market context.
Set on 4.71 wooded acres along Morse Lake, this duplex provides approximately 3,710 finished square feet, with six bedrooms and three-and-a-half bathrooms across two levels. The main level is vacant and includes three bedrooms, two-and-a-half baths, vaulted ceilings, a fireplace, an open kitchen and living area, and a lake-facing deck. The walkout lower residence has three bedrooms, one full bath, a kitchen, laundry room, covered porch, workshop area, and a separate entrance. An interior staircase connects the levels, allowing the layout to function as one residence when the dividing door is open.
Each residence has its own kitchen, laundry facilities, entrance, mechanical systems, water heater, electrical service, and utility meters. The lower level is leased through April 2027. The property also includes a three-stall attached garage, a private dock, a firepit, and a large yard. Its shoreline extends approximately 630 feet along Morse Lake.
Each residence has its own kitchen, laundry facilities, entrance, mechanical systems, water heater, electrical service, and utility meters. The lower level is leased through April 2027. The property also includes a three-stall attached garage, a private dock, a firepit, and a large yard. Its shoreline extends approximately 630 feet along Morse Lake.
Key Highlights
- 4.71 wooded acres with approximately 630 feet of Morse Lake frontage
- Approximately 3,710 finished square feet, with six bedrooms and three‑and‑a‑half bathrooms
- Two residences have separate entrances, kitchens, laundry, mechanical systems, and utility meters
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
$40,423
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
4.90%
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%
$808,460
$808.5K
Cap Rate 7%
$577,471
$577.5K
Cap Rate 9%
$449,144
$449.1K
Market Conditions
NOI Build-Up for 3,710 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
$61.0K $16.44/SF
− Vacancy
−$3.2K −$0.87/SF
EGI
$57.7K $15.57/SF
− OpEx
−$17.3K −$4.67/SF
NOI
$40.4K $10.90/SF
Area
Kent County, MI
Vacancy
5.32%
Lease Rate
$16.44 /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%
$808,460
Cap Rate 7%
$577,471
Cap Rate 9%
$449,144
Alternative Uses
Best Use
Multifamily LT 5
$577.5K
$505.3K – $673.7K
NOI $40,423 @ 7.0% cap · market cap 4.90%
Second Best
Apartment 5plus
$501.9K
$439.2K – $585.6K
NOI $35,134 @ 7.0% cap · market cap 4.26%
Theoretical Best
Office A
$663.6K
$580.6K – $774.2K
NOI $46,449 @ 7.0% cap · market cap 5.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2
Businesses Nearby
Explore this area
Business Placement
Demographics for 49331, MI
18,023
Population
7,208
Households
2.5
Avg Household Size
40
Median Age
39%
College-Educated
96%
High-School Grad
91.5 sq mi
ZIP Area
197
Density / Sq Mi
$92,443
Median Household Income
$49,286
Median Earnings
$1,109
Median Rent
$293,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residences offer separate entrances, kitchens, laundry facilities, mechanical systems, and utility meters.
Where is this duplex located?
The property is located at 10420 52nd St SE Lowell, MI.
What is the asking price?
The asking price for this property is $824,900.
What are key features of this property?
This property features: 4.71 wooded acres with approximately 630 feet of Morse Lake frontage; Approximately 3,710 finished square feet, with six bedrooms and three‑and‑a‑half bathrooms; Two residences have separate entrances, kitchens, laundry, mechanical systems, and utility meters
