Waterfront Duplex on Wooded
New
For Sale
$824,900
10420 52nd Street SE, Lowell, MI 49331
Multi Family, Lowell, MI
Property Size3,710 SF
Lot Size4.71 Acres
Price / SF$222.35
Days on Market3
Property Features for 10420 52nd Street SE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
RES
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Half bathrooms
1
Rooms
Bedroom 5, Bedroom 1, Bathroom 4, Bathroom 1, Bedroom 2, Bedroom 3, Bathroom 2, Bedroom 6, Basement, Bedroom 4, Bathroom 3
Parking
6
Basement
Walk-Out Access
Lot features
Corner Lot
Elementary school district
Lowell
Middle school district
Lowell
High school district
Lowell
Standard status
Active
APN
41-20-32-100-032
Lot size
4.71 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PART OF NW 1/4 COM AT NW COR OF SEC TH 90D 00M 00S E ALONG N SEC LINE 311.0 FT TH S 0D 06M 29S W 659.72 FT TH 90D 00M 00S W 311.0 FT TO W SEC LINE TH N 0D 06M 29S E ALONG SD W LINE 659.72 FT TO BEG * SEC 32 T6N R9W 4.71 A.
Tax Annual Amount
4317
Legal Description
PART OF NW 1/4 COM AT NW COR OF SEC TH 90D 00M 00S E ALONG N SEC LINE 311.0 FT TH S 0D 06M 29S W 659.72 FT TH 90D 00M 00S W 311.0 FT TO W SEC LINE TH N 0D 06M 29S E ALONG SD W LINE 659.72 FT TO BEG * SEC 32 T6N R9W 4.71 A.
Utilities
Sewer type
Septic Tank
Heating system
Forced Air
Cooling system
Central Air
Water source
Well
Water front features
Lake
Water front
1
Amenities
private dock
firepit
lake-facing deck
covered porch
workshop area
fireplace
Building Details
Year built
2001
Number of units
2
Building materials
Brick, Vinyl Siding
Listing Agency:
Greenridge Realty (Lowell)
(616) 897-9239
Listed By:
Joshua M McCracken
(616) 250-7635
Added: Sep 23
Changed: Sep 24
Last Checked: Sep 25 at 1:06AM
MLS# 26050854
Copyright © 2026 Michigan Regional Information Center, LLC. 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 4.71-acre duplex property includes approximately 3,710 finished square feet arranged across two residences. The main level measures approximately 1,910 square feet and includes three bedrooms, two-and-a-half bathrooms, vaulted ceilings, a fireplace, an open kitchen and living area, a primary suite, and a lake-facing deck. The approximately 1,800-square-foot walkout lower residence adds three bedrooms, one full bathroom, a kitchen, laundry room, covered porch, workshop area, and dedicated garage stall.
Each residence has separate entrances, kitchens, laundry facilities, mechanical systems, water heaters, electrical service, and utility meters. The lower unit is leased through April 2027. The property has approximately 630 feet of frontage on Morse Lake, along with a private dock, three-stall attached garage, firepit, large yard, Rheem Prestige tankless system, forced-air heating, central air, well water, and septic service. Built in 2001, the home is located in Lowell, Michigan.
Each residence has separate entrances, kitchens, laundry facilities, mechanical systems, water heaters, electrical service, and utility meters. The lower unit is leased through April 2027. The property has approximately 630 feet of frontage on Morse Lake, along with a private dock, three-stall attached garage, firepit, large yard, Rheem Prestige tankless system, forced-air heating, central air, well water, and septic service. Built in 2001, the home is located in Lowell, Michigan.
Key Highlights
- 4.71 wooded acres with approximately 630 feet of Morse Lake frontage
- Duplex totals approximately 3,710 finished square feet with six bedrooms and 3.5 bathrooms
- Two independently configured residences with separate entrances, utilities, kitchens, and laundry facilities
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
Single-tenant
Tenancy
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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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-level duplex with separate entrances, kitchens, laundry facilities, and private dock access on Morse Lake.
Where is this duplex located?
The property is located at 10420 52nd Street 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; Duplex totals approximately 3,710 finished square feet with six bedrooms and 3.5 bathrooms; Two independently configured residences with separate entrances, utilities, kitchens, and laundry facilities
