Two-Unit Duplex Near Lake
For Sale
$231,900
105 & 107 Bridge Street, East Jordan, MI 49727
Duplex with two one-bedroom units and city utilities, near East Jordan City boat launch and local conveniences.
Property Size960 SF
Price / SF$241.56
Days on Market63
Property Features for 105 & 107 Bridge Street
General Information
Standard status
Active
Size
960 SF
Property subtype
Multifamily
Zoning
R1
Additional Details
Multifamily Units
2
Building Details
Building Size
960 SF
Listing Agency:
Graham Real Estate
Listed By:
Nate Graham
(231) 526-6251
Source:
Cpix.resimplifi
Added: Jul 6
Changed: Aug 24
Last Checked: Sep 5 at 3:46AM
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 Graham Real Estate
Investment Insights
Based on property information with market context.
This duplex includes two separate one-bedroom units within a single property. The units are served by city utilities, supporting straightforward resident utility management.
The property is located near East Jordan City conveniences, with access to Lake Charlevoix swimming and the East Jordan City boat launch. It is also described as being not far from the Family Fare grocery store and other city amenities.
The seller has an interest in coordinating the sale of multiple rental properties within the City of East Jordan, with a preference to close all three simultaneously to align with a 1031 tax-deferred exchange. While individual sale is mentioned as a possibility, the coordinated closing is the stated preference.
The property is located near East Jordan City conveniences, with access to Lake Charlevoix swimming and the East Jordan City boat launch. It is also described as being not far from the Family Fare grocery store and other city amenities.
The seller has an interest in coordinating the sale of multiple rental properties within the City of East Jordan, with a preference to close all three simultaneously to align with a 1031 tax-deferred exchange. While individual sale is mentioned as a possibility, the coordinated closing is the stated preference.
Key Highlights
- Duplex offering 2 one‑bedroom units
- City utilities provided
- Location near the East Jordan City boat launch
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
$8,810
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
3.80%
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%
$176,200
$176.2K
Cap Rate 7%
$125,857
$125.9K
Cap Rate 9%
$97,889
$97.9K
Market Conditions
NOI Build-Up for 960 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
$13.2K $13.80/SF
− Vacancy
−$662 −$0.69/SF
EGI
$12.6K $13.11/SF
− OpEx
−$3.8K −$3.93/SF
NOI
$8.8K $9.18/SF
Area
Charlevoix County, MI
Vacancy
5.00%
Lease Rate
$13.80 /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%
$176,200
Cap Rate 7%
$125,857
Cap Rate 9%
$97,889
Alternative Uses
Best Use
Multifamily LT 5
$125.9K
$110.1K – $146.8K
NOI $8,810 @ 7.0% cap · market cap 3.80%
Second Best
Apartment 5plus
$112.4K
$98.3K – $131.1K
NOI $7,866 @ 7.0% cap · market cap 3.39%
Theoretical Best
Office A
$194.3K
$170.0K – $226.7K
NOI $13,603 @ 7.0% cap · market cap 5.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
275
Businesses Nearby
Explore this area
Business Placement
Demographics for 49727, MI
6,887
Population
4,075
Households
1.7
Avg Household Size
46
Median Age
24%
College-Educated
92%
High-School Grad
120.0 sq mi
ZIP Area
57
Density / Sq Mi
$70,288
Median Household Income
$42,500
Median Earnings
$821
Median Rent
$187,700
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 - Duplex with two one-bedroom units and city utilities, near East Jordan City boat launch and local conveniences.
Where is this duplex located?
The property is located at 105 & 107 Bridge Street East Jordan, MI.
What is the asking price?
The asking price for this property is $231,900.
What are key features of this property?
This property features: Duplex offering 2 one‑bedroom units; City utilities provided; Location near the East Jordan City boat launch
