Four-Unit Apartment
For Sale
$209,000
10740 Cannonball Court, Bessemer, MI 49911
Unit mix includes one- and two-bedroom layouts, with shared laundry in a walk-out basement.
Property Size2,592 SF
Price / SF$80.63
Days on Market120
Property Features for 10740 Cannonball Court
General Information
Standard status
Active
Size
2,592 SF
Property subtype
Residential Income / Multi Family
Zoning
PAUD
Units
Unit Mix
3 x 1BR, 1 x 2BR
Multifamily Units
4
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$4,092
Amenities
shared laundry area
Central Air
Forced Air, Propane
Partially Finished, Walk-Out Access
Dryer, Microwave, Refrigerator, Washer, Range, Oven, Electric Water Heater
Yes
No
4
5
Window Treatments
Common Area
Eat-in Kitchen
Building Details
Year Built
1977
Buildings
1
Listing Agency:
FIRST WEBER, INC
(906) 285-2618
Listed By:
TAMMY KAURANEN · License #6506047069
(906) 285-2618
Source:
Compass
Added: May 4
Changed: Aug 30
Last Checked: Aug 30 at 10:25PM
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 FIRST WEBER, INC
Investment Insights
Based on property information with market context.
This 2,592-square-foot quadplex contains four rental units: three one-bedroom residences and one larger two-bedroom residence. The property includes a full basement with shared laundry space and a separate exterior entrance. Central air, forced-air propane heat, electric water heating, and kitchen appliances are present. Two units feature updated flooring, lighting, and appliances, while the bathrooms have also been updated. The building was constructed in 1977.
Set at 10740 Cannonball Court in Bessemer, Michigan, the property sits at the end of the road in a wooded setting. A creek can be heard from the property during most seasons, and the location is close to town and down the road from the ski hills. The units have been used as long-term rentals, and the property is on PAUD.
Set at 10740 Cannonball Court in Bessemer, Michigan, the property sits at the end of the road in a wooded setting. A creek can be heard from the property during most seasons, and the location is close to town and down the road from the ski hills. The units have been used as long-term rentals, and the property is on PAUD.
Key Highlights
- Four units: three one‑bedroom units and one two‑bedroom unit
- 2,592 square feet with a full basement and walk‑out access
- Shared laundry area includes a separate exterior entrance
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
$10,320
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
4.94%
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%
$206,400
$206.4K
Cap Rate 7%
$147,429
$147.4K
Cap Rate 9%
$114,667
$114.7K
Market Conditions
NOI Build-Up for 2,592 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
$23.3K $9.00/SF
− Vacancy
−$8.6K −$3.31/SF
EGI
$14.7K $5.69/SF
− OpEx
−$4.4K −$1.71/SF
NOI
$10.3K $3.98/SF
Area
Gogebic County, MI
Vacancy
36.80%
Lease Rate
$9.00 /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%
$206,400
Cap Rate 7%
$147,429
Cap Rate 9%
$114,667
Alternative Uses
Best Use
Multifamily LT 5
$147.4K
$129.0K – $172.0K
NOI $10,320 @ 7.0% cap · market cap 4.94%
Second Best
Apartment 5plus
$131.7K
$115.3K – $153.7K
NOI $9,222 @ 7.0% cap · market cap 4.41%
Theoretical Best
Office A
$550.5K
$481.7K – $642.2K
NOI $38,534 @ 7.0% cap · market cap 18.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1
Businesses Nearby
Explore this area
Business Placement
Demographics for 49911, MI
2,626
Population
1,879
Households
1.4
Avg Household Size
49
Median Age
19%
College-Educated
97%
High-School Grad
45.5 sq mi
ZIP Area
58
Density / Sq Mi
$51,326
Median Household Income
$28,778
Median Earnings
$529
Median Rent
$109,500
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?
Quadplex - Unit mix includes one- and two-bedroom layouts, with shared laundry in a walk-out basement.
Where is this quadplex located?
The property is located at 10740 Cannonball Court Bessemer, MI.
What is the asking price?
The asking price for this property is $209,000.
What are key features of this property?
This property features: Four units: three one‑bedroom units and one two‑bedroom unit; 2,592 square feet with a full basement and walk‑out access; Shared laundry area includes a separate exterior entrance
