Building Details

Building Size 2,700 SF

Year Built 1973

Year Renovated 2021

Units 2

Listing Agency: Century 21 Signature Realty

Listed By: Yvonne Beck Show Phone

Source: Elliman

Added: Oct 11 Last Checked: Oct 15 at 12:28AM

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Investment Insights

Based on property information with market context.

Built in 1973, this duplex has a five-bedroom, two-bathroom ground-floor residence and a two-bedroom, one-bathroom upper-level residence. Both units include a basement. Each has a separate driveway, and the property also features a shared backyard. Renovations in 2021 included siding, roofing, flooring, paint, appliances, kitchens, bathrooms, furnaces, water heaters, and air conditioning. Carpet was replaced in 2026.

The property is in a neighborhood described as close to downtown entertainment, shopping, and restaurants. Its walk score is 80, rated Very Walkable, and its bike score is 69, rated Bikeable. The units are vacant and available for showing.

Key Highlights

• Two‑unit duplex with a five‑bedroom, two‑bathroom ground‑floor unit and a two‑bedroom, one‑bathroom upper unit
• Both residences include a basement
• Separate driveway for each unit and a shared backyard

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$17,890

Cap Rate

5.77%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$357,800 $357.8K

Cap Rate 7%

$255,571 $255.6K

Cap Rate 9%

$198,778 $198.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,700 SF

Gross rent

$27.5K $10.20/SF

− Vacancy

−$2.0K −$0.73/SF

EGI

$25.6K $9.47/SF

− OpEx

−$7.7K −$2.84/SF

NOI

$17.9K $6.63/SF

Area

Midland County, MI

Vacancy

7.20%

Lease Rate

$10.20 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$357,800

Cap Rate 7%

$255,571

Cap Rate 9%

$198,778

Alternative Uses

Best Use

Multifamily LT 5

$255.6K

$223.6K – $298.2K (±1% cap)

NOI $17,890 @ 7.0% cap · market cap 5.77%

Second Best

Apartment 5plus

$243.9K

$213.4K – $284.5K (±1% cap)

NOI $17,072 @ 7.0% cap · market cap 5.51%

Theoretical Best

Flex RnD

$487.3K

$426.4K – $568.6K (±1% cap)

NOI $34,113 @ 7.0% cap · market cap 11.00%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Parking Lot & Garage Electrical Service Building Supply Kitchen & Bath Showroom Storage Facility Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

575

Businesses Nearby

Explore this area Business Placement

Demographics for 48640, MI

31,840

Population

14,340

Households

2.2

Avg Household Size

41

Median Age

38%

College-Educated

96%

High-School Grad

105.1 sq mi

ZIP Area

303

Density / Sq Mi

$81,630

Median Household Income

$43,353

Median Earnings

$928

Median Rent

$191,000

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - A five-bedroom ground-floor unit and a two-bedroom upper unit each have a basement and their own driveway.

Where is this duplex located?

The property is located at 1110 Jerome St Midland, MI.

What is the asking price?

The asking price for this property is $310,000.

What are key features of this property?

This property features: Two‑unit duplex with a five‑bedroom, two‑bathroom ground‑floor unit and a two‑bedroom, one‑bathroom upper unit; Both residences include a basement; Separate driveway for each unit and a shared backyard