Two-Unit Duplex with
New
For Sale
$185,000
115 E Grand River Ave, Bancroft, MI 48414
A two-unit residential property with a garage spans three parcels on a corner lot.
Property Size2,268 SF
Days on Market6
Property Features for 115 E Grand River Ave
General Information
Standard status
Active
Size
2,268 SF
Property subtype
Investment
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,611
Building Details
Building Size
2,268 SF
Year Built
1890
Units
2
Listing Agency:
The Home Office Realty LLC
Listed By:
Jacob Newman · License #FAAR
(989) 413-7908
Source:
Elliman
Added: Sep 4
Last Checked: Sep 8 at 6:36AM
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 The Home Office Realty LLC
Investment Insights
Based on property information with market context.
Built in 1890, this residential duplex contains two generously sized units, each configured with one bedroom and one bathroom. The property also includes a 24x24 garage and occupies three parcels on a corner lot.
The home is located at 115 E Grand River Ave in Bancroft, Michigan. Its earlier configuration was a four-bedroom, two-bathroom single-family home, providing additional historical context for the current layout.
The home is located at 115 E Grand River Ave in Bancroft, Michigan. Its earlier configuration was a four-bedroom, two-bathroom single-family home, providing additional historical context for the current layout.
Key Highlights
- Two‑unit duplex with one bedroom and one bathroom per unit
- 24x24 garage included
- Property consists of 3 parcels
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
$16,669
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
9.01%
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%
$333,380
$333.4K
Cap Rate 7%
$238,129
$238.1K
Cap Rate 9%
$185,211
$185.2K
Market Conditions
NOI Build-Up for 2,268 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
$32.7K $14.40/SF
− Vacancy
−$2.4K −$1.04/SF
EGI
$30.3K $13.36/SF
− OpEx
−$13.6K −$6.01/SF
NOI
$16.7K $7.35/SF
Area
Shiawassee County, MI
Vacancy
7.20%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
45.00%
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%
$333,380
Cap Rate 7%
$238,129
Cap Rate 9%
$185,211
Alternative Uses
Best Use
Multifamily LT 5
$266.2K
$233.0K – $310.6K
NOI $18,636 @ 7.0% cap · market cap 10.07%
Second Best
Apartment 5plus
$238.1K
$208.4K – $277.8K
NOI $16,669 @ 7.0% cap · market cap 9.01%
Theoretical Best
Office A
$432.4K
$378.4K – $504.5K
NOI $30,268 @ 7.0% cap · market cap 16.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
65
Businesses Nearby
Explore this area
Business Placement
Demographics for 48414, MI
2,361
Population
1,162
Households
2
Avg Household Size
45
Median Age
21%
College-Educated
93%
High-School Grad
31.6 sq mi
ZIP Area
75
Density / Sq Mi
$66,071
Median Household Income
$41,921
Median Earnings
$892
Median Rent
$182,800
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 - A two-unit residential property with a garage spans three parcels on a corner lot.
Where is this duplex located?
The property is located at 115 E Grand River Ave Bancroft, MI.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: Two‑unit duplex with one bedroom and one bathroom per unit; 24x24 garage included; Property consists of 3 parcels
