Brick Ranch Duplex with
For Sale
$144,900
Pending
118 Trier Street, Saginaw, MI 48602
MULTI_FAMILY - Ranch - Saginaw, MI
Property Size1,937 SF
Lot Size0.21 Acres
Days on Market67
Property Features for 118 Trier Street
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning description
Residential
Bedrooms
4
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 3, Basement, Bedroom 2, Bedroom 1, Bedroom 4, Bathroom 1
Interior features
Bay Window, Hardwood Floors
Exterior features
Fenced Yard
Fencing
Fenced
Fireplace
1
Appliances
Range/Oven, Refrigerator
Elementary school district
Saginaw City School District
Middle school district
Saginaw City School District
High school district
Saginaw City School District
Subdivision
Saginaw (73039)
Standard status
Pending
APN
20 0711 00000
Size
1,937 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3045
Utilities
Heating system
Forced Air
Water source
Public
Amenities
basements
fireplaces
fenced yard
Building Details
Year built
1951
Floors in Building
1
Number of units
2
Architectural style
Ranch
Listing Agency:
Century 21 Signature Realty · Century 21 Real Estate
(989) 921-7000
Listed By:
Diana Bay · License #6506040025
(989) 798-7898
Added: Jun 21
Changed: Aug 3
Last Checked: Aug 26 at 6:06PM
MLS# 50212225
Copyright © 2026 Multiple Listing Service MiRealSource. 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 ranch duplex offers two residential units in a brick exterior building with a fenced yard. Built in 1951, the property includes full basements for added storage and potential additional living space. Interior features include hardwood floors and a bay window, and the layout includes multiple bedrooms and at least one bathroom per the provided room details.
Both units feature fireplaces, and one side (unit #118) includes an updated kitchen and bath. Heating is provided by forced air, and the home is served by public water.
Exterior features include fencing and a 2-car detached garage, providing convenient off-street parking. The property includes appliances such as a range/oven and refrigerator.
Both units feature fireplaces, and one side (unit #118) includes an updated kitchen and bath. Heating is provided by forced air, and the home is served by public water.
Exterior features include fencing and a 2-car detached garage, providing convenient off-street parking. The property includes appliances such as a range/oven and refrigerator.
Key Highlights
- Brick ranch duplex built in 1951
- Full basements for added storage or potential living space
- Fireplaces in both units; unit #118 has updated kitchen and bath
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
$11,475
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
7.92%
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%
$229,500
$229.5K
Cap Rate 7%
$163,929
$163.9K
Cap Rate 9%
$127,500
$127.5K
Market Conditions
NOI Build-Up for 1,937 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
$17.7K $9.12/SF
− Vacancy
−$1.3K −$0.66/SF
EGI
$16.4K $8.46/SF
− OpEx
−$4.9K −$2.54/SF
NOI
$11.5K $5.92/SF
Area
Saginaw County, MI
Vacancy
7.20%
Lease Rate
$9.12 /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%
$229,500
Cap Rate 7%
$163,929
Cap Rate 9%
$127,500
Alternative Uses
Best Use
Multifamily LT 5
$163.9K
$143.4K – $191.3K
NOI $11,475 @ 7.0% cap · market cap 7.92%
Second Best
Apartment 5plus
$155.7K
$136.3K – $181.7K
NOI $10,900 @ 7.0% cap · market cap 7.52%
Theoretical Best
Specialty Retail
$357.9K
$313.1K – $417.5K
NOI $25,051 @ 7.0% cap · market cap 17.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
230
Businesses Nearby
Explore this area
Business Placement
Demographics for 48602, MI
27,613
Population
12,286
Households
2.2
Avg Household Size
36
Median Age
15%
College-Educated
83%
High-School Grad
7.8 sq mi
ZIP Area
3,540
Density / Sq Mi
$46,068
Median Household Income
$29,611
Median Earnings
$902
Median Rent
$70,200
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 - 1951 brick ranch duplex with full basements, fireplaces, hardwood floors, fenced yard, and a 2-car detached garage.
Where is this duplex located?
The property is located at 118 Trier Street Saginaw, MI.
What is the asking price?
The asking price for this property is $144,900.
What are key features of this property?
This property features: Brick ranch duplex built in 1951; Full basements for added storage or potential living space; Fireplaces in both units; unit #118 has updated kitchen and bath
