Side-by-Side Duplex Income
For Sale
$215,000
119-121 N Bachus St, Corunna, MI 48817
Well-maintained side-by-side duplex offers two separately served units with private entrances and month-to-month occupancy flexibility.
Property Size2,600 SF
Days on Market50
Property Features for 119-121 N Bachus St
General Information
Standard status
Active
Size
2,600 SF
Property subtype
Investment
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,298
Building Details
Building Size
2,600 SF
Year Built
1945
Units
2
Tenancy
Multi
Listing Agency:
Century 21 Signature Realty
(248) 807-6539
Listed By:
Jeremy Moore
(248) 807-6539
Source:
Elliman
Added: Jun 21
Changed: Aug 8
Last Checked: Aug 9 at 9:44AM
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 Century 21 Signature Realty
Investment Insights
Based on property information with market context.
This well-maintained side-by-side duplex is arranged as two separate rental units, each with its own private entrance. Unit 1 provides three bedrooms and 1.5 bathrooms with a spacious living area. Unit 2 offers two bedrooms and one full bathroom. Both units have individual climate and hot water equipment, including separate furnaces and water heaters, and each unit also has its own driveway, supporting straightforward day-to-day separation.
The property is located in the City of Corunna and is currently fully occupied. Per the current lease terms, both units are on month-to-month arrangements, which can provide flexibility for a new owner. Utilities are separately metered, with tenants paying electric and gas, while the owner currently covers water and sewer.
For investors or owner-operators seeking manageable multi-family ownership, the unit-by-unit setups can help simplify operations and tenant turnover planning. The combination of private entrances, separate driveway access, and individually served mechanical systems offers a practical framework for running two independent households within one building.
The property is located in the City of Corunna and is currently fully occupied. Per the current lease terms, both units are on month-to-month arrangements, which can provide flexibility for a new owner. Utilities are separately metered, with tenants paying electric and gas, while the owner currently covers water and sewer.
For investors or owner-operators seeking manageable multi-family ownership, the unit-by-unit setups can help simplify operations and tenant turnover planning. The combination of private entrances, separate driveway access, and individually served mechanical systems offers a practical framework for running two independent households within one building.
Key Highlights
- Fully occupied side‑by‑side duplex generating $2,300/month rental income
- Unit 1: 3 bedrooms, 1.5 bathrooms, renting for $1,500/month; private entrance and separate driveway
- Unit 2: 2 bedrooms, 1 bathroom, renting for $800/month; private entrance and separate driveway
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
$19,109
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
8.89%
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%
$382,180
$382.2K
Cap Rate 7%
$272,986
$273.0K
Cap Rate 9%
$212,322
$212.3K
Market Conditions
NOI Build-Up for 2,600 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
$37.4K $14.40/SF
− Vacancy
−$2.7K −$1.04/SF
EGI
$34.7K $13.36/SF
− OpEx
−$15.6K −$6.01/SF
NOI
$19.1K $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%
$382,180
Cap Rate 7%
$272,986
Cap Rate 9%
$212,322
Alternative Uses
Best Use
Multifamily LT 5
$305.2K
$267.0K – $356.1K
NOI $21,363 @ 7.0% cap · market cap 9.94%
Second Best
Apartment 5plus
$273.0K
$238.9K – $318.5K
NOI $19,109 @ 7.0% cap · market cap 8.89%
Theoretical Best
Office A
$495.7K
$433.7K – $578.3K
NOI $34,699 @ 7.0% cap · market cap 16.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
220
Businesses Nearby
Explore this area
Business Placement
Demographics for 48817, MI
5,714
Population
2,513
Households
2.3
Avg Household Size
45
Median Age
16%
College-Educated
96%
High-School Grad
58.9 sq mi
ZIP Area
97
Density / Sq Mi
$57,468
Median Household Income
$39,300
Median Earnings
$879
Median Rent
$164,200
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 - Well-maintained side-by-side duplex offers two separately served units with private entrances and month-to-month occupancy flexibility.
Where is this duplex located?
The property is located at 119-121 N Bachus St Corunna, MI.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: Fully occupied side‑by‑side duplex generating $2,300/month rental income; Unit 1: 3 bedrooms, 1.5 bathrooms, renting for $1,500/month; private entrance and separate driveway; Unit 2: 2 bedrooms, 1 bathroom, renting for $800/month; private entrance and separate driveway
