Side-by-Side Duplex with
For Sale
$215,000
119-121 N Bachus Street, Corunna, MI 48817
MULTI_FAMILY - Corunna, MI
Property Size2,600 SF
Lot Size0.21 Acres
Price / SF$82.69
Days on Market56
Property Features for 119-121 N Bachus Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 3, Bathroom 3, Bathroom 2, Basement, Bedroom 5, Bedroom 2, Bedroom 1, Bedroom 4, Bathroom 1
Patio and Porch features
Patio
Exterior features
Patio
Fireplace
1
Subdivision
Original City of Corunna
Elementary school district
Corunna Public School District
Middle school district
Corunna Public School District
High school district
Corunna Public School District
Standard status
Active
APN
026-10-022-001 026-10-022-002
Size
2,600 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
3298
Utilities
Heating system
Forced Air
Cooling system
Ceiling Fan(s), Central Air
Water source
Public
Building Details
Year built
1945
Floors in Building
2
Number of units
2
Listing Agency:
Century 21 Signature Realty · Century 21 Real Estate
(810) 659-3161
Listed By:
Jeremy Moore
(248) 807-6539
Added: Jun 15
Changed: Aug 3
Last Checked: Aug 9 at 5:06PM
MLS# 50211416
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 side-by-side duplex at 119-121 N Bachus Street, Corunna, MI 48817 offers two separate, individually served units and is currently fully occupied. Unit 1 features three bedrooms and 1.5 bathrooms with its own private entrance and separate driveway. Unit 2 features two bedrooms and one full bathroom, also with a private entrance and separate driveway. Both units have individual furnace and water heater systems, and utilities are separately metered. Tenants pay electric and gas, while the owner covers water and sewer. Both units are on month-to-month leases.
The property includes a patio and has forced-air heating. Cooling is provided by central air systems with ceiling fans. The building was constructed in 1945 and sits on a 0.21-acre lot, totaling 2,600 square feet.
With each unit having separate access and its own mechanicals, the layout is designed to support independent day-to-day tenancy while keeping building management straightforward.
The property includes a patio and has forced-air heating. Cooling is provided by central air systems with ceiling fans. The building was constructed in 1945 and sits on a 0.21-acre lot, totaling 2,600 square feet.
With each unit having separate access and its own mechanicals, the layout is designed to support independent day-to-day tenancy while keeping building management straightforward.
Key Highlights
- 0.21‑acre lot with 2,600 square feet in a 1945‑built duplex
- Fully occupied side‑by‑side duplex with month‑to‑month leases for both units
- Private entrances and separate driveway for each unit
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
100%
Occupancy
Multi-tenant
Tenancy
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 - Fully occupied side-by-side duplex on 0.21 acres with private entrances, separate drives, and patio.
Where is this duplex located?
The property is located at 119-121 N Bachus Street 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: 0.21‑acre lot with 2,600 square feet in a 1945‑built duplex; Fully occupied side‑by‑side duplex with month‑to‑month leases for both units; Private entrances and separate driveway for each unit
