Updated Two-Unit
New
For Sale
$125,000
1209 3rd St, Jackson, MI 49203
Vacant duplex with refreshed flooring and a recently installed flat porch roof.
Property Size1,540 SF
Price / SF$81.17
Days on Market5
Property Features for 1209 3rd St
General Information
Standard status
Active
Size
1,540 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1890
Buildings
1
Listing Agency:
RE/MAX Douglass R.E.-H
(906) 482-1000
Listed By:
Beyond MI Realty
(989) 214-2240
Source:
Beyondmirealty
Added: Sep 11
Changed: Sep 15
Last Checked: Sep 15 at 7:50AM
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 RE/MAX Douglass R.E.-H
Investment Insights
Based on property information with market context.
Built in 1890, this two-unit duplex has undergone recent updates that include new flooring and additional unspecified improvements. A flat roof was also recently installed over the porch. The property is currently vacant, allowing the next owner to establish occupancy and leasing arrangements. Located at 1209 3rd St in Jackson, Michigan, the property has a BikeScore of 68 and a WalkScore of 49, reflecting a bikeable setting with car-dependent walk access.
Key Highlights
- Two‑unit duplex built in 1890
- Recently updated with new flooring
- New flat roof over the porch
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
$10,171
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
8.14%
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%
$203,420
$203.4K
Cap Rate 7%
$145,300
$145.3K
Cap Rate 9%
$113,011
$113.0K
Market Conditions
NOI Build-Up for 1,540 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
$15.7K $10.20/SF
− Vacancy
−$1.2K −$0.77/SF
EGI
$14.5K $9.44/SF
− OpEx
−$4.4K −$2.83/SF
NOI
$10.2K $6.60/SF
Area
Jackson County, MI
Vacancy
7.50%
Lease Rate
$10.20 /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%
$203,420
Cap Rate 7%
$145,300
Cap Rate 9%
$113,011
Alternative Uses
Best Use
Multifamily LT 5
$145.3K
$127.1K – $169.5K
NOI $10,171 @ 7.0% cap · market cap 8.14%
Second Best
Apartment 5plus
$136.5K
$119.4K – $159.2K
NOI $9,554 @ 7.0% cap · market cap 7.64%
Theoretical Best
Office A
$245.8K
$215.1K – $286.8K
NOI $17,209 @ 7.0% cap · market cap 13.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
294
Businesses Nearby
Explore this area
Business Placement
Demographics for 49203, MI
37,269
Population
16,999
Households
2.2
Avg Household Size
39
Median Age
23%
College-Educated
93%
High-School Grad
26.5 sq mi
ZIP Area
1,406
Density / Sq Mi
$55,689
Median Household Income
$37,096
Median Earnings
$992
Median Rent
$150,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Vacant duplex with refreshed flooring and a recently installed flat porch roof.
Where is this duplex located?
The property is located at 1209 3rd St Jackson, MI.
What is the asking price?
The asking price for this property is $125,000.
What are key features of this property?
This property features: Two‑unit duplex built in 1890; Recently updated with new flooring; New flat roof over the porch
