Colonial Multifamily
For Sale
$650,000
121 S COURT Street, Howell, MI 48843
MULTI_FAMILY - Colonial - Howell, MI
Property Size5,472 SF
Lot Size0.11 Acres
Price / SF$118.79
Days on Market928
Property Features for 121 S COURT Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Bedrooms
4
Bathrooms
7
Full bathrooms
7
Rooms
Bathroom 7, Bathroom 4, Bathroom 5, Bathroom 6, Bedroom 1, Bathroom 3, Bedroom 2, Bathroom 2, Bathroom 1, Basement, Bedroom 3, Bedroom 4
Subdivision
COWDRYS ADD
Elementary school district
Howell
Middle school district
Howell
High school district
Howell
Directions
On Corner Of Court And Sibley
Standard status
Active
APN
1736307060
Size
5,472 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Description
SEC 36, T3N R4E CITY OF HOWELL COWDRY'S ADDITION, S 50 FT OF W1/2 OF LOT 14 & S 50 FT OF LOT 15
Tax Annual Amount
5922
Legal Description
SEC 36, T3N R4E CITY OF HOWELL COWDRY'S ADDITION, S 50 FT OF W1/2 OF LOT 14 & S 50 FT OF LOT 15
Utilities
Heating system
Forced Air
Water source
Public
Building Details
Year built
1920
Floors in Building
2
Number of units
7
Building materials
Vinyl
Architectural style
Colonial
Listing Agency:
NextHome Statewide Real Estate
(517) 546-9060
Listed By:
Aaren D Currie · License #6502115284,PersonLicenseNumber
(517) 546-9060
Added: Jan 24, 2024
Changed: Aug 2
Last Checked: Aug 9 at 8:06PM
MLS# 20240004604
Copyright © 2026 Realcomp Limited II. 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.
Located at 121 S Court Street in Howell, this Colonial-style multifamily apartment building was built in 1920. The property sits on a 0.11-acre lot and totals 5,472 SF, with vinyl construction and forced-air heating. Public water service is available, and the interior layout includes a basement plus multiple bedrooms and bathrooms.
The building is presented in downtown Howell and has undergone a remodel while preserving its historic character. Viewing is restricted to an acceptable offer, as the property is currently fully occupied by tenants. The building backs up to the single largest new development in the city of Howell.
With its combination of historic character and updated features, the property offers a multifamily asset with established occupancy and a downtown setting.
The building is presented in downtown Howell and has undergone a remodel while preserving its historic character. Viewing is restricted to an acceptable offer, as the property is currently fully occupied by tenants. The building backs up to the single largest new development in the city of Howell.
With its combination of historic character and updated features, the property offers a multifamily asset with established occupancy and a downtown setting.
Key Highlights
- 0.11‑acre lot with 5,472 SF Colonial multifamily building
- Built in 1920 with Colonial architectural style
- Forced‑air heating and public water service
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
$45,830
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
7.05%
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%
$916,600
$916.6K
Cap Rate 7%
$654,714
$654.7K
Cap Rate 9%
$509,222
$509.2K
Market Conditions
NOI Build-Up for 5,472 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
$88.6K $16.20/SF
− Vacancy
−$5.3K −$0.97/SF
EGI
$83.3K $15.23/SF
− OpEx
−$37.5K −$6.85/SF
NOI
$45.8K $8.38/SF
Area
Livingston County, MI
Vacancy
6.00%
Lease Rate
$16.20 /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%
$916,600
Cap Rate 7%
$654,714
Cap Rate 9%
$509,222
Alternative Uses
Best Use
Apartment 5plus
$654.7K
$572.9K – $763.8K
NOI $45,830 @ 7.0% cap · market cap 7.05%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$871.6K
$762.7K – $1.02M
NOI $61,012 @ 7.0% cap · market cap 9.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
827
Businesses Nearby
Explore this area
Business Placement
Demographics for 48843, MI
47,704
Population
19,001
Households
2.5
Avg Household Size
41
Median Age
37%
College-Educated
95%
High-School Grad
89.6 sq mi
ZIP Area
532
Density / Sq Mi
$91,620
Median Household Income
$48,613
Median Earnings
$1,221
Median Rent
$323,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Multi-Family zoned colonial apartment building with forced-air heat and public water in downtown Howell.
Where is this apartment building located?
The property is located at 121 S COURT Street Howell, MI.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 0.11‑acre lot with 5,472 SF Colonial multifamily building; Built in 1920 with Colonial architectural style; Forced‑air heating and public water service
