Remodeled Two-Story Apartment
For Sale
$650,000
121 S COURT Street, Howell, MI 48843
Multifamily, 2 Story, Howell, MI
Property Size5,472 SF
Lot Size0.11 Acres
Price / SF$118.79
Days on Market954
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 3, Bedroom 3, Bathroom 4, Bathroom 7, Bedroom 2, Bathroom 6, Bathroom 2, Bathroom 5, Basement, Bathroom 1, Bedroom 4, Bedroom 1
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
(810) 599-4259
Added: Jan 24, 2024
Changed: Sep 2
Last Checked: Sep 4 at 5:06PM
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.
This two-story apartment property in Howell combines a 1920 construction date with subsequent remodeling and Colonial architectural styling. The building contains 5,472 square feet on a 0.11-acre parcel and is served by public water and forced-air heating. Vinyl is identified among the construction materials.
The property is situated in downtown Howell, with shops and dining establishments described as accessible on foot. It also adjoins a new development in the city. The building is currently fully occupied by tenants, and the available room information includes four bedrooms, seven bathrooms, and a basement. Multi-Family zoning supports the property’s apartment-building classification.
The property is situated in downtown Howell, with shops and dining establishments described as accessible on foot. It also adjoins a new development in the city. The building is currently fully occupied by tenants, and the available room information includes four bedrooms, seven bathrooms, and a basement. Multi-Family zoning supports the property’s apartment-building classification.
Key Highlights
- 5,472‑square‑foot apartment building on a 0.11‑acre parcel
- Built in 1920 with Colonial architectural styling
- Remodeled building with vinyl construction materials
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 - Historic 1920 property with public water, forced-air heating, and full tenant occupancy.
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: 5,472‑square‑foot apartment building on a 0.11‑acre parcel; Built in 1920 with Colonial architectural styling; Remodeled building with vinyl construction materials
