Occupied Updated
New
For Sale
$160,000
123 Woodside Ln, Bay City, MI 48708
Fully leased duplex with recent improvements and mixed lease terms across its two units.
Property Size2,100 SF
Days on Market7
Property Features for 123 Woodside Ln
General Information
Standard status
Active
Size
2,100 SF
Property subtype
Investment
Occupancy
100%
Additional Details
Gross Income
$29,400
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,095
Building Details
Building Size
2,100 SF
Year Built
1900
Units
2
Listing Agency:
Keller Williams Preferred
(989) 475-2958
Listed By:
Monique Gilbert · License #SBR-6506048015
(989) 475-2958
Source:
Elliman
Added: Aug 15
Changed: Aug 16
Last Checked: Aug 20 at 12:06PM
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 Keller Williams Preferred
Investment Insights
Based on property information with market context.
This occupied duplex was built in 1900 and has received multiple updates within the last three years. The property includes two residential units with different lease structures: the lower unit is committed through July 2027, while the upper unit is leased month-to-month.
Residents handle lawn and snow care, while the landlord pays gas, water, and electric service. The property is located on Woodside Ln in Bay City, Michigan, with a Walk Score of 31 and a Bike Score of 45, reflecting a car-dependent and somewhat bikeable setting.
Residents handle lawn and snow care, while the landlord pays gas, water, and electric service. The property is located on Woodside Ln in Bay City, Michigan, with a Walk Score of 31 and a Bike Score of 45, reflecting a car-dependent and somewhat bikeable setting.
Key Highlights
- Two‑unit duplex built in 1900
- Fully occupied with lower unit leased through July 2027
- Upper unit is leased month‑to‑month
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
$12,277
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
7.67%
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%
$245,540
$245.5K
Cap Rate 7%
$175,386
$175.4K
Cap Rate 9%
$136,411
$136.4K
Market Conditions
NOI Build-Up for 2,100 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
$18.9K $9.00/SF
− Vacancy
−$1.4K −$0.65/SF
EGI
$17.5K $8.35/SF
− OpEx
−$5.3K −$2.51/SF
NOI
$12.3K $5.85/SF
Area
Bay County, MI
Vacancy
7.20%
Lease Rate
$9.00 /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%
$245,540
Cap Rate 7%
$175,386
Cap Rate 9%
$136,411
Alternative Uses
Best Use
Multifamily LT 5
$175.4K
$153.5K – $204.6K
NOI $12,277 @ 7.0% cap · market cap 7.67%
Second Best
Apartment 5plus
$164.8K
$144.2K – $192.3K
NOI $11,538 @ 7.0% cap · market cap 7.21%
Theoretical Best
Office A
$380.2K
$332.6K – $443.5K
NOI $26,611 @ 7.0% cap · market cap 16.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
162
Businesses Nearby
Explore this area
Business Placement
Demographics for 48708, MI
25,860
Population
12,625
Households
2
Avg Household Size
41
Median Age
17%
College-Educated
89%
High-School Grad
29.1 sq mi
ZIP Area
889
Density / Sq Mi
$50,216
Median Household Income
$31,978
Median Earnings
$703
Median Rent
$98,500
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 leased duplex with recent improvements and mixed lease terms across its two units.
Where is this duplex located?
The property is located at 123 Woodside Ln Bay City, MI.
What is the asking price?
The asking price for this property is $160,000.
What are key features of this property?
This property features: Two‑unit duplex built in 1900; Fully occupied with lower unit leased through July 2027; Upper unit is leased month‑to‑month
