Building Details

Year Built 1964

Listing Agency: Pilot Property Group - Residential LLC a***@pilotpg.com Show Phone

Listed By: Anthony Rubino · License #6502425251 Show Phone

Source: Xome

Added: Apr 7, 2025 Changed: Aug 25 Last Checked: Aug 26 at 7:09AM

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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 Pilot Property Group - Residential LLC

Investment Insights

Based on property information with market context.

This multifamily property, constructed in 1964, consists of 10 units housed within a brick building. The property also includes a carport. It is located across the street from the Marlette Golf Course.

Key Highlights

• Ten‑unit building offers investment potential
• Solid brick building construction
• Includes a carport

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

$43,718

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

5.21%

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%

$874,360 $874.4K

Cap Rate 7%

$624,543 $624.5K

Cap Rate 9%

$485,756 $485.8K

Market Conditions

NOI Build-Up for 9,000 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

$86.4K $9.60/SF

− Vacancy

−$6.9K −$0.77/SF

EGI

$79.5K $8.83/SF

− OpEx

−$35.8K −$3.97/SF

NOI

$43.7K $4.86/SF

Area

Sanilac County, MI

Vacancy

8.00%

Lease Rate

$9.60 /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%

$874,360

Cap Rate 7%

$624,543

Cap Rate 9%

$485,756

Alternative Uses

Best Use

Apartment 5plus

$624.5K

$546.5K – $728.6K (±1% cap)

NOI $43,718 @ 7.0% cap · market cap 5.21%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.91M

$1.67M – $2.23M (±1% cap)

NOI $133,799 @ 7.0% cap · market cap 15.95%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Apartment buildings

Suggested Use

Top Pick Electrical Service Grocery & Convenience Store Storage Facility (Bike/Boat/Book/etc) Store Bakery Law Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

261

Businesses Nearby

Explore this area Business Placement

Demographics for 48453, MI

4,956

Population

2,147

Households

2.3

Avg Household Size

41

Median Age

13%

College-Educated

92%

High-School Grad

107.0 sq mi

ZIP Area

46

Density / Sq Mi

$53,413

Median Household Income

$31,907

Median Earnings

$851

Median Rent

$156,500

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

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What type of property is this? Where is this apartment buildings located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Apartment building - Ten-unit multifamily property near Marlette Golf Course.

Where is this apartment building located?

The property is located at 2736 GOLF COURSE DR Marlette, MI.

What is the asking price?

The asking price for this property is $839,000.

What are key features of this property?

This property features: Ten‑unit building offers investment potential; Solid brick building construction; Includes a carport