Top-Floor Condo with Nature
For Sale
$125,000
102C Village Place Drive, Roscommon, MI 48653
Bright condo with two suites, nature views, and garage.
Property Size1,344 SF
Lot Size28.00 Acres
Price / SF$93.01
Days on Market538
Property Features for 102C Village Place Drive
General Information
Standard status
Active
Size
1,344 SF
Lot size
28.00 Acres
Property subtype
Condo/Townhome
Building Details
Year Built
1980
Listing Agency:
Brookstone Realtors
(231) 499-5090
Listed By:
Renee W Waverly · License #6501433389
(231) 499-5090
Source:
Exitrealty
Added: Feb 19, 2025
Changed: Aug 8
Last Checked: Aug 11 at 6:57AM
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 Brookstone Realtors
Investment Insights
Based on property information with market context.
This open and bright top-floor condo features two primary suites. It is situated on a 28-acre wooded property that includes a trout stream. The unit has an open and expansive kitchen and living room layout. Appliances are included. A private, detached garage is also part of the property. Residents have access to a community pool. The condo offers balcony views of the surrounding nature and frequent wildlife sightings. It is walkable to downtown Roscommon for retail, restaurants, and local trails, and is located just minutes from Route 75. This property is positioned as a gateway to seasonal or year-round Northern Michigan recreation.
Key Highlights
- Top‑floor condo with amazing balcony nature views and frequent wildlife.
- Enjoy the convenience of two primary suites.
- Located on a 28‑acre wooded property with a trout stream.
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
$5,708
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
4.57%
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%
$114,160
$114.2K
Cap Rate 7%
$81,543
$81.5K
Cap Rate 9%
$63,422
$63.4K
Market Conditions
NOI Build-Up for 1,344 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
$14.4K $10.68/SF
− Vacancy
−$4.0K −$2.96/SF
EGI
$10.4K $7.72/SF
− OpEx
−$4.7K −$3.47/SF
NOI
$5.7K $4.25/SF
Area
Roscommon County, MI
Vacancy
27.70%
Lease Rate
$10.68 /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%
$114,160
Cap Rate 7%
$81,543
Cap Rate 9%
$63,422
Alternative Uses
Best Use
Apartment 5plus
$81.5K
$71.4K – $95.1K
NOI $5,708 @ 7.0% cap · market cap 4.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$221.2K
$193.5K – $258.1K
NOI $15,483 @ 7.0% cap · market cap 12.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
289
Businesses Nearby
Explore this area
Business Placement
Demographics for 48653, MI
9,598
Population
9,814
Households
1
Avg Household Size
55
Median Age
27%
College-Educated
93%
High-School Grad
241.8 sq mi
ZIP Area
40
Density / Sq Mi
$67,708
Median Household Income
$41,548
Median Earnings
$801
Median Rent
$161,800
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Bright condo with two suites, nature views, and garage.
Where is this residential income property located?
The property is located at 102C Village Place Drive Roscommon, 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: Top‑floor condo with amazing balcony nature views and frequent wildlife.; Enjoy the convenience of two primary suites.; Located on a 28‑acre wooded property with a trout stream.
