Two-Unit Duplex with Separate
For Sale
$225,000
124 School Street, Williamston, MI 48895
Two residential units offer separate entrances, decks, laundry, yard space, and parking, with one unit currently leased.
Property Size2,038 SF
Price / SF$110.40
Days on Market112
Property Features for 124 School Street
General Information
Standard status
Active
Size
2,038 SF
Property subtype
Residential Income
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
3BR/1BA, 2BR/1BA
Multifamily Units
2
Amenities
deck
laundry
Building Details
Buildings
1
Listing Agency:
Berkshire Hathaway HomeServices
(517) 351-3617
Listed By:
Shelby Miller · License #6501364643
(517) 899-6486
Source:
Exprealty
Added: May 15
Changed: Sep 1
Last Checked: Sep 2 at 6:48PM
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 Berkshire Hathaway HomeServices
Investment Insights
Based on property information with market context.
This 2,038-square-foot duplex contains two distinct residential units with separate front entrances and rear access to individual decks. The larger side includes 3 bedrooms, 1 bath, laundry, and a Michigan basement, while the second side offers 2 bedrooms, 1 bath, laundry, fresh paint, cleaned carpeting, and its own deck. One unit is leased through April 24, 2027, and the other is available for occupancy.
The property includes front, side, and large rear yard areas, along with ample on-site parking. It is located across from Williamston Community Park and within walking distance of downtown and Interstate I-96. The address is 124 School Street in Williamston, Michigan.
The property includes front, side, and large rear yard areas, along with ample on-site parking. It is located across from Williamston Community Park and within walking distance of downtown and Interstate I-96. The address is 124 School Street in Williamston, Michigan.
Key Highlights
- 2,038‑square‑foot duplex with two residential units
- One unit leased through April 24, 2027; second unit available
- Unit layouts include 3 beds/1 bath and 2 beds/1 bath
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
$18,472
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
8.21%
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%
$369,440
$369.4K
Cap Rate 7%
$263,886
$263.9K
Cap Rate 9%
$205,244
$205.2K
Market Conditions
NOI Build-Up for 2,038 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
$28.1K $13.80/SF
− Vacancy
−$1.7K −$0.85/SF
EGI
$26.4K $12.95/SF
− OpEx
−$7.9K −$3.88/SF
NOI
$18.5K $9.06/SF
Area
Ingham County, MI
Vacancy
6.17%
Lease Rate
$13.80 /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%
$369,440
Cap Rate 7%
$263,886
Cap Rate 9%
$205,244
Alternative Uses
Best Use
Multifamily LT 5
$263.9K
$230.9K – $307.9K
NOI $18,472 @ 7.0% cap · market cap 8.21%
Second Best
Apartment 5plus
$237.2K
$207.5K – $276.7K
NOI $16,601 @ 7.0% cap · market cap 7.38%
Theoretical Best
Office A
$327.4K
$286.5K – $382.0K
NOI $22,920 @ 7.0% cap · market cap 10.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
407
Businesses Nearby
Explore this area
Business Placement
Demographics for 48895, MI
11,472
Population
5,019
Households
2.3
Avg Household Size
43
Median Age
50%
College-Educated
97%
High-School Grad
82.9 sq mi
ZIP Area
138
Density / Sq Mi
$100,565
Median Household Income
$57,330
Median Earnings
$1,005
Median Rent
$272,500
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 - Two residential units offer separate entrances, decks, laundry, yard space, and parking, with one unit currently leased.
Where is this duplex located?
The property is located at 124 School Street Williamston, MI.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: 2,038‑square‑foot duplex with two residential units; One unit leased through April 24, 2027; second unit available; Unit layouts include 3 beds/1 bath and 2 beds/1 bath
