Bay City Duplex with Separate
For Sale
$94,900
Pending
106 S Chilson St, Bay City, MI 48706
Two-unit duplex offers separate utilities and a full basement, supporting owner-occupant or rental arrangements.
Property Size1,498 SF
Days on Market93
Property Features for 106 S Chilson St
General Information
Standard status
Pending
Size
1,498 SF
Property subtype
Investment
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,379
Building Details
Building Size
1,498 SF
Year Built
1900
Units
2
Tenancy
Multi
Listing Agency:
BOMIC Real Estate
(989) 860-4958
Listed By:
Jack Bader · License #6501422616
(989) 860-4958
Source:
Elliman
Added: Jun 1
Changed: Aug 27
Last Checked: Aug 31 at 3:19PM
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 BOMIC Real Estate
Investment Insights
Based on property information with market context.
This Bay City duplex includes two separate living units with private utility setups. The lower unit features three bedrooms and one full bathroom, while the upper unit offers one bedroom and one full bathroom. Both units are supported by a full basement, providing additional storage and practical space for day-to-day needs.
The property is positioned just minutes from Euclid Avenue and Wilder Road, with nearby access to shopping, dining, and everyday amenities. Walk and bike connectivity are described as somewhat walkable and somewhat bikeable, which may appeal to residents who prefer local errands without relying entirely on a vehicle.
For tenants and owner-occupants, the layout allows flexibility: one unit can be lived in while the other supports rental income. The combination of separate utilities, distinct unit configurations, and shared basement area may make the property easier to manage than a single combined-utility home, while still offering duplex-style occupancy options.
The property is positioned just minutes from Euclid Avenue and Wilder Road, with nearby access to shopping, dining, and everyday amenities. Walk and bike connectivity are described as somewhat walkable and somewhat bikeable, which may appeal to residents who prefer local errands without relying entirely on a vehicle.
For tenants and owner-occupants, the layout allows flexibility: one unit can be lived in while the other supports rental income. The combination of separate utilities, distinct unit configurations, and shared basement area may make the property easier to manage than a single combined-utility home, while still offering duplex-style occupancy options.
Key Highlights
- Bay City duplex built in 1900 with two units: lower unit 3 beds/1 full bath and upper unit 1 bed/1 full bath
- Approx. 1,498 sq ft of living space across the two units
- Separate utilities for each unit
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
$8,231
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
8.67%
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%
$164,620
$164.6K
Cap Rate 7%
$117,586
$117.6K
Cap Rate 9%
$91,456
$91.5K
Market Conditions
NOI Build-Up for 1,498 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
$15.8K $10.56/SF
− Vacancy
−$854 −$0.57/SF
EGI
$15.0K $9.99/SF
− OpEx
−$6.7K −$4.50/SF
NOI
$8.2K $5.49/SF
Area
Bay County, MI
Vacancy
5.40%
Lease Rate
$10.56 /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%
$164,620
Cap Rate 7%
$117,586
Cap Rate 9%
$91,456
Alternative Uses
Best Use
Multifamily LT 5
$125.1K
$109.5K – $146.0K
NOI $8,758 @ 7.0% cap · market cap 9.23%
Second Best
Apartment 5plus
$117.6K
$102.9K – $137.2K
NOI $8,231 @ 7.0% cap · market cap 8.67%
Theoretical Best
Office A
$271.2K
$237.3K – $316.4K
NOI $18,983 @ 7.0% cap · market cap 20.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
689
Businesses Nearby
Explore this area
Business Placement
Demographics for 48706, MI
39,381
Population
18,163
Households
2.2
Avg Household Size
45
Median Age
24%
College-Educated
93%
High-School Grad
66.3 sq mi
ZIP Area
594
Density / Sq Mi
$61,908
Median Household Income
$40,151
Median Earnings
$887
Median Rent
$142,300
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-unit duplex offers separate utilities and a full basement, supporting owner-occupant or rental arrangements.
Where is this duplex located?
The property is located at 106 S Chilson St Bay City, MI.
What is the asking price?
The asking price for this property is $94,900.
What are key features of this property?
This property features: Bay City duplex built in 1900 with two units: lower unit 3 beds/1 full bath and upper unit 1 bed/1 full bath; Approx. 1,498 sq ft of living space across the two units; Separate utilities for each unit
