Duplex with Detached Two-Car
For Sale
$165,000
214 W 2nd St, Pinconning, MI 48650
Corner-lot duplex with porch, upper deck, and detached 2-car garage; one unit refreshed and ready.
Property Size1,085 SF
Days on Market94
Property Features for 214 W 2nd St
General Information
Standard status
Active
Size
1,085 SF
Total Parking Spaces
2
Property subtype
Investment
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,407
Building Details
Building Size
1,085 SF
Year Built
1900
Units
2
Tenancy
Multi
Listing Agency:
CENTURY 21 SIGNATURE REALTY
Listed By:
TERRIE CLARK-NEWMAN
(907) 232-1897
Source:
Elliman
Added: Jun 20
Changed: Sep 18
Last Checked: Sep 20 at 9:59AM
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 CENTURY 21 SIGNATURE REALTY
Investment Insights
Based on property information with market context.
This duplex offers two separate living spaces on a spacious corner lot. Features include a large front porch, an upper level deck, and a detached 2-car garage that provides practical storage and tenant convenience. The main level unit includes approximately 2 bedrooms and 1 bath with a spacious living room and dining area, plus updated kitchen cabinetry and fresh neutral finishes, positioned for occupancy. The upper unit provides additional rental value through its own layout and private access to the upper deck, supporting continued interior improvements.
The property is located in Pinconning near downtown amenities, schools, parks, and shopping. Walkability and biking are described as limited, indicating a car-dependent lifestyle for daily errands and access.
For investors or owner-occupants, the configuration allows flexibility to live in one unit while renting the other, or to pursue a continued renovation plan for the second unit. With one residence already refreshed and the other offering additional value-added opportunity, the property supports a straightforward path to stabilizing and optimizing rental use.
The property is located in Pinconning near downtown amenities, schools, parks, and shopping. Walkability and biking are described as limited, indicating a car-dependent lifestyle for daily errands and access.
For investors or owner-occupants, the configuration allows flexibility to live in one unit while renting the other, or to pursue a continued renovation plan for the second unit. With one residence already refreshed and the other offering additional value-added opportunity, the property supports a straightforward path to stabilizing and optimizing rental use.
Key Highlights
- Duplex built in 1900 with two separate living spaces on a spacious corner lot
- Main‑level unit offers approx. 1,085 SF, 2 bedrooms, and 1 bath, with a refreshed interior and updated kitchen cabinetry
- Second (upper) unit has private access to an upper deck and provides additional rental income potential
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
$6,343
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
3.84%
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%
$126,860
$126.9K
Cap Rate 7%
$90,614
$90.6K
Cap Rate 9%
$70,478
$70.5K
Market Conditions
NOI Build-Up for 1,085 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
$9.8K $9.00/SF
− Vacancy
−$703 −$0.65/SF
EGI
$9.1K $8.35/SF
− OpEx
−$2.7K −$2.51/SF
NOI
$6.3K $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%
$126,860
Cap Rate 7%
$90,614
Cap Rate 9%
$70,478
Alternative Uses
Best Use
Multifamily LT 5
$90.6K
$79.3K – $105.7K
NOI $6,343 @ 7.0% cap · market cap 3.84%
Second Best
Apartment 5plus
$85.2K
$74.5K – $99.4K
NOI $5,961 @ 7.0% cap · market cap 3.61%
Theoretical Best
Office A
$196.4K
$171.9K – $229.2K
NOI $13,749 @ 7.0% cap · market cap 8.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
197
Businesses Nearby
Explore this area
Business Placement
Demographics for 48650, MI
6,807
Population
3,036
Households
2.2
Avg Household Size
47
Median Age
17%
College-Educated
89%
High-School Grad
95.2 sq mi
ZIP Area
72
Density / Sq Mi
$63,662
Median Household Income
$41,461
Median Earnings
$750
Median Rent
$136,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Corner-lot duplex with porch, upper deck, and detached 2-car garage; one unit refreshed and ready.
Where is this duplex located?
The property is located at 214 W 2nd St Pinconning, MI.
What is the asking price?
The asking price for this property is $165,000.
What are key features of this property?
This property features: Duplex built in 1900 with two separate living spaces on a spacious corner lot; Main‑level unit offers approx. 1,085 SF, 2 bedrooms, and 1 bath, with a refreshed interior and updated kitchen cabinetry; Second (upper) unit has private access to an upper deck and provides additional rental income potential
