Four-Unit Rental Apartment
For Sale
$214,900
403 N Fayette St, Saginaw, MI 48602
Four-unit multi-family rental with three two-bedroom units and one vacant one-bedroom unit.
Property Size3,044 SF
Days on Market33
Property Features for 403 N Fayette St
General Information
Standard status
Active
Size
3,044 SF
Property subtype
Investment
Occupancy
75%
Additional Details
Business Included
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$3,439
Building Details
Building Size
3,044 SF
Year Built
1884
Units
4
Listing Agency:
Century 21 Signature Realty
(989) 239-7486
Listed By:
Angie Muehlfeld · License #6506047050
(989) 239-7486
Source:
Elliman
Added: Jul 12
Changed: Aug 12
Last Checked: Aug 12 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 Century 21 Signature Realty
Investment Insights
Based on property information with market context.
This four-unit multi-family rental building includes three units with two bedrooms and one bathroom, all currently rented. A separate one-bedroom, one-bath unit is vacant.
The property is located near Michigan and Court St in downtown Saginaw. WalkScore is listed as 61 (Somewhat Walkable), and BikeScore is listed as 53 (Bikeable).
The offering is for a four-unit apartment property with a mix of two-bedroom and one-bedroom configurations across the building.
The property is located near Michigan and Court St in downtown Saginaw. WalkScore is listed as 61 (Somewhat Walkable), and BikeScore is listed as 53 (Bikeable).
The offering is for a four-unit apartment property with a mix of two-bedroom and one-bedroom configurations across the building.
Key Highlights
- Four‑unit multi‑family rental built in 1884
- Three units are 2‑bedroom, 1‑bath and currently rented
- One 1‑bedroom, 1‑bath unit is vacant
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
$18,034
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
8.39%
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%
$360,680
$360.7K
Cap Rate 7%
$257,629
$257.6K
Cap Rate 9%
$200,378
$200.4K
Market Conditions
NOI Build-Up for 3,044 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
$27.8K $9.12/SF
− Vacancy
−$2.0K −$0.66/SF
EGI
$25.8K $8.46/SF
− OpEx
−$7.7K −$2.54/SF
NOI
$18.0K $5.92/SF
Area
Saginaw County, MI
Vacancy
7.20%
Lease Rate
$9.12 /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%
$360,680
Cap Rate 7%
$257,629
Cap Rate 9%
$200,378
Alternative Uses
Best Use
Multifamily LT 5
$257.6K
$225.4K – $300.6K
NOI $18,034 @ 7.0% cap · market cap 8.39%
Second Best
Apartment 5plus
$244.7K
$214.1K – $285.5K
NOI $17,129 @ 7.0% cap · market cap 7.97%
Theoretical Best
Specialty Retail
$562.4K
$492.1K – $656.1K
NOI $39,368 @ 7.0% cap · market cap 18.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
75%
Occupancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,330
Businesses Nearby
Explore this area
Business Placement
Demographics for 48602, MI
27,613
Population
12,286
Households
2.2
Avg Household Size
36
Median Age
15%
College-Educated
83%
High-School Grad
7.8 sq mi
ZIP Area
3,540
Density / Sq Mi
$46,068
Median Household Income
$29,611
Median Earnings
$902
Median Rent
$70,200
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?
Quadplex - Four-unit multi-family rental with three two-bedroom units and one vacant one-bedroom unit.
Where is this quadplex located?
The property is located at 403 N Fayette St Saginaw, MI.
What is the asking price?
The asking price for this property is $214,900.
What are key features of this property?
This property features: Four‑unit multi‑family rental built in 1884; Three units are 2‑bedroom, 1‑bath and currently rented; One 1‑bedroom, 1‑bath unit is vacant
