Building Details

Year Built 1935

Buildings 1

Construction ranch

Listing Agency: KW Realty Livingston

Listed By: Rick Beaudin · License #6501292587 Show Phone

Source: Premiermichiganhomesearch

Added: Sep 1 Last Checked: Sep 2 at 7:20PM

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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 KW Realty Livingston

Investment Insights

Based on property information with market context.

This 1,190-square-foot ranch-style duplex, built in 1935, contains two separate living areas. The larger side includes three bedrooms, a full bathroom, a kitchen, a step-down family room, and a basement with laundry facilities and a washer and dryer. The second unit has its own entrance along with one bedroom, a full bathroom, a kitchen, and a family room, creating a practical two-unit layout within the home.

The property sits on a corner lot with mature trees and includes the parcel across the street. That additional parcel can accommodate parking, boat storage, or a garden. Residents also have access to Whitmore Lake, while US 23 provides connections toward Ann Arbor and I-96. Shopping and dining are described as conveniently accessible from the property.

Key Highlights

• Two‑unit ranch home with 4 bedrooms and 2 full bathrooms
• 1,190‑square‑foot property built in 1935
• Larger unit has 3 bedrooms, basement laundry, and washer and dryer

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

$10,840

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

4.03%

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%

$216,800 $216.8K

Cap Rate 7%

$154,857 $154.9K

Cap Rate 9%

$120,444 $120.4K

Market Conditions

NOI Build-Up for 1,190 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

$16.4K $13.80/SF

− Vacancy

−$936 −$0.79/SF

EGI

$15.5K $13.01/SF

− OpEx

−$4.6K −$3.90/SF

NOI

$10.8K $9.11/SF

Area

Livingston County, MI

Vacancy

5.70%

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%

$216,800

Cap Rate 7%

$154,857

Cap Rate 9%

$120,444

Alternative Uses

Best Use

Multifamily LT 5

$154.9K

$135.5K – $180.7K (±1% cap)

NOI $10,840 @ 7.0% cap · market cap 4.03%

Second Best

Apartment 5plus

$142.4K

$124.6K – $166.1K (±1% cap)

NOI $9,967 @ 7.0% cap · market cap 3.71%

Theoretical Best

Healthcare Medical

$189.5K

$165.9K – $221.1K (±1% cap)

NOI $13,268 @ 7.0% cap · market cap 4.93%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Law Firm Spa & Massage Center HVAC Service Hair Salon Building Supply

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

155

Businesses Nearby

Explore this area Business Placement

Demographics for 48189, MI

14,038

Population

6,196

Households

2.3

Avg Household Size

43

Median Age

38%

College-Educated

97%

High-School Grad

34.2 sq mi

ZIP Area

410

Density / Sq Mi

$82,433

Median Household Income

$48,223

Median Earnings

$1,228

Median Rent

$286,200

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

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What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Duplex - Two separate living areas offer flexible occupancy, with additional land across the street for parking or storage.

Where is this duplex located?

The property is located at 128 Front Dr Northfield Twp, MI.

What is the asking price?

The asking price for this property is $269,000.

What are key features of this property?

This property features: Two‑unit ranch home with 4 bedrooms and 2 full bathrooms; 1,190‑square‑foot property built in 1935; Larger unit has 3 bedrooms, basement laundry, and washer and dryer