Ranch Duplex with Separate
New
For Sale
$269,000
128 Front Dr, Whitmore Lake, MI 48189
Two-unit ranch property with separate living areas, kitchens, and convenient access to Whitmore Lake.
Property Size1,190 SF
Days on Market4
Property Features for 128 Front Dr
General Information
Standard status
Active
Size
1,190 SF
Property subtype
Investment
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
1 x 3BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,668
Amenities
lake access
laundry area
Building Details
Building Size
1,190 SF
Year Built
1935
Buildings
1
Units
2
Construction
ranch
Listing Agency:
KW Realty Livingston
(810) 533-4343
Listed By:
Rick Beaudin · License #6501292587
(810) 533-4343
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 10 at 5:44AM
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 ranch-style duplex, built in 1935, is arranged as two separate living quarters. The larger side includes three bedrooms, a full bathroom, a spacious kitchen, a step-down family room, and a basement with laundry facilities and a washer and dryer. The second unit has its own entrance, one bedroom, a full bathroom, a kitchen, and a family room. In total, the property contains four bedrooms and two bathrooms.
The sale also includes the parcel across the street, providing additional land for parking, boat storage, or a garden. Residents have access to Whitmore Lake for seasonal recreation. The property is near US 23 and I-96, with shopping and dining available nearby. Its address is 128 Front Dr in Whitmore Lake, Michigan.
The sale also includes the parcel across the street, providing additional land for parking, boat storage, or a garden. Residents have access to Whitmore Lake for seasonal recreation. The property is near US 23 and I-96, with shopping and dining available nearby. Its address is 128 Front Dr in Whitmore Lake, Michigan.
Key Highlights
- Duplex configuration with 3‑bedroom and 1‑bedroom living quarters
- Both units include a kitchen, family room, and full bathroom
- Larger unit features a basement laundry area with 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
NOI $10,840 @ 7.0% cap · market cap 4.03%
Second Best
Apartment 5plus
$142.4K
$124.6K – $166.1K
NOI $9,967 @ 7.0% cap · market cap 3.71%
Theoretical Best
Healthcare Medical
$189.5K
$165.9K – $221.1K
NOI $13,268 @ 7.0% cap · market cap 4.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road 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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit ranch property with separate living areas, kitchens, and convenient access to Whitmore Lake.
Where is this duplex located?
The property is located at 128 Front Dr Whitmore Lake, 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: Duplex configuration with 3‑bedroom and 1‑bedroom living quarters; Both units include a kitchen, family room, and full bathroom; Larger unit features a basement laundry area with washer and dryer
