Remodeled Duplex with
For Sale
$354,900
Pending
414/416 Willow St, Midland, MI 48642
Duplex built in 1990 offers two units with three bedrooms and basements with laundry hookups.
Property Size2,688 SF
Days on Market27
Property Features for 414/416 Willow St
General Information
Standard status
Pending
Size
2,688 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$6,702
Building Details
Building Size
2,688 SF
Year Built
1990
Units
2
Listing Agency:
(989) 486-9770
Listed By:
Matt Smith · License #SBR
(989) 486-9770
Source:
Elliman
Added: Jul 17
Changed: Aug 8
Last Checked: Aug 11 at 9:52AM
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 Matt Smith
Investment Insights
Based on property information with market context.
This duplex was built in 1990 and provides two matching sides, each with 3 bedrooms, 2 full bathrooms, and a half bath. Each unit includes a full basement with laundry hookups. Improvements include a new roof, new A/C for both sides, and one new furnace. Unit 416 has been completely remodeled with new windows and carpet. Both units feature a primary bedroom with an en suite bathroom.
The seller has also added French drains to both sides for improved drainage. Unit 416 is available to view, and unit 414 will be available upon inspection.
The property is being offered for sale as a duplex residential income asset.
The seller has also added French drains to both sides for improved drainage. Unit 416 is available to view, and unit 414 will be available upon inspection.
The property is being offered for sale as a duplex residential income asset.
Key Highlights
- Duplex built in 1990 with 1,344 SF per side, each offering 3 bedrooms and 2 full baths plus a half bath
- Both sides include full basements with laundry hookups
- Recent updates include a new roof; both sides have new A/C, and one new furnace
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
$17,810
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
5.02%
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%
$356,200
$356.2K
Cap Rate 7%
$254,429
$254.4K
Cap Rate 9%
$197,889
$197.9K
Market Conditions
NOI Build-Up for 2,688 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
$27.4K $10.20/SF
− Vacancy
−$2.0K −$0.73/SF
EGI
$25.4K $9.47/SF
− OpEx
−$7.6K −$2.84/SF
NOI
$17.8K $6.63/SF
Area
Midland County, MI
Vacancy
7.20%
Lease Rate
$10.20 /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%
$356,200
Cap Rate 7%
$254,429
Cap Rate 9%
$197,889
Alternative Uses
Best Use
Multifamily LT 5
$254.4K
$222.6K – $296.8K
NOI $17,810 @ 7.0% cap · market cap 5.02%
Second Best
Apartment 5plus
$242.8K
$212.5K – $283.3K
NOI $16,996 @ 7.0% cap · market cap 4.79%
Theoretical Best
Flex RnD
$485.2K
$424.5K – $566.0K
NOI $33,961 @ 7.0% cap · market cap 9.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
192
Businesses Nearby
Explore this area
Business Placement
Demographics for 48642, MI
33,457
Population
14,663
Households
2.3
Avg Household Size
40
Median Age
42%
College-Educated
96%
High-School Grad
104.7 sq mi
ZIP Area
320
Density / Sq Mi
$77,690
Median Household Income
$48,407
Median Earnings
$1,100
Median Rent
$194,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Duplex built in 1990 offers two units with three bedrooms and basements with laundry hookups.
Where is this duplex located?
The property is located at 414/416 Willow St Midland, MI.
What is the asking price?
The asking price for this property is $354,900.
What are key features of this property?
This property features: Duplex built in 1990 with 1,344 SF per side, each offering 3 bedrooms and 2 full baths plus a half bath; Both sides include full basements with laundry hookups; Recent updates include a new roof; both sides have new A/C, and one new furnace
