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    1296 Main Melvin, MI 48454

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    For Sale
    $244,900

    Multi-Family, 2 Story - Melvin, MI

    Property size:
    1,885 SF
    Lot size:
    0.55 Acres
    Price / SF:
    $129/SF
    Added:
    May 6, 2026
    Days on Market:
    2
    Last Refresh:
    May 7 at 12:06 am

    Property Features for 1296 Main

    General Information

    Property type
    Residential Multi Family
    Zoning
    Residential
    Bedrooms
    4
    Bathrooms
    3
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4
    Parking features
    Garage, Garage - Attached
    Appliances
    Dryer, Range, Refrigerator, Water - Softener
    Standard status
    Active
    APN
    22110000001000
    Size
    1,885 SF
    Lot size
    0.55 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Annual Amount
    3002

    Utilities

    Heating system
    Baseboard

    Building Details

    Year built
    1900
    Floors in Building
    2
    Number of units
    3
    Building materials
    Brick, Vinyl Siding
    Architectural style
    Other

    We can help!

    Listing Contact
    Robert Kean
    Robert Kean

    Listing agent Robert Kean License #6506045064

    Listing office Coldwell Banker Professionals 67395 Main St, MI

    Listing date May 6, 2026

    MLS# 50206646 Listing URL

    Copyright © 2026 Multiple Listing Service MiRealSource. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Leased to USPS with a newly negotiated 5‑year lease and a 94‑year history as a tenant, providing stable and reliable income.
    • Two additional residential apartments provide further income potential.
    • Substantial recent improvements (over $40k) minimize immediate maintenance concerns.
    • Includes essential appliances (dryer, range, refrigerator, water softener) and attached garage.
    • Features a spacious backyard with storage shed and views of farm fields.
    • Unique property: Own a piece of history in a small town community.

    Overview

    Melvin Multi-Family Investment Opportunity

    Located in the heart of Melvin, this unique property features a commercial space leased to the US Post Office, which has been a tenant since 1930. The post office lease was renegotiated last October 1 and generates $849.75 monthly. Additionally, the property includes two residential apartments, each with two bedrooms. The upper unit is leased at $625, and the lower unit at $700. Both apartments are leased below current market rates due to long-term tenants and operate on a month-to-month basis. The apartments are well-maintained and share a common area with a washer and dryer. A garage attached to the property houses lawn implements included in the sale. The spacious backyard features a storage shed and overlooks farm fields. The current owner has invested over $40,000 in improvements in the last three years, including a new roof for the back apartment and garage, an upgraded and modernized main electric panel, a new well pump and piping, new double windows in the lower apartment unit, a new refrigerator in the upstairs apartment, tuck pointing and re-grouting of the Post Office exterior brickwork, a new 50-gallon water heater, a new toilet and commercial-grade flooring for the Post Office, a new 30-foot commercial flag pole, and a new modern closed-system gas boiler unit. The building, one of the original structures in town, is situated across from the Melvin "hogtown" Tavern. The property size is 1,885 square feet and the lot size is 0.55 acres. This presents a great opportunity for investors in a small-town community.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    United States Postal ... Post Office

    Suggested Use

    Restaurant Bar & Pub

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Melvin
    County
    Sanilac
    State
    Michigan
    Longitude
    -82.865002
    Latitude
    43.186505

    FAQs

    What type of property is this?
    Triplex - Unique multi-family property with commercial tenant and residential income.
    Where is this triplex located?
    The property is located at 1296 Main Melvin, MI.
    What is the asking price?
    The asking price for this property is $244,900.
    What are key features of this property?
    This property features: Leased to USPS with a newly negotiated 5‑year lease and a 94‑year history as a tenant, providing stable and reliable income.; Two additional residential apartments provide further income potential.; Substantial recent improvements (over $40k) minimize immediate maintenance concerns.
    (810) 650-5850
    We can help!
    Listing Contact
    Robert Kean
    Robert Kean
    Real Estate License ID: 6506045064
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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