Triplex with Post Office
For Sale
$244,900
1296 Main Street, Melvin, MI 48454
MULTI_FAMILY - Melvin, MI
Property Size1,885 SF
Lot Size0.55 Acres
Price / SF$129.92
Days on Market102
Property Features for 1296 Main Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
4
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bathroom 3, Bedroom 2, Bedroom 4, Bedroom 1, Bedroom 3, Bathroom 2, Bathroom 1
Appliances
Dryer, Range/Oven, Refrigerator, Washer, Water Softener - Leased
Lot features
Main Street
Elementary school district
Brown City Comm School District
Middle school district
Brown City Comm School District
High school district
Brown City Comm School District
Subdivision
Speaker Twp (76022)
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
Oil, Baseboard
Water source
Private
Building Details
Year built
1900
Floors in Building
2
Number of units
3
Listing Agency:
Coldwell Banker Professionals · Coldwell Banker Real Estate
(586) 727-2741
Listed By:
Robert Kean · License #6506045064
(810) 650-5850
Added: May 6
Changed: Aug 1
Last Checked: Aug 15 at 8:06AM
MLS# 50206646
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.
Investment Insights
Based on property information with market context.
This triplex-style property combines a leased post office unit with two residential apartments. The lower front unit is leased to the US Post Office under a five-year lease that began last Oct 1. The upper and lower residential apartments are both 2-bedroom units in well-maintained condition and are on month-to-month contracts. A common area includes a washer-dryer.
The building was built in 1900 and sits on a 0.55-acre lot. An attached garage provides storage for lawn implements included with the sale, and there is also a storage shed in the spacious back yard overlooking farm fields. The property is located across from the Melvin “hogtown” Tavern. The lower apartment includes newly installed double windows, and the post office exterior received tuck pointing and re-grouting of the brickwork.
Recent improvements include a new roof for the back apartment and garage, an upgraded/modernized main electric panel, a new well pump and piping, a new refrigerator for the upstairs apartment, a new 50-gal water heater, new toilet and commercial-grade flooring for the post office, a new 30-foot commercial flag pole, and a modern “closed system” gas boiler unit. Heating is provided via oil and baseboard systems, and the water source is private.
The building was built in 1900 and sits on a 0.55-acre lot. An attached garage provides storage for lawn implements included with the sale, and there is also a storage shed in the spacious back yard overlooking farm fields. The property is located across from the Melvin “hogtown” Tavern. The lower apartment includes newly installed double windows, and the post office exterior received tuck pointing and re-grouting of the brickwork.
Recent improvements include a new roof for the back apartment and garage, an upgraded/modernized main electric panel, a new well pump and piping, a new refrigerator for the upstairs apartment, a new 50-gal water heater, new toilet and commercial-grade flooring for the post office, a new 30-foot commercial flag pole, and a modern “closed system” gas boiler unit. Heating is provided via oil and baseboard systems, and the water source is private.
Key Highlights
- Leased US Post Office unit with a five‑year lease that began last Oct 1
- Two 2‑bedroom apartments on month‑to‑month contracts
- 0.55‑acre lot with attached garage and storage shed
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
$10,388
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
4.24%
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%
$207,760
$207.8K
Cap Rate 7%
$148,400
$148.4K
Cap Rate 9%
$115,422
$115.4K
Market Conditions
NOI Build-Up for 1,885 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
$16.1K $8.52/SF
− Vacancy
−$1.2K −$0.65/SF
EGI
$14.8K $7.87/SF
− OpEx
−$4.5K −$2.36/SF
NOI
$10.4K $5.51/SF
Area
Sanilac County, MI
Vacancy
7.60%
Lease Rate
$8.52 /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%
$207,760
Cap Rate 7%
$148,400
Cap Rate 9%
$115,422
Alternative Uses
Best Use
Multifamily LT 5
$148.4K
$129.9K – $173.1K
NOI $10,388 @ 7.0% cap · market cap 4.24%
Second Best
Apartment 5plus
$130.8K
$114.5K – $152.6K
NOI $9,157 @ 7.0% cap · market cap 3.74%
Theoretical Best
Office A
$400.3K
$350.3K – $467.1K
NOI $28,023 @ 7.0% cap · market cap 11.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
11
Businesses Nearby
Explore this area
Business Placement
Demographics for 48454, MI
1,263
Population
515
Households
2.5
Avg Household Size
47
Median Age
16%
College-Educated
89%
High-School Grad
30.2 sq mi
ZIP Area
42
Density / Sq Mi
$62,300
Median Household Income
$47,250
Median Earnings
$694
Median Rent
$177,500
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?
Triplex - Triplex building with a leased post office unit and two 2-bedroom apartments, plus a shared washer-dryer area.
Where is this triplex located?
The property is located at 1296 Main Street 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 US Post Office unit with a five‑year lease that began last Oct 1; Two 2‑bedroom apartments on month‑to‑month contracts; 0.55‑acre lot with attached garage and storage shed
