Triplex with Post
For Sale
$244,900
1296 Main Street, Melvin, MI 48454
MULTIFAMILY, Melvin, MI
Property Size1,885 SF
Lot Size0.55 Acres
Price / SF$129.92
Days on Market154
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 2, Bedroom 2, Bedroom 4, Bathroom 3, Bedroom 3, Bedroom 1, 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
Baseboard, Oil
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: Sep 17
Last Checked: Oct 6 at 1:06AM
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 1,885-square-foot triplex on a 0.55-acre parcel combines a post office space with two residential apartments. Each apartment has two bedrooms, and the building includes a shared laundry area, attached garage, and backyard storage shed. The property uses private water and oil-fired baseboard heat.
The post office occupies the lower front unit and carries a five-year lease; the United States Postal Service has operated from the property since 1930. Both apartments are leased month to month. Recent improvements include roofing on the rear apartment and garage, an updated main electrical panel, a new well pump and piping, replacement windows in the lower apartment, a new refrigerator upstairs, exterior brick repointing, a 50-gallon water heater, commercial flooring in the post office, a flagpole, and a closed-system gas boiler. The property is located across from the Melvin “Hogtown” Tavern and overlooks farm fields.
The post office occupies the lower front unit and carries a five-year lease; the United States Postal Service has operated from the property since 1930. Both apartments are leased month to month. Recent improvements include roofing on the rear apartment and garage, an updated main electrical panel, a new well pump and piping, replacement windows in the lower apartment, a new refrigerator upstairs, exterior brick repointing, a 50-gallon water heater, commercial flooring in the post office, a flagpole, and a closed-system gas boiler. The property is located across from the Melvin “Hogtown” Tavern and overlooks farm fields.
Key Highlights
- 1,885‑square‑foot triplex on 0.55 acres
- Lower front unit leased to the United States Postal Service under a five‑year lease
- USPS has occupied the property continuously since 1930
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,568
Cap Rate
7.99%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$391,360
$391.4K
Cap Rate 7%
$279,543
$279.5K
Cap Rate 9%
$217,422
$217.4K
Market Conditions
NOI Build-Up for 1,885 SF
Gross rent
$29.2K $15.48/SF
− Vacancy
−$1.2K −$0.65/SF
EGI
$28.0K $14.83/SF
− OpEx
−$8.4K −$4.45/SF
NOI
$19.6K $10.38/SF
Area
Sanilac County, MI
Vacancy
4.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$391,360
Cap Rate 7%
$279,543
Cap Rate 9%
$217,422
Alternative Uses
Best Use
Retail
$279.5K
$244.6K – $326.1K
NOI $19,568 @ 7.0% cap · market cap 7.99%
Second Best
Mixed Use
$181.8K
$159.1K – $212.1K
NOI $12,724 @ 7.0% cap · market cap 5.20%
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
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit property combines a leased post office with two maintained two-bedroom apartments and shared laundry facilities.
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: 1,885‑square‑foot triplex on 0.55 acres; Lower front unit leased to the United States Postal Service under a five‑year lease; USPS has occupied the property continuously since 1930
