Updated Duplex with Two-Bedroom
For Sale
$133,500
1307 18th St, Bay City, MI 48708
One apartment is vacant, while the second remains occupied.
Property Size1,018 SF
Days on Market115
Property Features for 1307 18th St
General Information
Standard status
Active
Size
1,018 SF
Property subtype
Investment
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,948
Building Details
Building Size
1,018 SF
Year Built
1940
Units
2
Listing Agency:
NextHome, Inc
(989) 397-6200
Listed By:
Abby Stevenson · License #6501451699,PersonLicenseNumber
(989) 397-6200
Source:
Elliman
Added: May 8
Changed: Aug 30
Last Checked: Aug 30 at 1:26PM
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 NextHome, Inc
Investment Insights
Based on property information with market context.
This duplex at 1307 18th St in Bay City, Michigan, was built in 1940 and includes a two-bedroom lower apartment. That unit is currently vacant, while the upper apartment remains occupied. Recent property improvements include new flooring, vinyl windows, and updated kitchens and bathrooms.
The property is located in a somewhat walkable area with a Walk Score of 65. Its Bike Score is 46, classified as Somewhat Bikeable. The combination of a vacant lower unit and an occupied upper unit provides a clear snapshot of the current configuration.
The property is located in a somewhat walkable area with a Walk Score of 65. Its Bike Score is 46, classified as Somewhat Bikeable. The combination of a vacant lower unit and an occupied upper unit provides a clear snapshot of the current configuration.
Key Highlights
- Duplex at 1307 18th St, Bay City, MI 48708
- Lower unit has two bedrooms and is currently vacant
- Upper unit remains occupied
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
$5,952
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
4.46%
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%
$119,040
$119.0K
Cap Rate 7%
$85,029
$85.0K
Cap Rate 9%
$66,133
$66.1K
Market Conditions
NOI Build-Up for 1,018 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
$9.2K $9.00/SF
− Vacancy
−$660 −$0.65/SF
EGI
$8.5K $8.35/SF
− OpEx
−$2.6K −$2.51/SF
NOI
$6.0K $5.85/SF
Area
Bay County, MI
Vacancy
7.20%
Lease Rate
$9.00 /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%
$119,040
Cap Rate 7%
$85,029
Cap Rate 9%
$66,133
Alternative Uses
Best Use
Multifamily LT 5
$85.0K
$74.4K – $99.2K
NOI $5,952 @ 7.0% cap · market cap 4.46%
Second Best
Apartment 5plus
$79.9K
$69.9K – $93.2K
NOI $5,593 @ 7.0% cap · market cap 4.19%
Theoretical Best
Office A
$184.3K
$161.3K – $215.0K
NOI $12,900 @ 7.0% cap · market cap 9.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
516
Businesses Nearby
Explore this area
Business Placement
Demographics for 48708, MI
25,860
Population
12,625
Households
2
Avg Household Size
41
Median Age
17%
College-Educated
89%
High-School Grad
29.1 sq mi
ZIP Area
889
Density / Sq Mi
$50,216
Median Household Income
$31,978
Median Earnings
$703
Median Rent
$98,500
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?
Duplex - One apartment is vacant, while the second remains occupied.
Where is this duplex located?
The property is located at 1307 18th St Bay City, MI.
What is the asking price?
The asking price for this property is $133,500.
What are key features of this property?
This property features: Duplex at 1307 18th St, Bay City, MI 48708; Lower unit has two bedrooms and is currently vacant; Upper unit remains occupied
