Duplex Investment Property with New
For Sale
$489,900
4379 & 4381 Eagle Crest Dr, Williamsburg, MI 49690
Two mirror units with attached garages, both leased on one-year terms.
Property Size1,100 SF
Price / SF$222.68
Days on Market34
Property Features for 4379 & 4381 Eagle Crest Dr
General Information
Standard status
Active
Size
1,100 SF
Total Parking Spaces
2
Property subtype
Investment
Occupancy
100%
Building Details
Building Size
1,100 SF
Year Built
1990
Units
2
Tenancy
Multi
Listing Agency:
REO-TCRandolph-233022
(231) 392-6534
Listed By:
Dewayne Kirkman
(231) 392-6534
Source:
Elliman
Added: Jul 29
Changed: Aug 14
Last Checked: Aug 30 at 4:41PM
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 REO-TCRandolph-233022
Investment Insights
Based on property information with market context.
This duplex offers two mirror units, each with three bedrooms and one bathroom. The property provides approximately 1,100 square feet per unit and includes attached one-car garages. Both units are currently occupied with one-year leases.
The home was built in 1990 and received a new roof in 2025. Tenant utilities are electric and gas, while owner expenses noted include plowing, trash, taxes, and general maintenance.
For showings, 48 hours’ notice is required between 10 am and 5 pm. The property is located at 4379 & 4381 Eagle Crest Dr, AcmeTownship_GrandTraverse, MI 49690.
The home was built in 1990 and received a new roof in 2025. Tenant utilities are electric and gas, while owner expenses noted include plowing, trash, taxes, and general maintenance.
For showings, 48 hours’ notice is required between 10 am and 5 pm. The property is located at 4379 & 4381 Eagle Crest Dr, AcmeTownship_GrandTraverse, MI 49690.
Key Highlights
- New roof installed in 2025
- Two mirror duplex units, both occupied with one‑year leases
- Each unit features three bedrooms and one bathroom
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
$23,825
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
4.86%
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%
$476,500
$476.5K
Cap Rate 7%
$340,357
$340.4K
Cap Rate 9%
$264,722
$264.7K
Market Conditions
NOI Build-Up for 2,200 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
$35.6K $16.20/SF
− Vacancy
−$1.6K −$0.73/SF
EGI
$34.0K $15.47/SF
− OpEx
−$10.2K −$4.64/SF
NOI
$23.8K $10.83/SF
Area
Grand Traverse County, MI
Vacancy
4.50%
Lease Rate
$16.20 /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%
$476,500
Cap Rate 7%
$340,357
Cap Rate 9%
$264,722
Alternative Uses
Best Use
Multifamily LT 5
$340.4K
$297.8K – $397.1K
NOI $23,825 @ 7.0% cap · market cap 4.86%
Second Best
Apartment 5plus
$298.7K
$261.4K – $348.5K
NOI $20,909 @ 7.0% cap · market cap 4.27%
Theoretical Best
Office A
$477.9K
$418.2K – $557.6K
NOI $33,454 @ 7.0% cap · market cap 6.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
33
Businesses Nearby
Explore this area
Business Placement
Demographics for 49690, MI
6,494
Population
3,476
Households
1.9
Avg Household Size
50
Median Age
45%
College-Educated
97%
High-School Grad
82.7 sq mi
ZIP Area
79
Density / Sq Mi
$105,701
Median Household Income
$47,114
Median Earnings
$1,279
Median Rent
$329,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two mirror units with attached garages, both leased on one-year terms.
Where is this duplex located?
The property is located at 4379 & 4381 Eagle Crest Dr Williamsburg, MI.
What is the asking price?
The asking price for this property is $489,900.
What are key features of this property?
This property features: New roof installed in 2025; Two mirror duplex units, both occupied with one‑year leases; Each unit features three bedrooms and one bathroom
