Two-Unit Duplex with Conversion
For Sale
$229,900
Pending
29 Monroe St, Hillsdale, MI 49242
Flexible residential income property with distinct living areas, multiple bedrooms, and proximity to Hillsdale College and downtown.
Property Size2,852 SF
Days on Market46
Property Features for 29 Monroe St
General Information
Standard status
Pending
Size
2,852 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1915
Listing Agency:
Town Square Real Estate Group
(231) 730-1658
Listed By:
Beyond MI Realty
(989) 214-2240
Source:
Beyondmirealty
Added: Aug 22
Changed: Oct 4
Last Checked: Oct 5 at 7:07PM
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 Town Square Real Estate Group
Investment Insights
Based on property information with market context.
This 2,852-square-foot duplex, built in 1915, offers a flexible interior layout with separate front and rear living areas. The front section includes two bedrooms, a full bathroom with laundry, a living room, kitchen, dining space, and pool table area. The rear portion adds two bedrooms, a compact kitchen area, basement access, and a second-story area with two additional bedrooms, a study or recreation room, a full bathroom, and laundry.
The property is currently configured as a two-unit residence and can be returned to a single-family arrangement by removing one door, creating a six-bedroom, two-bath layout. The front unit is leased for the 2026/2027 school year. Hillsdale College and downtown are within walking distance, while the property has a Walk Score of 79 and a Bike Score of 59.
The property is currently configured as a two-unit residence and can be returned to a single-family arrangement by removing one door, creating a six-bedroom, two-bath layout. The front unit is leased for the 2026/2027 school year. Hillsdale College and downtown are within walking distance, while the property has a Walk Score of 79 and a Bike Score of 59.
Key Highlights
- 2,852 SF duplex built in 1915
- Current two‑unit configuration with separate front and rear living areas
- Can be converted to a six‑bedroom, two‑bath single‑family layout
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,447
Cap Rate
8.46%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$388,940
$388.9K
Cap Rate 7%
$277,814
$277.8K
Cap Rate 9%
$216,078
$216.1K
Market Conditions
NOI Build-Up for 2,852 SF
Gross rent
$29.1K $10.20/SF
− Vacancy
−$1.3K −$0.46/SF
EGI
$27.8K $9.74/SF
− OpEx
−$8.3K −$2.92/SF
NOI
$19.4K $6.82/SF
Area
Hillsdale County, MI
Vacancy
4.50%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$388,940
Cap Rate 7%
$277,814
Cap Rate 9%
$216,078
Alternative Uses
Best Use
Multifamily LT 5
$277.8K
$243.1K – $324.1K
NOI $19,447 @ 7.0% cap · market cap 8.46%
Second Best
Apartment 5plus
$258.1K
$225.9K – $301.2K
NOI $18,070 @ 7.0% cap · market cap 7.86%
Theoretical Best
Specialty Retail
$453.2K
$396.5K – $528.7K
NOI $31,721 @ 7.0% cap · market cap 13.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
720
Businesses Nearby
Explore this area
Business Placement
Demographics for 49242, MI
14,812
Population
6,687
Households
2.2
Avg Household Size
38
Median Age
25%
College-Educated
93%
High-School Grad
90.6 sq mi
ZIP Area
163
Density / Sq Mi
$57,813
Median Household Income
$28,886
Median Earnings
$770
Median Rent
$182,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Flexible residential income property with distinct living areas, multiple bedrooms, and proximity to Hillsdale College and downtown.
Where is this duplex located?
The property is located at 29 Monroe St Hillsdale, MI.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: 2,852 SF duplex built in 1915; Current two‑unit configuration with separate front and rear living areas; Can be converted to a six‑bedroom, two‑bath single‑family layout
