Duplex with Detached
For Sale
$89,900
135 N Bates St, Saginaw, MI 48602
Two-unit residential property with updated windows, established tenants, a front porch, and convenient access to everyday services.
Property Size1,390 SF
Days on Market53
Property Features for 135 N Bates St
General Information
Standard status
Active
Size
1,390 SF
Total Parking Spaces
2
Property subtype
Investment
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,571
Amenities
front porch
Building Details
Building Size
1,390 SF
Year Built
1916
Units
2
Listing Agency:
Century 21 Signature Realty
(989) 781-6979
Listed By:
Mark Greskowiak · License #6506036834
(989) 781-6979
Source:
Elliman
Added: Jul 10
Changed: Aug 30
Last Checked: Aug 30 at 1:45PM
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 Century 21 Signature Realty
Investment Insights
Based on property information with market context.
Built in 1916, this duplex offers two residential units with long-term tenants already in place. Updated windows have been installed throughout, and the property includes a spacious front porch along with a detached garage sized for two vehicles.
The property is located at 135 N Bates St in Saginaw, near shopping, dining, schools, parks, and major routes. Walk Score is 55, described as Somewhat Walkable, while BikeScore is 63, described as Bikeable. The existing tenant occupancy, residential two-unit layout, and included garage provide a straightforward configuration for an income-producing property.
The property is located at 135 N Bates St in Saginaw, near shopping, dining, schools, parks, and major routes. Walk Score is 55, described as Somewhat Walkable, while BikeScore is 63, described as Bikeable. The existing tenant occupancy, residential two-unit layout, and included garage provide a straightforward configuration for an income-producing property.
Key Highlights
- Duplex with long‑term tenants in place
- Updated windows throughout the property
- Detached 2‑car garage
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
$8,235
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
9.16%
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%
$164,700
$164.7K
Cap Rate 7%
$117,643
$117.6K
Cap Rate 9%
$91,500
$91.5K
Market Conditions
NOI Build-Up for 1,390 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
$12.7K $9.12/SF
− Vacancy
−$913 −$0.66/SF
EGI
$11.8K $8.46/SF
− OpEx
−$3.5K −$2.54/SF
NOI
$8.2K $5.92/SF
Area
Saginaw County, MI
Vacancy
7.20%
Lease Rate
$9.12 /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%
$164,700
Cap Rate 7%
$117,643
Cap Rate 9%
$91,500
Alternative Uses
Best Use
Multifamily LT 5
$117.6K
$102.9K – $137.3K
NOI $8,235 @ 7.0% cap · market cap 9.16%
Second Best
Apartment 5plus
$111.7K
$97.8K – $130.4K
NOI $7,822 @ 7.0% cap · market cap 8.70%
Theoretical Best
Specialty Retail
$256.8K
$224.7K – $299.6K
NOI $17,977 @ 7.0% cap · market cap 20.00%
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
608
Businesses Nearby
Explore this area
Business Placement
Demographics for 48602, MI
27,613
Population
12,286
Households
2.2
Avg Household Size
36
Median Age
15%
College-Educated
83%
High-School Grad
7.8 sq mi
ZIP Area
3,540
Density / Sq Mi
$46,068
Median Household Income
$29,611
Median Earnings
$902
Median Rent
$70,200
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-unit residential property with updated windows, established tenants, a front porch, and convenient access to everyday services.
Where is this duplex located?
The property is located at 135 N Bates St Saginaw, MI.
What is the asking price?
The asking price for this property is $89,900.
What are key features of this property?
This property features: Duplex with long‑term tenants in place; Updated windows throughout the property; Detached 2‑car garage
