Updated Duplex with Separate
For Sale
$239,900
Pending
1203 Rathbone SW Street 2, Wyoming, MI 49509
Two residential units include refreshed interiors, distinct laundry arrangements, and off-alley parking.
Property Size1,818 SF
Days on Market800
Property Features for 1203 Rathbone SW Street 2
General Information
Standard status
Pending
Size
1,818 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$5,490
Building Details
Year Built
1925
Listing Agency:
Independence Realty (Main)
(616) 901-0771
Listed By:
Jason Titus · License #6501369363
(616) 901-0771
Source:
Exitrealty
Added: Jun 24, 2024
Changed: Aug 30
Last Checked: Aug 31 at 3:07PM
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 Independence Realty (Main)
Investment Insights
Based on property information with market context.
Built in 1925, this 1818 SF duplex contains two residential units with separate gas and electric meters. The lower residence has three bedrooms, one full bathroom, its own laundry, and an updated kitchen with new base cabinets, countertops, subway tile backsplash, and vinyl plank flooring. Its bathroom also includes a new toilet, vanity, and vinyl plank flooring. The upper unit offers two bedrooms, one full bathroom, a large living room, and a kitchen with newer cabinets, countertops, and vinyl plank flooring; its laundry is located in the basement.
Additional improvements include newer vinyl siding and a newer furnace. The property also features a shed, partially fenced yard, and parking accessible from the alley. Located in Wyoming, Michigan, the duplex is identified as 1203 Rathbone SW Street 2.
Additional improvements include newer vinyl siding and a newer furnace. The property also features a shed, partially fenced yard, and parking accessible from the alley. Located in Wyoming, Michigan, the duplex is identified as 1203 Rathbone SW Street 2.
Key Highlights
- Two‑unit duplex with 1818 SF of building area
- Lower unit includes 3 bedrooms, 1 full bathroom, and separate laundry
- Upper unit offers 2 bedrooms, 1 full bathroom, and basement laundry
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
$19,809
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
8.26%
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%
$396,180
$396.2K
Cap Rate 7%
$282,986
$283.0K
Cap Rate 9%
$220,100
$220.1K
Market Conditions
NOI Build-Up for 1,818 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
$29.9K $16.44/SF
− Vacancy
−$1.6K −$0.87/SF
EGI
$28.3K $15.57/SF
− OpEx
−$8.5K −$4.67/SF
NOI
$19.8K $10.90/SF
Area
Kent County, MI
Vacancy
5.32%
Lease Rate
$16.44 /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%
$396,180
Cap Rate 7%
$282,986
Cap Rate 9%
$220,100
Alternative Uses
Best Use
Multifamily LT 5
$283.0K
$247.6K – $330.2K
NOI $19,809 @ 7.0% cap · market cap 8.26%
Second Best
Apartment 5plus
$246.0K
$215.2K – $287.0K
NOI $17,217 @ 7.0% cap · market cap 7.18%
Theoretical Best
Office A
$325.2K
$284.5K – $379.4K
NOI $22,761 @ 7.0% cap · market cap 9.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
475
Businesses Nearby
Explore this area
Business Placement
Demographics for 49509, MI
28,340
Population
10,611
Households
2.7
Avg Household Size
34
Median Age
19%
College-Educated
85%
High-School Grad
7.3 sq mi
ZIP Area
3,882
Density / Sq Mi
$64,981
Median Household Income
$38,356
Median Earnings
$983
Median Rent
$183,400
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 residential units include refreshed interiors, distinct laundry arrangements, and off-alley parking.
Where is this duplex located?
The property is located at 1203 Rathbone SW Street 2 Wyoming, MI.
What is the asking price?
The asking price for this property is $239,900.
What are key features of this property?
This property features: Two‑unit duplex with 1818 SF of building area; Lower unit includes 3 bedrooms, 1 full bathroom, and separate laundry; Upper unit offers 2 bedrooms, 1 full bathroom, and basement laundry
