Duplex with Private
New
For Sale
$649,900
Pending
115 S Mill St, Plymouth, MI 48170
A finished basement with a kitchen, jetted tub, and sauna adds further flexibility to the living space.
Property Size3,831 SF
Days on Market2
Property Features for 115 S Mill St
General Information
Standard status
Pending
Size
3,831 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$6,628
Building Details
Building Size
3,831 SF
Year Built
1890
Units
2
Listed By:
Jessica L Souter
(734) 787-2394
Source:
Elliman
Added: Oct 1
Last Checked: Oct 1 at 2:18PM
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 Jessica L Souter
Investment Insights
Based on property information with market context.
Built in 1890, this two-unit residential property has 4 bedrooms and 3 bathrooms. The main level includes a kitchen, living areas, and two bedrooms. Upstairs, a separate living area has its own entrance and may offer the potential for an additional apartment. The finished basement includes a third kitchen, a jetted tub, and a sauna. Two separate garages each accommodate two cars, with additional workspace and storage.
The property is near Old Town Plymouth and within walking distance of downtown Plymouth, with restaurants, shops, parks, entertainment, and community events in the area.
The property is near Old Town Plymouth and within walking distance of downtown Plymouth, with restaurants, shops, parks, entertainment, and community events in the area.
Key Highlights
- Two units, with potential for a third
- Built in 1890; 4 bedrooms and 3 bathrooms
- Separate upstairs living area with its own entrance
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
$37,611
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
5.79%
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%
$752,220
$752.2K
Cap Rate 7%
$537,300
$537.3K
Cap Rate 9%
$417,900
$417.9K
Market Conditions
NOI Build-Up for 3,831 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
$57.5K $15.00/SF
− Vacancy
−$3.7K −$0.98/SF
EGI
$53.7K $14.03/SF
− OpEx
−$16.1K −$4.21/SF
NOI
$37.6K $9.82/SF
Area
Wayne County, MI
Vacancy
6.50%
Lease Rate
$15.00 /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%
$752,220
Cap Rate 7%
$537,300
Cap Rate 9%
$417,900
Alternative Uses
Best Use
Multifamily LT 5
$537.3K
$470.1K – $626.9K
NOI $37,611 @ 7.0% cap · market cap 5.79%
Second Best
Apartment 5plus
$493.4K
$431.7K – $575.6K
NOI $34,536 @ 7.0% cap · market cap 5.31%
Theoretical Best
Specialty Retail
$709.3K
$620.6K – $827.5K
NOI $49,650 @ 7.0% cap · market cap 7.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,875
Businesses Nearby
Explore this area
Business Placement
Demographics for 48170, MI
41,069
Population
18,184
Households
2.3
Avg Household Size
45
Median Age
59%
College-Educated
97%
High-School Grad
34.5 sq mi
ZIP Area
1,190
Density / Sq Mi
$109,442
Median Household Income
$68,920
Median Earnings
$1,114
Median Rent
$400,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - A finished basement with a kitchen, jetted tub, and sauna adds further flexibility to the living space.
Where is this duplex located?
The property is located at 115 S Mill St Plymouth, MI.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Two units, with potential for a third; Built in 1890; 4 bedrooms and 3 bathrooms; Separate upstairs living area with its own entrance
