Building Details

Building Size 1,404 SF

Buildings 1

Listing Agency: RE/MAX Advisors

Listed By: Laura Janski · License #6501328247 Show Phone

Source: Buskardgroup

Added: Oct 19 Changed: Oct 22 Last Checked: Oct 22 at 2:30PM

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Investment Insights

Based on property information with market context.

The 1,404-square-foot building is divided between a renovated, two-bedroom cottage and a separate salon space. The cottage has an open living area, full kitchen, wood ceiling, Smart TV, and Wi-Fi, and is currently operated as a short-term rental. Trailer parking is available on site; the salon provides additional monthly rental income.

The property is two blocks from a public boat launch and within walking distance of downtown Algonac. The St. Clair River, Lake St. Clair, marinas, parks, fishing, dining, and waterfront activities are also nearby.

Key Highlights

• 1,404‑square‑foot property divided into cottage and salon sections
• Renovated two‑bedroom cottage operated as a short‑term rental
• Separate salon space provides monthly rental income

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$9,688

Cap Rate

4.51%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$193,760 $193.8K

Cap Rate 7%

$138,400 $138.4K

Cap Rate 9%

$107,644 $107.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,404 SF

Gross rent

$16.8K $12.00/SF

− Vacancy

−$1.3K −$0.96/SF

EGI

$15.5K $11.04/SF

− OpEx

−$5.8K −$4.14/SF

NOI

$9.7K $6.90/SF

Area

St. Clair County, MI

Vacancy

8.00%

Lease Rate

$12.00 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$193,760

Cap Rate 7%

$138,400

Cap Rate 9%

$107,644

Alternative Uses

Best Use

Apartment 5plus

$971.9K

$850.4K – $1.13M (±1% cap)

NOI $68,030 @ 7.0% cap · market cap 31.66%

Second Best

Mixed Use

$138.4K

$121.1K – $161.5K (±1% cap)

NOI $9,688 @ 7.0% cap · market cap 4.51%

Theoretical Best

Multifamily LT 5

$1.06M

$923.6K – $1.23M (±1% cap)

NOI $73,884 @ 7.0% cap · market cap 34.38%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Short term rental ...

Suggested Use

Top Pick Dental Office Real Estate Agency Spa & Massage Center Building Supply Law Firm Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

212

Businesses Nearby

Explore this area Business Placement

Demographics for 48001, MI

11,721

Population

5,787

Households

2

Avg Household Size

50

Median Age

18%

College-Educated

94%

High-School Grad

19.0 sq mi

ZIP Area

617

Density / Sq Mi

$64,538

Median Household Income

$35,987

Median Earnings

$921

Median Rent

$250,000

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Short term rental property - The property pairs a two-bedroom cottage rental with a separate salon space that generates monthly rent.

Where is this short term rental property located?

The property is located at 1401 Saint Clair Boulevard Algonac, MI.

What is the asking price?

The asking price for this property is $214,900.

What are key features of this property?

This property features: 1,404‑square‑foot property divided into cottage and salon sections; Renovated two‑bedroom cottage operated as a short‑term rental; Separate salon space provides monthly rental income