Listing Agency: RE/MAX Advisors · RE/MAX International m***@mariamcguire.com Show Phone

Listed By: Laura Janski Show Phone

Added: Jul 26 Changed: Oct 8 Last Checked: Oct 29 at 9:06AM

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MLS# 50216225

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Investment Insights

Based on property information with market context.

This 1404-square-foot property combines two distinct income-producing sections within one building. The larger portion is a fully renovated two-bedroom cottage operated as a VRBO, with an open living area, full kitchen, nautical-inspired wood ceiling, Smart TV, and Wi-Fi. On-site trailer parking is also included. A smaller salon area provides an additional monthly rental stream.

The property occupies 0.7 acres at 1401 Saint Clair Boulevard in Algonac, Michigan. It is located two blocks from the public boat launch and within walking distance of downtown Algonac. The St. Clair River, Lake St. Clair, marinas, fishing, parks, dining, and waterfront activities are identified nearby. Public water service supports the property.

Key Highlights

• 1404‑square‑foot building on 0.7 acres
• Fully renovated two‑bedroom cottage operated as a VRBO
• Separate salon section provides additional 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

Who owns this building? See the owner, sales and loan history

Open Analytics

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.

Lease Details

1

Residential units

Location Intelligence

Trade Area within ½ mile

269

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 - Two-bedroom cottage with a separately leased salon section and public water service.

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: 1404‑square‑foot building on 0.7 acres; Fully renovated two‑bedroom cottage operated as a VRBO; Separate salon section provides additional monthly rental income