Well-Maintained Duplex
For Sale
$264,888
143 Floral Avenue, Plainwell, MI 49080
Two spacious 2-bedroom units with in-unit laundry and separate utilities on a corner lot.
Property Size1,056 SF
Price / SF$250.84
Days on Market132
Property Features for 143 Floral Avenue
General Information
Standard status
Active
Size
1,056 SF
Property subtype
Multi Family / 2 to 4 Units
Zoning
RIC
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,067
Amenities
in-unit laundry
None, No
Forced Air, Yes
No
Forced Air
Natural Gas
0.0
Composition
Paved
Crawl Space
Vinyl Siding
Building Details
Year Built
1980
Units
2
Tenancy
Multi
Listing Agency:
Coldwell Banker Realty
(269) 615-5660
Listed By:
Will Howson · License #6501387256
(269) 615-5660
Source:
Compass
Added: Apr 1
Changed: Aug 8
Last Checked: Jul 23 at 12:55AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This well-maintained duplex was built in 1980 and includes two very spacious 2-bedroom, 1-bath units. Each unit offers in-unit laundry and efficient layouts designed to support comfortable day-to-day living. The property is configured with separate utilities, and tenants cover all major utilities, which helps limit owner expense exposure. The duplex is located on a corner lot and is serviced by public water/sewer and natural gas.
The home is within Plainwell Schools and is described as being close to downtown amenities, parks, and major roadways.
With long-term tenants already in place through 2027, this turnkey duplex is positioned for immediate income without the need for new tenant rollout.
The home is within Plainwell Schools and is described as being close to downtown amenities, parks, and major roadways.
With long-term tenants already in place through 2027, this turnkey duplex is positioned for immediate income without the need for new tenant rollout.
Key Highlights
- Well‑maintained duplex built in 1980 with two spacious 2‑bedroom, 1‑bath units.
- Approx. 1,056 sq ft per unit, each featuring in‑unit laundry and separate utilities.
- Current rents: Unit 145 at $1,120/month and Unit 143 at $1,075/month.
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
$7,811
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
2.95%
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%
$156,220
$156.2K
Cap Rate 7%
$111,586
$111.6K
Cap Rate 9%
$86,789
$86.8K
Market Conditions
NOI Build-Up for 1,056 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
$11.8K $11.16/SF
− Vacancy
−$627 −$0.59/SF
EGI
$11.2K $10.57/SF
− OpEx
−$3.3K −$3.17/SF
NOI
$7.8K $7.40/SF
Area
Allegan County, MI
Vacancy
5.32%
Lease Rate
$11.16 /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%
$156,220
Cap Rate 7%
$111,586
Cap Rate 9%
$86,789
Alternative Uses
Best Use
Multifamily LT 5
$111.6K
$97.6K – $130.2K
NOI $7,811 @ 7.0% cap · market cap 2.95%
Second Best
Apartment 5plus
$96.8K
$84.7K – $113.0K
NOI $6,777 @ 7.0% cap · market cap 2.56%
Theoretical Best
Hotel Hospitality
$9.92M
$8.68M – $11.57M
NOI $694,185 @ 7.0% cap · market cap 262.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
354
Businesses Nearby
Explore this area
Business Placement
Demographics for 49080, MI
15,994
Population
6,582
Households
2.4
Avg Household Size
42
Median Age
28%
College-Educated
94%
High-School Grad
77.4 sq mi
ZIP Area
207
Density / Sq Mi
$75,250
Median Household Income
$42,775
Median Earnings
$982
Median Rent
$234,400
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 spacious 2-bedroom units with in-unit laundry and separate utilities on a corner lot.
Where is this duplex located?
The property is located at 143 Floral Avenue Plainwell, MI.
What is the asking price?
The asking price for this property is $264,888.
What are key features of this property?
This property features: Well‑maintained duplex built in 1980 with two spacious 2‑bedroom, 1‑bath units.; Approx. 1,056 sq ft per unit, each featuring in‑unit laundry and separate utilities.; Current rents: Unit 145 at $1,120/month and Unit 143 at $1,075/month.
