Duplex With Two Updated
For Sale
$199,900
Pending
1514 6th Street, Muskegon, MI 49441
Updated duplex offering a 3-bedroom, 1-bath main unit with basement space and an upstairs 1-bedroom, 1-bath unit.
Property Size600 SF
Days on Market282
Property Features for 1514 6th Street
General Information
Standard status
Pending
Size
600 SF
Property subtype
Residential Income / Multi Family
Zoning
Resi
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,740
Amenities
Forced Air, Yes
Yes
Forced Air
Natural Gas
In Basement
0.0
Composition
Full
Vinyl Siding
Building Details
Year Built
1944
Units
2
Listing Agency:
616 Realty LLC
(231) 638-1122
Listed By:
Justin A Wisniewski · License #6501427163
(231) 638-1122
Source:
Compass
Added: Nov 13, 2025
Changed: Aug 8
Last Checked: Aug 3 at 1:12PM
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 616 Realty LLC
Investment Insights
Based on property information with market context.
This duplex is set up for flexible living and rental income, with two separate units. The main level features a 3-bedroom, 1-bath layout and includes a full basement that could serve as shared space for both units. The upstairs unit offers a 1-bedroom, 1-bath configuration, with a fully renovated bathroom.
The property has undergone a significant amount of updates over the last couple of years and is described as ready for a new owner.
Overall, it provides a straightforward two-unit arrangement with distinct bedroom counts by level and a basement area that can be used in connection with both units.
The property has undergone a significant amount of updates over the last couple of years and is described as ready for a new owner.
Overall, it provides a straightforward two-unit arrangement with distinct bedroom counts by level and a basement area that can be used in connection with both units.
Key Highlights
- Updated duplex with a 3‑bedroom, 1‑bath main unit and a 1‑bedroom, 1‑bath upstairs unit
- Main level unit includes a full basement that could be shared space for both units
- Forced air heating with natural gas heat source
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
$5,822
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
2.91%
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%
$116,440
$116.4K
Cap Rate 7%
$83,171
$83.2K
Cap Rate 9%
$64,689
$64.7K
Market Conditions
NOI Build-Up for 600 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
$8.8K $14.64/SF
− Vacancy
−$467 −$0.78/SF
EGI
$8.3K $13.86/SF
− OpEx
−$2.5K −$4.16/SF
NOI
$5.8K $9.70/SF
Area
Muskegon County, MI
Vacancy
5.32%
Lease Rate
$14.64 /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%
$116,440
Cap Rate 7%
$83,171
Cap Rate 9%
$64,689
Alternative Uses
Best Use
Multifamily LT 5
$83.2K
$72.8K – $97.0K
NOI $5,822 @ 7.0% cap · market cap 2.91%
Second Best
Apartment 5plus
$74.2K
$65.0K – $86.6K
NOI $5,196 @ 7.0% cap · market cap 2.60%
Theoretical Best
Hotel Hospitality
$5.63M
$4.93M – $6.57M
NOI $394,423 @ 7.0% cap · market cap 197.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,109
Businesses Nearby
Explore this area
Business Placement
Demographics for 49441, MI
36,886
Population
16,491
Households
2.2
Avg Household Size
43
Median Age
28%
College-Educated
94%
High-School Grad
21.7 sq mi
ZIP Area
1,700
Density / Sq Mi
$65,235
Median Household Income
$38,132
Median Earnings
$1,080
Median Rent
$194,000
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 - Updated duplex offering a 3-bedroom, 1-bath main unit with basement space and an upstairs 1-bedroom, 1-bath unit.
Where is this duplex located?
The property is located at 1514 6th Street Muskegon, MI.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Updated duplex with a 3‑bedroom, 1‑bath main unit and a 1‑bedroom, 1‑bath upstairs unit; Main level unit includes a full basement that could be shared space for both units; Forced air heating with natural gas heat source
