All-Brick Duplex with Detached
For Sale
$280,000
157 Elvern Drive, Coloma, MI 49038
Two occupied units offer updated baths, private yards, and separate utility and laundry areas.
Property Size2,000 SF
Price / SF$140
Days on Market9
Property Features for 157 Elvern Drive
General Information
Standard status
Active
Size
2,000 SF
Total Parking Spaces
4
Property subtype
Residential Income
Occupancy
100%
Lease Term
Cash, Conventional
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Parking per Unit
1
Additional Details
Furnished
Yes
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$5,751
Amenities
in-unit laundry
private backyard
Building Details
Building Size
2,000 SF
Year Built
1962
Buildings
1
Units
2
Construction
all-brick
Tenancy
Multi
Listing Agency:
Coldwell Banker Anchor R.E.
(269) 325-8077
Listed By:
Anissa K DeSanctis
(269) 325-8077
Source:
Sabudarealty
Added: Aug 12
Changed: Aug 19
Last Checked: Aug 20 at 1:58PM
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 Anchor R.E.
Investment Insights
Based on property information with market context.
This all-brick duplex in Coloma contains two matching residences, each with 2 bedrooms, 1 full bath, a kitchen, living room, and a combined laundry and utility area. Every unit has a detached one-car garage and a private backyard. Unit 155 has newer carpeting, and both bathrooms have been updated. The property also features a newer roof, furnaces, and water heaters, with the systems described as being in good condition.
Both units are occupied under 1-year leases with the seller. Utility arrangements differ by unit, with tenants covering some or all of the gas, electric, trash, water, or cable services. Seller-owned furnishings convey with the sale. Short-term rentals are an option in the City of Coloma. The property is located at 157 Elvern Drive, with access to downtown, I-94, inland lakes, and Lake Michigan within minutes.
Both units are occupied under 1-year leases with the seller. Utility arrangements differ by unit, with tenants covering some or all of the gas, electric, trash, water, or cable services. Seller-owned furnishings convey with the sale. Short-term rentals are an option in the City of Coloma. The property is located at 157 Elvern Drive, with access to downtown, I-94, inland lakes, and Lake Michigan within minutes.
Key Highlights
- Two‑unit all‑brick duplex built in 1962
- Each unit includes 2 bedrooms and 1 full bath
- Detached one‑car garage and private backyard for each unit
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
$18,292
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
6.53%
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%
$365,840
$365.8K
Cap Rate 7%
$261,314
$261.3K
Cap Rate 9%
$203,244
$203.2K
Market Conditions
NOI Build-Up for 2,000 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
$27.6K $13.80/SF
− Vacancy
−$1.5K −$0.73/SF
EGI
$26.1K $13.07/SF
− OpEx
−$7.8K −$3.92/SF
NOI
$18.3K $9.15/SF
Area
Berrien County, MI
Vacancy
5.32%
Lease Rate
$13.80 /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%
$365,840
Cap Rate 7%
$261,314
Cap Rate 9%
$203,244
Alternative Uses
Best Use
Multifamily LT 5
$261.3K
$228.7K – $304.9K
NOI $18,292 @ 7.0% cap · market cap 6.53%
Second Best
Apartment 5plus
$233.2K
$204.1K – $272.1K
NOI $16,324 @ 7.0% cap · market cap 5.83%
Theoretical Best
Office A
$420.9K
$368.3K – $491.0K
NOI $29,460 @ 7.0% cap · market cap 10.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
205
Businesses Nearby
Explore this area
Business Placement
Demographics for 49038, MI
8,979
Population
5,124
Households
1.8
Avg Household Size
45
Median Age
21%
College-Educated
92%
High-School Grad
39.0 sq mi
ZIP Area
230
Density / Sq Mi
$60,396
Median Household Income
$41,663
Median Earnings
$944
Median Rent
$196,200
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 occupied units offer updated baths, private yards, and separate utility and laundry areas.
Where is this duplex located?
The property is located at 157 Elvern Drive Coloma, MI.
What is the asking price?
The asking price for this property is $280,000.
What are key features of this property?
This property features: Two‑unit all‑brick duplex built in 1962; Each unit includes 2 bedrooms and 1 full bath; Detached one‑car garage and private backyard for each unit
