Brick 2-Unit
For Sale
$280,000
157 Elvern Drive, Coloma, MI 49038
Two matching residences provide private outdoor space, dedicated garages, and updated bathrooms in a well-maintained income property.
Property Size2,000 SF
Days on Market20
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%
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
Building Details
Building Size
2,000 SF
Year Built
1962
Buildings
1
Units
2
Construction
all-brick
Listing Agency:
Coldwell Banker Anchor R.E.
(269) 325-8077
Listed By:
Anissa K DeSanctis
(269) 325-8077
Source:
Phgrealty
Added: Aug 12
Changed: Aug 28
Last Checked: Aug 29 at 10:21AM
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.
Built in 1962, this 2,000-square-foot all-brick duplex contains two matching residences. Each layout includes two bedrooms, one full bathroom, a kitchen, living room, and laundry/utility room. Both units have a detached one-car garage and a private backyard. Unit 155 has newer carpeting, and both bathrooms have been updated. The roof, furnaces, and water heaters are newer and described as being in good condition.
The property is located at 157 Elvern Dr in Coloma City, near downtown, I-94, inland lakes, and Lake Michigan. Both units are occupied under one-year leases with the seller. Utility arrangements differ by unit: Unit 155’s resident pays gas, electric, trash, and water, while Unit 157’s resident pays gas and electric; the seller provides trash and cable for Unit 157. 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 Dr in Coloma City, near downtown, I-94, inland lakes, and Lake Michigan. Both units are occupied under one-year leases with the seller. Utility arrangements differ by unit: Unit 155’s resident pays gas, electric, trash, and water, while Unit 157’s resident pays gas and electric; the seller provides trash and cable for Unit 157. Seller-owned furnishings convey with the sale. Short-term rentals are an option in the city of Coloma.
Key Highlights
- 2,000‑square‑foot all‑brick duplex built in 1962
- Two matching units, each with 2 bedrooms, 1 full bath, and a laundry/utility room
- Each residence includes a detached one‑car garage and private backyard
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
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 matching residences provide private outdoor space, dedicated garages, and updated bathrooms in a well-maintained income property.
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: 2,000‑square‑foot all‑brick duplex built in 1962; Two matching units, each with 2 bedrooms, 1 full bath, and a laundry/utility room; Each residence includes a detached one‑car garage and private backyard
