5-Unit Apartment
For Sale
$349,999
16350 Oakley Road, Chesaning, MI 48616
MULTIFAMILY, Chesaning, MI
Property Size3,280 SF
Lot Size3.50 Acres
Price / SF$106.71
Days on Market313
Property Features for 16350 Oakley Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 1, Bathroom 4, Bedroom 3, Bedroom 4, Bedroom 1, Bedroom 6, Bathroom 5, Bathroom 3, Bedroom 5, Bathroom 2, Bedroom 2
Appliances
Range/Oven, Refrigerator
Lot features
Rural
Elementary school district
Chesaning Union Schools
Middle school district
Chesaning Union Schools
High school district
Chesaning Union Schools
Subdivision
Chesaning (73033)
Standard status
Active
APN
07092131006000
Size
3,280 SF
Lot size
3.50 Acres
Taxes and HOA fees
Tax Annual Amount
3274
Utilities
Heating system
Oil
Water source
Private
Building Details
Year built
1950
Floors in Building
1
Number of units
5
Listing Agency:
Keller Williams First · Keller Williams Realty
(517) 625-4663
Listed By:
Kris Delaney · License #6501368129
(989) 277-1265
Added: Oct 27, 2025
Changed: Sep 2
Last Checked: Sep 4 at 4:06PM
MLS# 50192709
Copyright © 2026 Greater Shiawassee Regional Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 5-unit apartment property contains 3,280 square feet on 3.5 acres and was built in 1950. The unit mix includes four one-bedroom apartments and one two-bedroom apartment. Range/ovens and refrigerators are included, with oil heating and a private water source serving the property.
The property is located in Chesaning, within the Chesaning school district and approximately 15 minutes north of Owosso. Tenants pay their own electric service, while the owner covers gas and garbage. Vinyl siding and a metal room are noted among the exterior features.
The property is located in Chesaning, within the Chesaning school district and approximately 15 minutes north of Owosso. Tenants pay their own electric service, while the owner covers gas and garbage. Vinyl siding and a metal room are noted among the exterior features.
Key Highlights
- Five units: four one‑bedroom apartments and one two‑bedroom apartment
- 3,280‑square‑foot property on 3.5 acres
- Built in 1950 with vinyl siding and a metal room approximately 8 years old
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
$18,458
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
5.27%
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%
$369,160
$369.2K
Cap Rate 7%
$263,686
$263.7K
Cap Rate 9%
$205,089
$205.1K
Market Conditions
NOI Build-Up for 3,280 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
$35.0K $10.68/SF
− Vacancy
−$1.5K −$0.45/SF
EGI
$33.6K $10.23/SF
− OpEx
−$15.1K −$4.60/SF
NOI
$18.5K $5.63/SF
Area
Saginaw County, MI
Vacancy
4.20%
Lease Rate
$10.68 /SF/Yr
Expense Ratio
45.00%
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%
$369,160
Cap Rate 7%
$263,686
Cap Rate 9%
$205,089
Alternative Uses
Best Use
Apartment 5plus
$263.7K
$230.7K – $307.6K
NOI $18,458 @ 7.0% cap · market cap 5.27%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$606.0K
$530.3K – $707.0K
NOI $42,420 @ 7.0% cap · market cap 12.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
31
Businesses Nearby
Explore this area
Business Placement
Demographics for 48616, MI
7,458
Population
3,226
Households
2.3
Avg Household Size
45
Median Age
14%
College-Educated
92%
High-School Grad
81.1 sq mi
ZIP Area
92
Density / Sq Mi
$67,801
Median Household Income
$39,141
Median Earnings
$744
Median Rent
$153,400
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?
Apartment building - Five-unit multifamily property with a one- and two-bedroom unit mix on a private water source.
Where is this apartment building located?
The property is located at 16350 Oakley Road Chesaning, MI.
What is the asking price?
The asking price for this property is $349,999.
What are key features of this property?
This property features: Five units: four one‑bedroom apartments and one two‑bedroom apartment; 3,280‑square‑foot property on 3.5 acres; Built in 1950 with vinyl siding and a metal room approximately 8 years old
