Turnkey Investment Property on
For Sale
$353,999
16350 Oakley Rd, Chesaning, MI 48616
Five-unit residential property on 3.5 acres near Owosso.
Property Size3,280 SF
Lot Size3.50 Acres
Days on Market165
Property Features for 16350 Oakley Rd
General Information
Standard status
Active
Size
3,280 SF
Lot size
3.50 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$3,274
Building Details
Building Size
3,280 SF
Year Built
1950
Units
5
Listing Agency:
Keller Williams First
(989) 277-1265
Listed By:
Kris Delaney · License #6501368129
(989) 277-1265
Source:
Elliman
Added: Mar 11
Changed: Aug 7
Last Checked: Aug 21 at 12:22PM
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 Keller Williams First
Investment Insights
Based on property information with market context.
This is a turnkey investment property featuring five units situated on 3.5 acres. Located 15 minutes north of Owosso and within the Chesaning school district. The property includes a metal roof that is approximately 8 years old and vinyl siding. The unit mix consists of four one-bedroom units and one two-bedroom unit. Tenants are responsible for paying their electric bills, while the owner covers the costs of gas and garbage services.
Key Highlights
- Turnkey investment property ready for its new owner
- 5 units on 3.5 acres provides ample space
- Consists of 4 one‑bedroom units and 1 two‑bedroom 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
$18,458
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
5.21%
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 5.21%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$606.0K
$530.3K – $707.0K
NOI $42,420 @ 7.0% cap · market cap 11.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 residential property on 3.5 acres near Owosso.
Where is this apartment building located?
The property is located at 16350 Oakley Rd Chesaning, MI.
What is the asking price?
The asking price for this property is $353,999.
What are key features of this property?
This property features: Turnkey investment property ready for its new owner; 5 units on 3.5 acres provides ample space; Consists of 4 one‑bedroom units and 1 two‑bedroom unit
