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    Small Multifamily Apartment Building Title is generated by Realmo AI

    190 Maple Street, Concord, MI 49237

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    Claim this Listing
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    For Sale
    $699,000

    5+ Units - Concord, MI

    Property size:
    9,516 SF
    Lot size:
    0.48 Acres
    Price / SF:
    $73/SF
    Added:
    Jun 3, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 5 at 12:06 am

    Property Features for 190 Maple Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    201 Commercial
    Bedrooms
    13
    Bathrooms
    7
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Parking
    12
    Parking features
    Paved or Surfaced
    Exterior features
    Garages, Laundry Facility, Sep Electric Meter, Tenant Storage
    Standard status
    Active
    APN
    003-11-27-327-035-01
    Size
    9,516 SF
    Lot size
    0.48 Acres

    Utilities

    Heating system
    Natural Gas, Steam

    Building Details

    Year built
    1957
    Building materials
    Brick
    Roof type
    Other
    Architectural style
    Other
    Additional Structures
    Garage(s)

    We can help!

    Listing Contact
    Eric Leighton

    Listing agent Eric Leighton License #6501398494

    Listing office Home 1st Real Estate 2600 Airport Rd, Jackson, MI

    Listing date Jun 3, 2026

    MLS# 26003827 Listing URL

    Copyright © 2026 Jackson Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Brick construction, built in 1957
    • Natural gas steam heating system
    • Garages with paved/surfaced parking
    • Separate electric meter (sep electric meter) for the property
    • Laundry facility on‑site
    • Tenant storage included

    Overview

    This for-sale multifamily apartment building offers a small, income-oriented configuration with 5+ units. The property is listed as a residential income asset and is identified as an apartment-building style investment, sized at 9,516 square feet and situated on a 0.48-acre lot.

    The building is located at 190 Maple Street in Concord, Michigan 49237, in Jackson County. The listing notes zoning as “201 Commercial,” which can be relevant for buyers and operators reviewing allowable uses and operating parameters.

    As a commercial real estate offering, this property may fit buyers seeking a manageable apartment-building footprint with multiple units, rather than a larger complex. Interested parties should review the specific unit mix and any operating details during due diligence, particularly in light of the stated zoning classification, to confirm intended use and compliance requirements.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $114.2k $12.00
    − Vacancy −$6.9k −$0.72
    EGI $107.3k $11.28
    − OpEx −$48.3k −$5.08
    NOI $59.0k $6.20
    9,516 SF · lease $12.00/SF/yr · vacancy 6.00% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $843.4K
    $738.0K – $984.0K (±1% cap)
    NOI $59,037 @ 7.0% cap · market cap 8.45%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $1.52M
    $1.33M – $1.77M (±1% cap)
    NOI $106,336 @ 7.0% cap · market cap 15.21%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Map

    City
    Concord
    County
    Jackson
    State
    Michigan
    Longitude
    -84.646756
    Latitude
    42.176414

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    FAQs

    What type of property is this?
    Apartment building - For sale multifamily building in Concord offering income-ready unit capacity on a compact lot.
    Where is this apartment building located?
    The property is located at 190 Maple Street Concord, MI.
    What is the asking price?
    The asking price for this property is $699,000.
    What are key features of this property?
    This property features: Brick construction, built in 1957; Natural gas steam heating system; Garages with paved/surfaced parking
    (517) 240-2748
    We can help!
    Listing Contact
    Eric Leighton
    Real Estate License ID: 6501398494
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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