Caledonia Township Duplex For
For Sale
$124,900
Pending
2026 James Ave, Owosso, MI 48867
Duplex in Caledonia Township with remodeled vacant unit.
Property Size1,400 SF
Days on Market102
Property Features for 2026 James Ave
General Information
Standard status
Pending
Size
1,400 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$1,642
Building Details
Building Size
1,400 SF
Units
2
Listing Agency:
Keller Williams First
(989) 277-1265
Listed By:
Kris Delaney · License #6501368129
(989) 277-1265
Source:
Elliman
Added: May 13
Changed: Aug 8
Last Checked: Aug 21 at 7:59AM
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 duplex is located in Caledonia Township. One unit, 2028 James, has been completely remodeled and is currently vacant. Remodeling includes new flooring throughout, new window trim, a professionally reglazed tub, and new paint. The exterior and deck have been recently power washed. The other unit, 2026 James, is occupied by a long-term tenant. The apartments are mirror images of each other. A large storage unit is located at the rear of the property. Each unit features a private entrance and parking. A new electric water heater was installed in the 2028 side. The property uses electric heat.
Key Highlights
- Vacant unit (2028 James) is completely remodeled with new flooring, window trim, paint, and reglazed tub.
- Duplex property offers immediate rental income from long‑term tenant in 2026 James.
- Each unit features a private entrance and dedicated parking.
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
$10,290
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
8.24%
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%
$205,800
$205.8K
Cap Rate 7%
$147,000
$147.0K
Cap Rate 9%
$114,333
$114.3K
Market Conditions
NOI Build-Up for 1,400 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
$20.2K $14.40/SF
− Vacancy
−$1.5K −$1.04/SF
EGI
$18.7K $13.36/SF
− OpEx
−$8.4K −$6.01/SF
NOI
$10.3K $7.35/SF
Area
Shiawassee County, MI
Vacancy
7.20%
Lease Rate
$14.40 /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%
$205,800
Cap Rate 7%
$147,000
Cap Rate 9%
$114,333
Alternative Uses
Best Use
Multifamily LT 5
$164.3K
$143.8K – $191.7K
NOI $11,503 @ 7.0% cap · market cap 9.21%
Second Best
Apartment 5plus
$147.0K
$128.6K – $171.5K
NOI $10,290 @ 7.0% cap · market cap 8.24%
Theoretical Best
Office A
$266.9K
$233.6K – $311.4K
NOI $18,684 @ 7.0% cap · market cap 14.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
72
Businesses Nearby
Explore this area
Business Placement
Demographics for 48867, MI
27,596
Population
12,660
Households
2.2
Avg Household Size
42
Median Age
20%
College-Educated
92%
High-School Grad
136.0 sq mi
ZIP Area
203
Density / Sq Mi
$58,718
Median Household Income
$37,908
Median Earnings
$834
Median Rent
$145,600
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 - Duplex in Caledonia Township with remodeled vacant unit.
Where is this duplex located?
The property is located at 2026 James Ave Owosso, MI.
What is the asking price?
The asking price for this property is $124,900.
What are key features of this property?
This property features: Vacant unit (2028 James) is completely remodeled with new flooring, window trim, paint, and reglazed tub.; Duplex property offers immediate rental income from long‑term tenant in 2026 James.; Each unit features a private entrance and dedicated parking.
