Building Details

Building Size 2,000 SF

Year Built 1993

Stories 1

Units 2

Listing Agency: Coldwell Banker Professionals Show Phone

Listed By: Anna Merillat · License #MBR-6501388710 Show Phone

Source: Mid-land

Added: Apr 22 Changed: Sep 8 Last Checked: Sep 8 at 8:32AM

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Investment Insights

Based on property information with market context.

This side-by-side duplex presents an opportunity for investors and those looking to house hack in the heart of Jerome Township. Each unit features an open living floor plan and in-unit laundry. Currently, the property brings in $1,250 per month from two units ($775 and $445 respectively), with both leases terminating soon, allowing for rental adjustments. The current owner has rented to family and friends and has intentionally kept rents very affordable. The current tenant on the garage side also handles lawn and snow maintenance at no charge. The property has separate electric and natural gas meters; water is on a shared yoke and could be included in rent or divided as per landlord wishes. One unit is a 2-bedroom, 2-full bath unit with an attached garage, approximately 1280 square feet. This unit includes a dedicated foyer, oversized master bath with soaker tub and separate shower, and a generous walk-in closet. Appliances included are a fridge, range, dishwasher, microwave, washer, and dryer. The smaller unit is a 2-bedroom, 1-bath unit with a fridge, range, washer, and dryer included. Neither of the secondary bedrooms have closets although they do have egress. The bike score is 63, indicating it is bikeable, and the walk score is 26, indicating car-dependent.

Key Highlights

• Duplex in desirable Jerome Township offers rental income potential.
• Opportunity to increase rental income with expiring leases and below‑market rents.
• One unit features 2 beds/2 baths, attached garage, dedicated foyer, oversized master bath with soaker tub and walk‑in closet.

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

$8,481

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

3.39%

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%

$169,620 $169.6K

Cap Rate 7%

$121,157 $121.2K

Cap Rate 9%

$94,233 $94.2K

Market Conditions

NOI Build-Up for 1,280 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

$13.1K $10.20/SF

− Vacancy

−$940 −$0.73/SF

EGI

$12.1K $9.47/SF

− OpEx

−$3.6K −$2.84/SF

NOI

$8.5K $6.63/SF

Area

Midland County, MI

Vacancy

7.20%

Lease Rate

$10.20 /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%

$169,620

Cap Rate 7%

$121,157

Cap Rate 9%

$94,233

Alternative Uses

Best Use

Multifamily LT 5

$121.2K

$106.0K – $141.4K (±1% cap)

NOI $8,481 @ 7.0% cap · market cap 3.39%

Second Best

Apartment 5plus

$115.6K

$101.2K – $134.9K (±1% cap)

NOI $8,093 @ 7.0% cap · market cap 3.24%

Theoretical Best

Flex RnD

$231.0K

$202.2K – $269.5K (±1% cap)

NOI $16,172 @ 7.0% cap · market cap 6.47%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Duplexes

Suggested Use

Top Pick Parking Lot & Garage Big Box & Wholesale Store Building Supply Auto Parts Store Electrical Service Auto Repair Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

14

Businesses Nearby

Explore this area Business Placement

Demographics for 48657, MI

7,686

Population

3,460

Households

2.2

Avg Household Size

49

Median Age

26%

College-Educated

93%

High-School Grad

61.7 sq mi

ZIP Area

125

Density / Sq Mi

$74,964

Median Household Income

$46,607

Median Earnings

$948

Median Rent

$171,400

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Duplex - Side-by-side duplex in Jerome Township with rental income potential.

Where is this duplex located?

The property is located at 2043/2047 N Neiner Road Sanford, MI.

What is the asking price?

The asking price for this property is $250,000.

What are key features of this property?

This property features: Duplex in desirable Jerome Township offers rental income potential.; Opportunity to increase rental income with expiring leases and below‑market rents.; One unit features **2 beds/2 baths, attached garage, dedicated foyer, oversized master bath with soaker tub and walk‑in closet.**