Two-Story
209 Mineral St, Grand Ledge, MI 48837
For Sale
$205,900
Two residences are arranged on separate floors, with both units currently leased.
Property Size1,478 SF
Price / SF$139.31
Days on Market29
Property Features for 209 Mineral St
General Information
Standard status
Size
Property subtype
Additional Details
Multifamily Units
Tenant in Place
Building Details
Buildings
Stories
Listing Agency:
Mara Realty
Listed By:
Mara Tomic Bobas · License MI #6502387873
(517) 235-7075
Source:
Exprealty
Added: Oct 12
Changed: Nov 8
Last Checked: Nov 8 at 7:06AM
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 Mara Realty
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Investment Insights
Based on property information with market context.
This two-story duplex contains two separate residences, one on the main floor and the other above. The main-level unit has two bedrooms and one bathroom. Both units are updated and maintained, and each is leased.
The property is a short walk from downtown Grand Ledge, Michigan.
The property is a short walk from downtown Grand Ledge, Michigan.
Key Highlights
- Two‑story duplex with a separate residence on each floor
- Main‑floor unit has 2 bedrooms and 1 bathroom
- Both units are leased and updated
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,349
Cap Rate
6.48%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$266,980
$267.0K
Cap Rate 7%
$190,700
$190.7K
Cap Rate 9%
$148,322
$148.3K
Market Conditions
NOI Build-Up for 1,478 SF
Gross rent
$20.4K $13.80/SF
− Vacancy
−$1.3K −$0.90/SF
EGI
$19.1K $12.90/SF
− OpEx
−$5.7K −$3.87/SF
NOI
$13.3K $9.03/SF
Area
Eaton County, MI
Vacancy
6.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$266,980
Cap Rate 7%
$190,700
Cap Rate 9%
$148,322
Alternative Uses
Best Use
Multifamily LT 5
$190.7K
$166.9K – $222.5K
NOI $13,349 @ 7.0% cap · market cap 6.48%
Second Best
Apartment 5plus
$171.2K
$149.8K – $199.8K
NOI $11,987 @ 7.0% cap · market cap 5.82%
Theoretical Best
Office A
$280.0K
$245.0K – $326.7K
NOI $19,599 @ 7.0% cap · market cap 9.52%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
364
Businesses Nearby
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Business Placement
Demographics for 48837, MI
19,189
Population
8,638
Households
2.2
Avg Household Size
42
Median Age
39%
College-Educated
98%
High-School Grad
78.4 sq mi
ZIP Area
245
Density / Sq Mi
$93,161
Median Household Income
$54,791
Median Earnings
$1,034
Median Rent
$239,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two residences are arranged on separate floors, with both units currently leased.
Where is this duplex located?
The property is located at 209 Mineral St Grand Ledge, MI.
What is the asking price?
The asking price for this property is $205,900.
What are key features of this property?
This property features: Two‑story duplex with a separate residence on each floor; Main‑floor unit has 2 bedrooms and 1 bathroom; Both units are leased and updated
