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    Caspian Duplex with Rental Potential Title is generated by Realmo AI

    209 W Railroad Street, Caspian, MI 49915

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    For Sale
    $135,000

    MULTI_FAMILY - Conventional - Caspian, MI

    Property size:
    1,525 SF
    Lot size:
    0.34 Acres
    Price / SF:
    $88/SF
    Added:
    May 18, 2026
    Days on Market:
    4
    Last Refresh:
    May 21 at 7:06 pm

    Property Features for 209 W Railroad Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    4
    Bathrooms
    2
    Rooms
    Bedroom 2, Bedroom 4, Bathroom 1, Bedroom 1, Bedroom 3, Basement, Bathroom 2
    Patio and Porch features
    Porch
    Interior features
    Window Treatment(s)
    Exterior features
    Porch
    Appliances
    Dishwasher, Range/Oven, Refrigerator
    Standard status
    Active
    Size
    1,525 SF
    Lot size
    0.34 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    1351

    Utilities

    Heating system
    Forced Air
    Water source
    Public

    Building Details

    Year built
    1920
    Floors in Building
    2
    Number of units
    2
    Architectural style
    Conventional
    Additional Structures
    Second Garage

    We can help!

    Listing Contact
    KELLY WATERS

    Listing agent KELLY WATERS License #6501378492

    Listing office U.P. RIVERLAND REALTY 330 W Adams, Iron River, MI

    Listing date May 18, 2026

    MLS# 50208224 Listing URL

    Copyright © 2026 Upper Peninsula Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Income‑generating potential with a tenant in place on the first floor who is willing to stay.
    • Two units offer flexibility: live in one and rent the other, or rent out both.
    • Large lot comprised of 4 lots with two detached garages and one shed.
    • Each unit features two bedrooms; the lower unit has a potential third bedroom or study.
    • Includes essential appliances: Dishwasher, Range/Oven, and Refrigerator.
    • Second‑floor unit is vacant and ready for immediate occupancy or rental.

    Overview

    This well-maintained duplex in Caspian, Michigan, presents an opportunity for a new owner. Each unit features two bedrooms. The first-floor unit includes a walk-through room that could serve as a third bedroom or study. The current tenants have been renting for almost two years and are willing to stay. The property includes four lots, two detached garages, and one shed. The second-floor unit is currently vacant but could be used as a primary residence or an additional rental space. The property size is 1525 square feet and the lot size is 0.34 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Building Supply Hair Salon Auto Repair Shop Big Box & Wholesale Store Auto Parts Store HVAC Service Storage Facility Bar & Pub Discount Store Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Caspian
    County
    Iron
    State
    Michigan
    Longitude
    -88.6325532
    Latitude
    46.0634599

    Nearby Similar for Sale

    • $249,000
      12,800 SF

      Commercial Property with Processing Facility

      Commercial property with retail, living, office, and processing spaces.
      100 W Caspian Ave, Caspian, MI, 49915-5144
      View Details
    • $94,900
      2,498 SF

      Established Bar with Apartment

      Neighborhood bar with living quarters in downtown Caspian, Michigan.
      224 E Caspian Avenue, Caspian, MI 49915
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    FAQs

    What type of property is this?
    Duplex - Charming duplex with two units and detached garages.
    Where is this duplex located?
    The property is located at 209 W Railroad Street Caspian, MI.
    What is the asking price?
    The asking price for this property is $135,000.
    What are key features of this property?
    This property features: Income‑generating potential with a tenant in place on the first floor who is willing to stay.; Two units offer flexibility: live in one and rent the other, or rent out both.; Large lot comprised of 4 lots with two detached garages and one shed.
    (906) 284-1089
    We can help!
    Listing Contact
    KELLY WATERS
    Real Estate License ID: 6501378492
    Learn More
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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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