Remodeled Quadplex on Wooded
New
For Sale
$479,900
21163 Capital Ave NE, Battle Creek, MI 49017
Four updated units with basement space occupy a wooded parcel with convenient access to Battle Creek and major roadways.
Property Size4,298 SF
Lot Size2.50 Acres
Price / SF$111.66
Days on Market5
Property Features for 21163 Capital Ave NE
General Information
Standard status
Active
Size
4,298 SF
Lot size
2.50 Acres
Property subtype
Multi-Family
Additional Details
Road Access
Yes
Multifamily Units
4
Building Details
Year Built
1976
Buildings
1
Listing Agency:
Fervor Realty
Listed By:
Nicholas Dennison · License #6502431264
(864) 616-9954
Source:
Metrodetroithomeguide
Added: Aug 31
Changed: Sep 4
Last Checked: Sep 4 at 7:44AM
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 Fervor Realty
Investment Insights
Based on property information with market context.
This quadplex contains four individual residential units totaling 4,298 square feet of living space. The property was extensively remodeled, with generous unit layouts and additional basement space. Built in 1976, the building is positioned well back from Capital Avenue on a wooded 2.5-acre parcel, providing a residential setting with separation from the roadway.
The property is located at 21163 Capital Ave NE in Pennfield Charter Township, with access to Battle Creek, shopping, restaurants, and major roadways. Four separate units and the completed remodeling provide a defined multifamily configuration for an investor evaluating a residential income property.
The property is located at 21163 Capital Ave NE in Pennfield Charter Township, with access to Battle Creek, shopping, restaurants, and major roadways. Four separate units and the completed remodeling provide a defined multifamily configuration for an investor evaluating a residential income property.
Key Highlights
- Four‑unit quadplex with 4,298 square feet of living space
- Extensively remodeled residential property
- 2.5‑acre wooded parcel with the building set back from Capital Avenue
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
$37,601
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
7.84%
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%
$752,020
$752.0K
Cap Rate 7%
$537,157
$537.2K
Cap Rate 9%
$417,789
$417.8K
Market Conditions
NOI Build-Up for 4,298 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
$56.7K $13.20/SF
− Vacancy
−$3.0K −$0.70/SF
EGI
$53.7K $12.50/SF
− OpEx
−$16.1K −$3.75/SF
NOI
$37.6K $8.75/SF
Area
Calhoun County, MI
Vacancy
5.32%
Lease Rate
$13.20 /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%
$752,020
Cap Rate 7%
$537,157
Cap Rate 9%
$417,789
Alternative Uses
Best Use
Multifamily LT 5
$537.2K
$470.0K – $626.7K
NOI $37,601 @ 7.0% cap · market cap 7.84%
Second Best
Apartment 5plus
$466.7K
$408.4K – $544.5K
NOI $32,669 @ 7.0% cap · market cap 6.81%
Theoretical Best
Healthcare Medical
$50.98M
$44.61M – $59.48M
NOI $3,568,909 @ 7.0% cap · market cap 743.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
9
Businesses Nearby
Explore this area
Business Placement
Demographics for 49017, MI
21,377
Population
9,701
Households
2.2
Avg Household Size
42
Median Age
20%
College-Educated
92%
High-School Grad
56.8 sq mi
ZIP Area
376
Density / Sq Mi
$58,500
Median Household Income
$40,386
Median Earnings
$946
Median Rent
$134,800
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?
Quadplex - Four updated units with basement space occupy a wooded parcel with convenient access to Battle Creek and major roadways.
Where is this quadplex located?
The property is located at 21163 Capital Ave NE Battle Creek, MI.
What is the asking price?
The asking price for this property is $479,900.
What are key features of this property?
This property features: Four‑unit quadplex with 4,298 square feet of living space; Extensively remodeled residential property; 2.5‑acre wooded parcel with the building set back from Capital Avenue
