Duplex with Detached
For Sale
$165,000
214 W 2nd Street, Pinconning, MI 48650
Multi-Family, 1.5 Story, Duplex, Pinconning, MI
Property Size1,845 SF
Lot Size0.23 Acres
Price / SF$89.43
Days on Market94
Property Features for 214 W 2nd Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Residential
Zoning description
Residential
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 1, Bathroom 1, Bedroom 4, Bathroom 2, Bedroom 2
Patio and Porch features
Porch, Deck
Interior features
Drywall
Exterior features
Deck, Porch
Appliances
Natural Gas Water Heater
Elementary school district
Pinconning Area Schools
Middle school district
Pinconning Area Schools
High school district
Pinconning Area Schools
Directions
Heading south on M13 (S Huron Rd) turn left on W Second St, in about 1/2 mile turn left and building is on your left
Subdivision
Bay
Standard status
Active
Size
1,845 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Description
LOTS 7-8 BLK 13 VILLAGE OF PINCONNING, L2/P6 BCR
Tax Annual Amount
3407
Legal Description
LOTS 7-8 BLK 13 VILLAGE OF PINCONNING, L2/P6 BCR
Amenities
front porch
upper level deck
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Building materials
Frame
Roof type
Asphalt
Architectural style
Other
Listing Agency:
CENTURY 21 SIGNATURE REALTY
(989) 362-4261
Listed By:
TERRIE CLARK-NEWMAN
(907) 232-1897
Added: Jun 6
Changed: Sep 3
Last Checked: Sep 7 at 8:06PM
MLS# 1946253
Copyright © 2026 Northern Great Lakes Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,845-square-foot duplex was built in 1900 and occupies a 0.23-acre corner lot in Pinconning. The upper residence is tenant occupied, while the lower unit is vacant and includes approximately 1,085 square feet, two bedrooms, one bathroom, a living room, dining area, updated cabinetry, and neutral finishes. Both units have distinct living areas, with a front porch and upper deck adding outdoor space. A detached two-car garage provides additional storage and convenience.
The property is located near downtown Pinconning, schools, parks, shopping, and everyday amenities. Frame construction, an asphalt roof, drywall interiors, and a natural gas water heater are among the existing property features. Residential zoning and the two-unit layout support continued use as a duplex.
The property is located near downtown Pinconning, schools, parks, shopping, and everyday amenities. Frame construction, an asphalt roof, drywall interiors, and a natural gas water heater are among the existing property features. Residential zoning and the two-unit layout support continued use as a duplex.
Key Highlights
- 1,845 square feet on a 0.23‑acre corner lot
- Upper unit is tenant occupied; lower unit is vacant
- Lower unit offers approximately 1,085 square feet with 2 bedrooms and 1 bathroom
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
$10,787
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
6.54%
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%
$215,740
$215.7K
Cap Rate 7%
$154,100
$154.1K
Cap Rate 9%
$119,856
$119.9K
Market Conditions
NOI Build-Up for 1,845 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
$16.6K $9.00/SF
− Vacancy
−$1.2K −$0.65/SF
EGI
$15.4K $8.35/SF
− OpEx
−$4.6K −$2.51/SF
NOI
$10.8K $5.85/SF
Area
Bay County, MI
Vacancy
7.20%
Lease Rate
$9.00 /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%
$215,740
Cap Rate 7%
$154,100
Cap Rate 9%
$119,856
Alternative Uses
Best Use
Multifamily LT 5
$154.1K
$134.8K – $179.8K
NOI $10,787 @ 7.0% cap · market cap 6.54%
Second Best
Apartment 5plus
$144.8K
$126.7K – $169.0K
NOI $10,137 @ 7.0% cap · market cap 6.14%
Theoretical Best
Office A
$334.0K
$292.3K – $389.7K
NOI $23,380 @ 7.0% cap · market cap 14.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
50%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
197
Businesses Nearby
Explore this area
Business Placement
Demographics for 48650, MI
6,807
Population
3,036
Households
2.2
Avg Household Size
47
Median Age
17%
College-Educated
89%
High-School Grad
95.2 sq mi
ZIP Area
72
Density / Sq Mi
$63,662
Median Household Income
$41,461
Median Earnings
$750
Median Rent
$136,400
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 - Two-unit residential property with an occupied upper unit, renovated lower unit, outdoor living areas, and separate garage storage.
Where is this duplex located?
The property is located at 214 W 2nd Street Pinconning, MI.
What is the asking price?
The asking price for this property is $165,000.
What are key features of this property?
This property features: 1,845 square feet on a 0.23‑acre corner lot; Upper unit is tenant occupied; lower unit is vacant; Lower unit offers approximately 1,085 square feet with 2 bedrooms and 1 bathroom
