Four-Unit Multifamily
For Sale
$475,000
2150 Phillips Ave, Holt, MI 48842
Four residential units offer an income-producing setup with recent HVAC and unit rehabilitation completed.
Property Size3,596 SF
Days on Market49
Property Features for 2150 Phillips Ave
General Information
Standard status
Active
Size
3,596 SF
Property subtype
Investment
Additional Details
Business Included
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$10,710
Building Details
Building Size
3,596 SF
Year Built
1988
Units
4
Listing Agency:
(248) 417-1396
Listed By:
Colleen Kennedy
(248) 417-1396
Source:
Elliman
Added: Jun 21
Changed: Aug 8
Last Checked: Aug 8 at 10:42AM
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 Colleen Kennedy
Investment Insights
Based on property information with market context.
This four-unit multifamily property is currently operated as an income-producing investment. The asset consists of four residential units and has seen recent capital improvements, including the replacement of two HVAC systems and the rehabilitation of one unit, which may help reduce near-term capital expenditure needs.
The property is located in Holt, with convenient access to Lansing and major employers, as well as shopping, dining, and transportation corridors. Additional financing and operating details, including a rent roll and leases, are available upon request.
For investors seeking a small-scale multifamily acquisition, this quadplex configuration can be a straightforward addition to an existing portfolio or an entry point into the local rental market. The combination of four income units and documented recent upgrades supports a practical underwriting starting point, with further financial information provided during due diligence.
The property is located in Holt, with convenient access to Lansing and major employers, as well as shopping, dining, and transportation corridors. Additional financing and operating details, including a rent roll and leases, are available upon request.
For investors seeking a small-scale multifamily acquisition, this quadplex configuration can be a straightforward addition to an existing portfolio or an entry point into the local rental market. The combination of four income units and documented recent upgrades supports a practical underwriting starting point, with further financial information provided during due diligence.
Key Highlights
- Four‑unit multifamily property built in 1988, currently operated as an income‑producing rental investment
- Recent capital improvements include replacement of two HVAC systems
- One unit has been rehabilitated as part of recent improvements
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
$32,594
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
6.86%
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%
$651,880
$651.9K
Cap Rate 7%
$465,629
$465.6K
Cap Rate 9%
$362,156
$362.2K
Market Conditions
NOI Build-Up for 3,596 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
$49.6K $13.80/SF
− Vacancy
−$3.1K −$0.85/SF
EGI
$46.6K $12.95/SF
− OpEx
−$14.0K −$3.88/SF
NOI
$32.6K $9.06/SF
Area
Ingham County, MI
Vacancy
6.17%
Lease Rate
$13.80 /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%
$651,880
Cap Rate 7%
$465,629
Cap Rate 9%
$362,156
Alternative Uses
Best Use
Multifamily LT 5
$465.6K
$407.4K – $543.2K
NOI $32,594 @ 7.0% cap · market cap 6.86%
Second Best
Apartment 5plus
$418.5K
$366.2K – $488.2K
NOI $29,292 @ 7.0% cap · market cap 6.17%
Theoretical Best
Office A
$577.7K
$505.5K – $674.0K
NOI $40,442 @ 7.0% cap · market cap 8.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
567
Businesses Nearby
Explore this area
Business Placement
Demographics for 48842, MI
21,548
Population
9,573
Households
2.3
Avg Household Size
40
Median Age
39%
College-Educated
93%
High-School Grad
17.2 sq mi
ZIP Area
1,253
Density / Sq Mi
$86,830
Median Household Income
$50,275
Median Earnings
$1,245
Median Rent
$211,500
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 residential units offer an income-producing setup with recent HVAC and unit rehabilitation completed.
Where is this quadplex located?
The property is located at 2150 Phillips Ave Holt, MI.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Four‑unit multifamily property built in 1988, currently operated as an income‑producing rental investment; Recent capital improvements include replacement of two HVAC systems; One unit has been rehabilitated as part of recent improvements
