Duplex with Front
For Sale
$129,000
218 Lincoln Street, Chesaning, MI 48616
MULTIFAMILY, Chesaning, MI
Property Size1,394 SF
Lot Size0.20 Acres
Price / SF$92.54
Days on Market80
Property Features for 218 Lincoln Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Basement, Bathroom 1, Bedroom 1, Bedroom 2
Patio and Porch features
Porch
Interior features
Cable/Internet Avail.
Exterior features
Porch, Sidewalks
Appliances
Range/Oven, Refrigerator
Lot features
Sidewalks
Elementary school district
Chesaning Union Schools
Middle school district
Chesaning Union Schools
High school district
Chesaning Union Schools
Subdivision
Chesaning (73033)
Standard status
Active
APN
13-09-3-16-0387-000
Size
1,394 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3161
Utilities
Heating system
Forced Air
Cooling system
Ceiling Fan(s)
Water source
Public
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Architectural style
Other
Listing Agency:
RE/MAX New Image · RE/MAX International
(989) 790-0890
Listed By:
Janet Kovach · License #6502138651
(989) 262-7007
Added: Jun 15
Changed: Sep 2
Last Checked: Sep 2 at 11:06AM
MLS# 50211457
Copyright © 2026 Saginaw Board of 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 duplex contains 1,394 square feet on a 0.2-acre lot and was built in 1920. The property includes two bathrooms, two listed bedrooms, a basement, a porch, and sidewalk access. Interior features include cable and internet availability, while the kitchen appliances include a range/oven and refrigerator. Heating is provided by forced air, with ceiling fans noted for cooling.
The property is located at 218 Lincoln Street in Chesaning, Michigan. Public water serves the building. The main-floor apartment includes a laundry room that may be converted into a second bedroom. Tenant-paid heat and electric service, with water paid by the owner, are also part of the current operating arrangement.
The property is located at 218 Lincoln Street in Chesaning, Michigan. Public water serves the building. The main-floor apartment includes a laundry room that may be converted into a second bedroom. Tenant-paid heat and electric service, with water paid by the owner, are also part of the current operating arrangement.
Key Highlights
- Duplex totaling 1,394 square feet on a 0.2‑acre lot
- Built in 1920 with a basement, porch, and sidewalks
- Main‑floor laundry room can be converted into a 2nd bedroom
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
$8,259
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
6.40%
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%
$165,180
$165.2K
Cap Rate 7%
$117,986
$118.0K
Cap Rate 9%
$91,767
$91.8K
Market Conditions
NOI Build-Up for 1,394 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
$12.7K $9.12/SF
− Vacancy
−$915 −$0.66/SF
EGI
$11.8K $8.46/SF
− OpEx
−$3.5K −$2.54/SF
NOI
$8.3K $5.92/SF
Area
Saginaw County, MI
Vacancy
7.20%
Lease Rate
$9.12 /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%
$165,180
Cap Rate 7%
$117,986
Cap Rate 9%
$91,767
Alternative Uses
Best Use
Multifamily LT 5
$118.0K
$103.2K – $137.7K
NOI $8,259 @ 7.0% cap · market cap 6.40%
Second Best
Apartment 5plus
$112.1K
$98.1K – $130.7K
NOI $7,844 @ 7.0% cap · market cap 6.08%
Theoretical Best
Specialty Retail
$257.6K
$225.4K – $300.5K
NOI $18,029 @ 7.0% cap · market cap 13.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
251
Businesses Nearby
Explore this area
Business Placement
Demographics for 48616, MI
7,458
Population
3,226
Households
2.3
Avg Household Size
45
Median Age
14%
College-Educated
92%
High-School Grad
81.1 sq mi
ZIP Area
92
Density / Sq Mi
$67,801
Median Household Income
$39,141
Median Earnings
$744
Median Rent
$153,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with public water, forced-air heating, and a main-floor laundry room.
Where is this duplex located?
The property is located at 218 Lincoln Street Chesaning, MI.
What is the asking price?
The asking price for this property is $129,000.
What are key features of this property?
This property features: Duplex totaling 1,394 square feet on a 0.2‑acre lot; Built in 1920 with a basement, porch, and sidewalks; Main‑floor laundry room can be converted into a 2nd bedroom
