Fully Occupied Triplex with
For Sale
$209,900
219 E Oliver Street, Corunna, MI 48817
Three occupied units support an established multifamily configuration near downtown amenities, schools, parks, and commuting routes.
Property Size2,048 SF
Price / SF$102.49
Days on Market74
Property Features for 219 E Oliver Street
General Information
Standard status
Active
Size
2,048 SF
Total Parking Spaces
2
Property subtype
Residential Income
Occupancy
100%
Additional Details
Multifamily Units
3
Listing Agency:
Berkshire Hathaway HomeServices
(989) 721-1271
Listed By:
Kelly Bila · License #6501276169
(989) 721-1271
Source:
Exprealty
Added: Jun 19
Changed: Aug 30
Last Checked: Aug 30 at 11:51PM
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 Berkshire Hathaway HomeServices
Investment Insights
Based on property information with market context.
This 2,048-square-foot triplex contains three occupied residential units, creating an income-producing multifamily configuration with no reported vacancy. A detached two-car garage provides additional on-site utility for residents and complements the property’s residential improvements.
Residents handle their own utilities, while ownership covers water, sewer, trash service, snow removal, and grounds maintenance. The property is in Corunna near downtown amenities, schools, parks, and major commuting routes, placing everyday services and transportation connections within the surrounding area.
Residents handle their own utilities, while ownership covers water, sewer, trash service, snow removal, and grounds maintenance. The property is in Corunna near downtown amenities, schools, parks, and major commuting routes, placing everyday services and transportation connections within the surrounding area.
Key Highlights
- Triplex with 3 currently occupied units
- 2,048 square feet of property size
- Detached 2‑car garage
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
$16,828
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
8.02%
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%
$336,560
$336.6K
Cap Rate 7%
$240,400
$240.4K
Cap Rate 9%
$186,978
$187.0K
Market Conditions
NOI Build-Up for 2,048 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
$25.8K $12.60/SF
− Vacancy
−$1.8K −$0.86/SF
EGI
$24.0K $11.74/SF
− OpEx
−$7.2K −$3.52/SF
NOI
$16.8K $8.22/SF
Area
Shiawassee County, MI
Vacancy
6.84%
Lease Rate
$12.60 /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%
$336,560
Cap Rate 7%
$240,400
Cap Rate 9%
$186,978
Alternative Uses
Best Use
Multifamily LT 5
$240.4K
$210.4K – $280.5K
NOI $16,828 @ 7.0% cap · market cap 8.02%
Second Best
Apartment 5plus
$215.0K
$188.2K – $250.9K
NOI $15,052 @ 7.0% cap · market cap 7.17%
Theoretical Best
Office A
$390.5K
$341.7K – $455.5K
NOI $27,332 @ 7.0% cap · market cap 13.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
224
Businesses Nearby
Explore this area
Business Placement
Demographics for 48817, MI
5,714
Population
2,513
Households
2.3
Avg Household Size
45
Median Age
16%
College-Educated
96%
High-School Grad
58.9 sq mi
ZIP Area
97
Density / Sq Mi
$57,468
Median Household Income
$39,300
Median Earnings
$879
Median Rent
$164,200
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?
Triplex - Three occupied units support an established multifamily configuration near downtown amenities, schools, parks, and commuting routes.
Where is this triplex located?
The property is located at 219 E Oliver Street Corunna, MI.
What is the asking price?
The asking price for this property is $209,900.
What are key features of this property?
This property features: Triplex with 3 currently occupied units; 2,048 square feet of property size; Detached 2‑car garage
