Building Details

Year Built 1975

Listing Agency: Devries Homes Show Phone

Listed By: Oak & Stone Real Estate Show Phone

Source: Oakandstonerealestate

Added: Oct 2 Changed: Oct 4 Last Checked: Oct 5 at 6:25PM

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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 Devries Homes

Investment Insights

Based on property information with market context.

This multifamily property includes a 1,171-square-foot building configured for 2 to 4 units. The structure was built in 1975, and tenants are on month-to-month leases.

The property sits on a 14,763-square-foot lot in Lincoln Township, Michigan.

Key Highlights

• Building configured for 2 to 4 units
• 1,171‑square‑foot building
• 14,763‑square‑foot lot

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$9,557

Cap Rate

3.41%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$191,140 $191.1K

Cap Rate 7%

$136,529 $136.5K

Cap Rate 9%

$106,189 $106.2K

Market Conditions

NOI Build-Up for 1,171 SF

Gross rent

$18.4K $15.72/SF

− Vacancy

−$1.0K −$0.88/SF

EGI

$17.4K $14.84/SF

− OpEx

−$7.8K −$6.68/SF

NOI

$9.6K $8.16/SF

Area

Berrien County, MI

Vacancy

5.60%

Lease Rate

$15.72 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$191,140

Cap Rate 7%

$136,529

Cap Rate 9%

$106,189

Alternative Uses

Best Use

Apartment 5plus

$136.5K

$119.5K – $159.3K (±1% cap)

NOI $9,557 @ 7.0% cap · market cap 3.41%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$246.4K

$215.6K – $287.5K (±1% cap)

NOI $17,249 @ 7.0% cap · market cap 6.16%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Multifamily properties

Suggested Use

Top Pick Dental Office Hair Salon Building Supply Barber Shop Garden Center Locksmith

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

186

Businesses Nearby

Explore this area Business Placement

Demographics for 49127, MI

10,811

Population

5,043

Households

2.1

Avg Household Size

45

Median Age

47%

College-Educated

98%

High-School Grad

17.1 sq mi

ZIP Area

632

Density / Sq Mi

$96,781

Median Household Income

$44,903

Median Earnings

$1,103

Median Rent

$287,000

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

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What type of property is this? Where is this multifamily properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Multifamily property - Tenants occupy the units under month-to-month leases.

Where is this multifamily property located?

The property is located at 2193 Carol Ln Stevensville, MI.

What is the asking price?

The asking price for this property is $279,900.

What are key features of this property?

This property features: Building configured for 2 to 4 units; 1,171‑square‑foot building; 14,763‑square‑foot lot