Two-Unit Duplex with
220 W Park Street, Lapeer, MI 48446
For Sale
$198,000
Multifamily, 2 Story, Lapeer, MI
Property Size1,621 SF
Lot Size0.17 Acres
Price / SF$122.15
Days on Market202
Property Features for 220 W Park Street
General Information
Property type
Property subtype
Zoning
Bedrooms
Bathrooms
Full bathrooms
Rooms
Exterior features
Subdivision
Elementary school district
Middle school district
High school district
Directions
Standard status
APN
Size
Lot size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Description
Tax Annual Amount
Legal Description
Utilities
Heating system
Water source
Amenities
hardwood floors
laundry area
side porch
garage
appliances
Building Details
Year built
Floors in Building
Number of units
Building materials
Architectural style
Listing Agency:
Exit Realty Group
Listed By:
Jeanne McCorkle · License MI #6501288248
(810) 245-2600
Added: Apr 23
Changed: Oct 23
Last Checked: Nov 10 at 6:06PM
MLS# 20261027917
Copyright © 2026 Realcomp Limited II. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Located at 220 W Park Street in Lapeer, Michigan, this 1,621-square-foot duplex contains two residential units and is currently fully rented. The property sits on 0.17 acres and was constructed in 1890, with wood exterior construction, forced-air heating, and public water service.
The main-level residence includes two bedrooms, hardwood flooring, an updated bathroom, a laundry area, side-porch access, and use of the garage. The upper residence offers an open interior layout. Refrigerators and stoves are included with the property, while multi-family zoning supports its existing residential configuration.
The main-level residence includes two bedrooms, hardwood flooring, an updated bathroom, a laundry area, side-porch access, and use of the garage. The upper residence offers an open interior layout. Refrigerators and stoves are included with the property, while multi-family zoning supports its existing residential configuration.
Key Highlights
- Two‑unit duplex with 1,621 square feet of building area
- Fully rented residential property
- Main‑level unit includes 2 bedrooms, hardwood floors, updated bathroom, laundry area, side porch, and garage access
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,166
Cap Rate
9.17%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$363,320
$363.3K
Cap Rate 7%
$259,514
$259.5K
Cap Rate 9%
$201,844
$201.8K
Market Conditions
NOI Build-Up for 1,621 SF
Gross rent
$26.5K $16.32/SF
− Vacancy
−$503 −$0.31/SF
EGI
$26.0K $16.01/SF
− OpEx
−$7.8K −$4.80/SF
NOI
$18.2K $11.21/SF
Area
Lapeer County, MI
Vacancy
1.90%
Lease Rate
$16.32 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$363,320
Cap Rate 7%
$259,514
Cap Rate 9%
$201,844
Alternative Uses
Best Use
Multifamily LT 5
$259.5K
$227.1K – $302.8K
NOI $18,166 @ 7.0% cap · market cap 9.17%
Second Best
Apartment 5plus
$210.4K
$184.1K – $245.5K
NOI $14,731 @ 7.0% cap · market cap 7.44%
Theoretical Best
Healthcare Medical
$265.5K
$232.3K – $309.7K
NOI $18,582 @ 7.0% cap · market cap 9.38%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
908
Businesses Nearby
Explore this area
Business Placement
Demographics for 48446, MI
30,788
Population
12,797
Households
2.4
Avg Household Size
45
Median Age
20%
College-Educated
93%
High-School Grad
121.9 sq mi
ZIP Area
253
Density / Sq Mi
$66,382
Median Household Income
$40,263
Median Earnings
$976
Median Rent
$206,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Fully leased property with an updated bathroom, laundry area, porch access, and included appliances.
Where is this duplex located?
The property is located at 220 W Park Street Lapeer, MI.
What is the asking price?
The asking price for this property is $198,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,621 square feet of building area; Fully rented residential property; Main‑level unit includes 2 bedrooms, hardwood floors, updated bathroom, laundry area, side porch, and garage access
