Two-Unit Duplex with
For Sale
Under Contract
$198,000
220 W Park Street, Lapeer, MI 48446
Multifamily, 2 Story, Lapeer, MI
Property Size1,621 SF
Lot Size0.17 Acres
Price / SF$122.15
Days on Market129
Property Features for 220 W Park Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 2, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 1
Exterior features
Lighting
Subdivision
City Of Lapeer R Lapeer Village
Elementary school district
Lapeer
Middle school district
Lapeer
High school district
Lapeer
Directions
Court to Park, second house west of Park.
Standard status
Active Under Contract
APN
L202050004000
Size
1,621 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
CITY OF LAPEER LAPEER VILLAGE PLAT SW'LY 60 FT OF NE'LY 120 FT OF BLK KNOWN AS "CONGREGATIONAL CHURCH LOT" (L=1 P=73 SEC 5, T7N-R10E)
Tax Annual Amount
2062
Legal Description
CITY OF LAPEER LAPEER VILLAGE PLAT SW'LY 60 FT OF NE'LY 120 FT OF BLK KNOWN AS "CONGREGATIONAL CHURCH LOT" (L=1 P=73 SEC 5, T7N-R10E)
Utilities
Heating system
Forced Air
Water source
Public
Building Details
Year built
1890
Floors in Building
2
Number of units
2
Building materials
Wood
Architectural style
Other
Listing Agency:
Exit Realty Group
(810) 245-2600
Listed By:
Jeanne McCorkle · License #6501288248
(810) 245-2600
Added: Apr 23
Changed: Aug 19
Last Checked: Aug 29 at 7:06PM
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.
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 = 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
$18,166
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
9.17%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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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
