Remodeled Duplex with
For Sale
$164,900
2219 Marshall Court, Saginaw, MI 48602
MULTIFAMILY, Saginaw, MI
Property Size1,984 SF
Lot Size0.12 Acres
Price / SF$83.11
Days on Market47
Property Features for 2219 Marshall Court
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Basement, Bedroom 1, Bedroom 3, Bathroom 1, Bedroom 4, Bedroom 2
Appliances
Dishwasher, Range/Oven, Refrigerator
Elementary school district
Saginaw City School District
Middle school district
Saginaw City School District
High school district
Saginaw City School District
Subdivision
Saginaw (73039)
Standard status
Active
APN
13 2769 00000
Size
1,984 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
2479
Utilities
Heating system
Forced Air
Cooling system
Ceiling Fan(s), Central Air
Water source
Public
Building Details
Year built
1948
Floors in Building
2
Number of units
2
Listing Agency:
Century 21 Signature Realty (Freeland) · Century 21 Real Estate
(989) 921-7000
Listed By:
Marie Glinski · License #6501354056
(989) 859-9435
Added: Jul 26
Changed: Sep 5
Last Checked: Sep 10 at 5:06PM
MLS# 50216223
Copyright © 2026 Multiple Listing Service MiRealSource. 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 2219 Marshall Court in Saginaw, this duplex contains 1,984 square feet across two residential units. Each unit includes a living area, two bedrooms, one bathroom, a kitchen, and access to the basement. The property was built in 1948 and has received substantial renovation work within the last 10 years, including drywall replacement to the studs, plumbing, windows, kitchens, bathrooms, two hot water heaters, and two furnaces.
Appliances include dishwashers, ranges/ovens, and refrigerators. Forced-air heating is supplemented by central air and ceiling fans, while the property is served by public water. The 0.12-acre parcel offers an existing duplex configuration that can support rental ownership or occupancy of one unit alongside the other.
Appliances include dishwashers, ranges/ovens, and refrigerators. Forced-air heating is supplemented by central air and ceiling fans, while the property is served by public water. The 0.12-acre parcel offers an existing duplex configuration that can support rental ownership or occupancy of one unit alongside the other.
Key Highlights
- Two‑unit duplex totaling 1,984 square feet
- Each unit has 2 bedrooms and 1 bathroom
- Renovation work completed within the last 10 years
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
$11,754
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
7.13%
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%
$235,080
$235.1K
Cap Rate 7%
$167,914
$167.9K
Cap Rate 9%
$130,600
$130.6K
Market Conditions
NOI Build-Up for 1,984 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
$18.1K $9.12/SF
− Vacancy
−$1.3K −$0.66/SF
EGI
$16.8K $8.46/SF
− OpEx
−$5.0K −$2.54/SF
NOI
$11.8K $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%
$235,080
Cap Rate 7%
$167,914
Cap Rate 9%
$130,600
Alternative Uses
Best Use
Multifamily LT 5
$167.9K
$146.9K – $195.9K
NOI $11,754 @ 7.0% cap · market cap 7.13%
Second Best
Apartment 5plus
$159.5K
$139.6K – $186.1K
NOI $11,165 @ 7.0% cap · market cap 6.77%
Theoretical Best
Specialty Retail
$366.6K
$320.7K – $427.7K
NOI $25,659 @ 7.0% cap · market cap 15.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
451
Businesses Nearby
Explore this area
Business Placement
Demographics for 48602, MI
27,613
Population
12,286
Households
2.2
Avg Household Size
36
Median Age
15%
College-Educated
83%
High-School Grad
7.8 sq mi
ZIP Area
3,540
Density / Sq Mi
$46,068
Median Household Income
$29,611
Median Earnings
$902
Median Rent
$70,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units combine updated kitchens and bathrooms with central air, forced-air heat, and public water service.
Where is this duplex located?
The property is located at 2219 Marshall Court Saginaw, MI.
What is the asking price?
The asking price for this property is $164,900.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,984 square feet; Each unit has 2 bedrooms and 1 bathroom; Renovation work completed within the last 10 years
