3-Unit Triplex
For Sale
$235,000
222 Brady Street, Chesaning, MI 48616
Three rental units offer a compact residential income property near restaurants, shopping, and downtown amenities.
Property Size2,730 SF
Price / SF$86.08
Days on Market549
Property Features for 222 Brady Street
General Information
Standard status
Active
Size
2,730 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$2,995
Building Details
Year Built
1880
Listing Agency:
Chesaning Realty
(989) 845-6000
Listed By:
Lori Austerberry · License #6502402770
(989) 845-6000
Source:
Exitrealty
Added: Feb 28, 2025
Changed: Aug 30
Last Checked: Aug 30 at 3:25PM
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 Chesaning Realty
Investment Insights
Based on property information with market context.
This 2,730-square-foot triplex contains three rental units in a building constructed in 1880. The property is configured as a residential income asset with tenant-paid utilities, while water and sewer remain the owner’s responsibility.
The building is within walking distance of restaurants, shopping, and downtown Chesaning. Its three-unit layout provides a straightforward multifamily configuration in an established village setting.
The building is within walking distance of restaurants, shopping, and downtown Chesaning. Its three-unit layout provides a straightforward multifamily configuration in an established village setting.
Key Highlights
- Three rental units in one triplex building
- 2,730 square feet of property size
- Constructed in 1880
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
$16,173
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
6.88%
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%
$323,460
$323.5K
Cap Rate 7%
$231,043
$231.0K
Cap Rate 9%
$179,700
$179.7K
Market Conditions
NOI Build-Up for 2,730 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
$24.9K $9.12/SF
− Vacancy
−$1.8K −$0.66/SF
EGI
$23.1K $8.46/SF
− OpEx
−$6.9K −$2.54/SF
NOI
$16.2K $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%
$323,460
Cap Rate 7%
$231,043
Cap Rate 9%
$179,700
Alternative Uses
Best Use
Multifamily LT 5
$231.0K
$202.2K – $269.6K
NOI $16,173 @ 7.0% cap · market cap 6.88%
Second Best
Apartment 5plus
$219.5K
$192.0K – $256.1K
NOI $15,363 @ 7.0% cap · market cap 6.54%
Theoretical Best
Specialty Retail
$504.4K
$441.3K – $588.5K
NOI $35,307 @ 7.0% cap · market cap 15.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
251
Businesses Nearby
Explore this area
Business Placement
Demographics for 48616, MI
7,458
Population
3,226
Households
2.3
Avg Household Size
45
Median Age
14%
College-Educated
92%
High-School Grad
81.1 sq mi
ZIP Area
92
Density / Sq Mi
$67,801
Median Household Income
$39,141
Median Earnings
$744
Median Rent
$153,400
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?
Triplex - Three rental units offer a compact residential income property near restaurants, shopping, and downtown amenities.
Where is this triplex located?
The property is located at 222 Brady Street Chesaning, MI.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: Three rental units in one triplex building; 2,730 square feet of property size; Constructed in 1880
