16-Unit Garden-Style Apartment
New
For Sale
$1,100,000
250 E Sebewaing St, Sebewaing, MI 48759
Two buildings offer a practical unit mix, private outdoor areas, tenant storage, laundry facilities, and off-street parking.
Property Size10,900 SF
Days on Market6
Property Features for 250 E Sebewaing St
General Information
Standard status
Active
Size
10,900 SF
Property subtype
Multifamily
Occupancy
95%
Units
Unit Mix
4 x 2BR, 12 x 1BR
Multifamily Units
16
Additional Details
Cap Rate
7.87%
Utilities to Site
Yes
Amenities
on-site laundry
basement storage
private patios/balconies
Rent Growth Potential
Favorable Unit Mix
Downtown Location
Building Details
Building Size
10,900 SF
Buildings
2
Units
16
Construction
garden-style
Listing Agency:
Detroit Office
(248) 415-3012
Listed By:
Chris Futo · License #License(s): MI: 6501358300
(248) 415-3012
Source:
Marcusmillichap
Added: Aug 16
Changed: Aug 17
Last Checked: Aug 19 at 5:01AM
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 Detroit Office
Investment Insights
Based on property information with market context.
This multifamily property includes two garden-style buildings with 16 apartments in total. The unit mix comprises four two-bedroom residences and twelve one-bedroom residences. Each apartment includes a refrigerator, stove, wall air conditioning, and a patio door opening to a private patio or balcony. Tenants are responsible for electric and electric heat, while ownership handles water, sewer, trash removal, lawn care, and snow removal.
Resident amenities include on-site coin-operated laundry with three washer-and-dryer sets updated in 2018 and 2024, along with dedicated basement storage units. Ownership also has a large storage and maintenance room. A spacious parking lot provides off-street parking. Roof replacements were completed before the current ownership, and interior updates have included flooring, lighting, appliances, and wall air conditioning units as needed.
The property is located at 234/250 E. Sebewaing Street in downtown Sebewaing, within walking distance of local shops, restaurants, Sebewaing Harbor Marina, and Sebewaing County Park.
Resident amenities include on-site coin-operated laundry with three washer-and-dryer sets updated in 2018 and 2024, along with dedicated basement storage units. Ownership also has a large storage and maintenance room. A spacious parking lot provides off-street parking. Roof replacements were completed before the current ownership, and interior updates have included flooring, lighting, appliances, and wall air conditioning units as needed.
The property is located at 234/250 E. Sebewaing Street in downtown Sebewaing, within walking distance of local shops, restaurants, Sebewaing Harbor Marina, and Sebewaing County Park.
Key Highlights
- 16 apartments across two buildings, with four two‑bedroom and twelve one‑bedroom units
- Apartments include refrigerators, stoves, wall air conditioning, and private patios or balconies
- Three washer‑and‑dryer sets updated in 2018 and 2024
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
$86,882
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
7.90%
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%
$1,737,640
$1.7M
Cap Rate 7%
$1,241,171
$1.2M
Cap Rate 9%
$965,356
$965.4K
Market Conditions
NOI Build-Up for 10,900 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
$170.0K $15.60/SF
− Vacancy
−$12.1K −$1.11/SF
EGI
$158.0K $14.49/SF
− OpEx
−$71.1K −$6.52/SF
NOI
$86.9K $7.97/SF
Area
Huron County, MI
Vacancy
7.10%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
45.00%
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%
$1,737,640
Cap Rate 7%
$1,241,171
Cap Rate 9%
$965,356
Alternative Uses
Best Use
Apartment 5plus
$1.24M
$1.09M – $1.45M
NOI $86,882 @ 7.0% cap · market cap 7.90%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.54M
$2.22M – $2.96M
NOI $177,501 @ 7.0% cap · market cap 16.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
144
Businesses Nearby
Explore this area
Business Placement
Demographics for 48759, MI
3,266
Population
1,928
Households
1.7
Avg Household Size
47
Median Age
17%
College-Educated
94%
High-School Grad
48.0 sq mi
ZIP Area
68
Density / Sq Mi
$60,431
Median Household Income
$35,437
Median Earnings
$694
Median Rent
$116,200
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?
Apartment building - Two buildings offer a practical unit mix, private outdoor areas, tenant storage, laundry facilities, and off-street parking.
Where is this apartment building located?
The property is located at 250 E Sebewaing St Sebewaing, MI.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 16 apartments across two buildings, with four two‑bedroom and twelve one‑bedroom units; Apartments include refrigerators, stoves, wall air conditioning, and private patios or balconies; Three washer‑and‑dryer sets updated in 2018 and 2024
