Duplex Property with Separate
New
For Sale
$425,000
252 Pinewood Dr, Fowlerville, MI 48836
Updated duplex-style home with a separate two-bedroom apartment, walkout lower level, and newer major systems.
Property Size2,982 SF
Days on Market5
Property Features for 252 Pinewood Dr
General Information
Standard status
Active
Size
2,982 SF
Property subtype
Investment
Additional Details
Road Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,325
Amenities
deck
water feature
Building Details
Building Size
2,982 SF
Year Built
1965
Units
2
Listing Agency:
Remerica United Realty - Brighton
Listed By:
April R Seeburger
(517) 402-7349
Source:
Elliman
Added: Aug 30
Changed: Aug 31
Last Checked: Sep 1 at 10:03PM
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 Remerica United Realty - Brighton
Investment Insights
Based on property information with market context.
Built in 1965, this duplex property combines an updated primary residence with a separate two-bedroom apartment accessed through its own entrance. The main home offers an open-concept living area, two main-floor bedrooms, an updated bathroom, and a renovated kitchen with newer black stainless-steel appliances. A walkout lower level adds a half bath, two additional bedrooms with windows noted as non-egress, and a large recreation or entertaining area. The apartment includes a fully remodeled bathroom.
An extra lot accommodates a newer 2.5-car garage equipped with 220 service, keyless entry, an opener, and an 8 x 8 storage bump-out. Other updates include the roof, windows, water heater, and siding. The property sits on a dead-end street with mature trees and sidewalks connecting directly to the Fowlerville Schools Campus. A rear deck faces a wooded area, while boulder landscaping and a water feature enhance the outdoor entertaining area near the garage.
An extra lot accommodates a newer 2.5-car garage equipped with 220 service, keyless entry, an opener, and an 8 x 8 storage bump-out. Other updates include the roof, windows, water heater, and siding. The property sits on a dead-end street with mature trees and sidewalks connecting directly to the Fowlerville Schools Campus. A rear deck faces a wooded area, while boulder landscaping and a water feature enhance the outdoor entertaining area near the garage.
Key Highlights
- Separate 2‑bedroom apartment with its own entrance and fully remodeled bathroom
- Main residence includes an open floor plan, 2 bedrooms, renovated kitchen, and updated main‑floor bath
- Walkout lower level has a half bath, 2 bedrooms with windows noted as not egress, and recreation space
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
$27,164
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
6.39%
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%
$543,280
$543.3K
Cap Rate 7%
$388,057
$388.1K
Cap Rate 9%
$301,822
$301.8K
Market Conditions
NOI Build-Up for 2,982 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
$41.2K $13.80/SF
− Vacancy
−$2.3K −$0.79/SF
EGI
$38.8K $13.01/SF
− OpEx
−$11.6K −$3.90/SF
NOI
$27.2K $9.11/SF
Area
Livingston County, MI
Vacancy
5.70%
Lease Rate
$13.80 /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%
$543,280
Cap Rate 7%
$388,057
Cap Rate 9%
$301,822
Alternative Uses
Best Use
Multifamily LT 5
$388.1K
$339.6K – $452.7K
NOI $27,164 @ 7.0% cap · market cap 6.39%
Second Best
Apartment 5plus
$356.8K
$312.2K – $416.3K
NOI $24,975 @ 7.0% cap · market cap 5.88%
Theoretical Best
Healthcare Medical
$475.0K
$415.6K – $554.2K
NOI $33,249 @ 7.0% cap · market cap 7.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
233
Businesses Nearby
Explore this area
Business Placement
Demographics for 48836, MI
14,183
Population
5,614
Households
2.5
Avg Household Size
39
Median Age
21%
College-Educated
94%
High-School Grad
94.0 sq mi
ZIP Area
151
Density / Sq Mi
$86,317
Median Household Income
$47,510
Median Earnings
$1,068
Median Rent
$262,700
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 - Updated duplex-style home with a separate two-bedroom apartment, walkout lower level, and newer major systems.
Where is this duplex located?
The property is located at 252 Pinewood Dr Fowlerville, MI.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Separate 2‑bedroom apartment with its own entrance and fully remodeled bathroom; Main residence includes an open floor plan, 2 bedrooms, renovated kitchen, and updated main‑floor bath; Walkout lower level has a half bath, 2 bedrooms with windows noted as not egress, and recreation space
