Updated Duplex with Attached
For Sale
$449,900
2572-2574 Prairie St SW, Wyoming, MI 49519
Two three-bedroom units include daylight basements, private decks, and garages, with one residence refreshed one year ago.
Property Size1,716 SF
Price / SF$262.18
Days on Market41
Property Features for 2572-2574 Prairie St SW
General Information
Standard status
Active
Size
1,716 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Building Details
Year Built
1986
Listing Agency:
42 North Realty Group
(616) 366-5240
Listed By:
Jeffrey Northouse · License #6501236995
Source:
Vmrealestatemichigan
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 29 at 10:38AM
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 42 North Realty Group
Investment Insights
Based on property information with market context.
Built in 1986, this duplex contains two three-bedroom, two-bath units, each with a daylight basement, private deck, and attached garage. The property sits on a large lot and offers practical features for separate household living.
One unit received extensive improvements one year ago, including new flooring, fresh paint, updated light fixtures, new toilets, a dishwasher, and a stove. One unit is currently rented. Tenants are responsible for lawn maintenance and snow removal.
The property is located in the Wyoming School District at 2572-2574 Prairie St SW in Wyoming, Michigan.
One unit received extensive improvements one year ago, including new flooring, fresh paint, updated light fixtures, new toilets, a dishwasher, and a stove. One unit is currently rented. Tenants are responsible for lawn maintenance and snow removal.
The property is located in the Wyoming School District at 2572-2574 Prairie St SW in Wyoming, Michigan.
Key Highlights
- Duplex with two 3‑bedroom, 2‑bath units
- Daylight basement and private deck included with each unit
- Attached garage provided for each unit
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
$18,697
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
4.16%
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%
$373,940
$373.9K
Cap Rate 7%
$267,100
$267.1K
Cap Rate 9%
$207,744
$207.7K
Market Conditions
NOI Build-Up for 1,716 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
$28.2K $16.44/SF
− Vacancy
−$1.5K −$0.87/SF
EGI
$26.7K $15.57/SF
− OpEx
−$8.0K −$4.67/SF
NOI
$18.7K $10.90/SF
Area
Kent County, MI
Vacancy
5.32%
Lease Rate
$16.44 /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%
$373,940
Cap Rate 7%
$267,100
Cap Rate 9%
$207,744
Alternative Uses
Best Use
Multifamily LT 5
$267.1K
$233.7K – $311.6K
NOI $18,697 @ 7.0% cap · market cap 4.16%
Second Best
Apartment 5plus
$232.2K
$203.1K – $270.9K
NOI $16,251 @ 7.0% cap · market cap 3.61%
Theoretical Best
Office A
$306.9K
$268.6K – $358.1K
NOI $21,484 @ 7.0% cap · market cap 4.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
410
Businesses Nearby
Explore this area
Business Placement
Demographics for 49519, MI
28,025
Population
11,693
Households
2.4
Avg Household Size
34
Median Age
28%
College-Educated
90%
High-School Grad
8.0 sq mi
ZIP Area
3,503
Density / Sq Mi
$75,373
Median Household Income
$39,240
Median Earnings
$1,176
Median Rent
$220,300
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 - Two three-bedroom units include daylight basements, private decks, and garages, with one residence refreshed one year ago.
Where is this duplex located?
The property is located at 2572-2574 Prairie St SW Wyoming, MI.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: Duplex with two 3‑bedroom, 2‑bath units; Daylight basement and private deck included with each unit; Attached garage provided for each unit
