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    Brick Multifamily with Carport Title is generated by Realmo AI

    2736 Golf Course Drive, Marlette, MI 48453

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    Claim this Listing
    For Sale
    $839,000

    COMMERCIAL - Marlette, MI

    Property size:
    9,000 SF
    Lot size:
    1.47 Acres
    Price / SF:
    $93/SF
    Added:
    Apr 14, 2025
    Days on Market:
    419
    Last Refresh:
    Jun 6 at 12:06 am

    Property Features for 2736 Golf Course Drive

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    330-032-300-530-00
    Size
    9,000 SF
    Lot size
    1.47 Acres

    Utilities

    Heating system
    Oil
    Water source
    Public

    Building Details

    Year built
    1964
    Roof type
    Shingle

    We can help!

    Listing Contact
    Anthony Rubino
    Anthony Rubino

    Listing agent Anthony Rubino License #6502425251

    Listing office Pilot Property Group - Residential LLC 38600 Van Dyke Ste 325, Shelby Twp, MI

    Listing date Apr 14, 2025

    MLS# 50171324

    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.

    HighLights

    • 10‑unit multifamily property constructed in 1964
    • Brick building plus carport
    • Oil heating
    • Public water source
    • Shingle roof
    • Located across the street from Marlette Golf Course

    Overview

    This multifamily property offers 10 units within a single brick building, constructed in 1964. The asset also includes a carport, providing covered parking for residents.

    The property is located at 2736 Golf Course Drive in Marlette, Michigan, and sits across the street from the Marlette Golf Course. The lot size is 1.47 acres, and the overall property size is listed at 9,000 square feet.

    For buyers seeking a small, self-contained residential income asset, the configuration of one brick building with 10 units can simplify operations and leasing compared to multi-building setups. The included carport may be a practical amenity for tenants, and the property’s direct relationship to a nearby golf course setting may appeal to renters looking for a residential environment adjacent to open space. Please note that additional details on unit mix, interiors, and current financial performance are not provided in the available information.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $86.4k $9.60
    − Vacancy −$6.9k −$0.77
    EGI $79.5k $8.83
    − OpEx −$35.8k −$3.97
    NOI $43.7k $4.86
    9,000 SF · lease $9.60/SF/yr · vacancy 8.00% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $624.5K
    $546.5K – $728.6K (±1% cap)
    NOI $43,718 @ 7.0% cap · market cap 5.21%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $1.91M
    $1.67M – $2.23M (±1% cap)
    NOI $133,799 @ 7.0% cap · market cap 15.95%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Marlette
    County
    Sanilac
    State
    Michigan
    Longitude
    -83.079487
    Latitude
    43.334833

    Nearby Similar for Sale

    • $735,000
      8,320 SF

      Prime Retail Building, Marlette, Michigan

      8,320 SF freestanding building on Main Street in downtown Marlette.
      2941 Main Street, Marlette, MI 48453
      View Details
    • $79,900
      2,463 SF

      Marlette Office Building For Sale

      Solid brick building with multiple offices and recent updates.
      6446 MORRIS Street, Marlette, MI 48453
      View Details

    FAQs

    What type of property is this?
    Apartment building - Ten-unit residential income property built in 1964, consisting of one brick building plus a carport.
    Where is this apartment building located?
    The property is located at 2736 Golf Course Drive Marlette, MI.
    What is the asking price?
    The asking price for this property is $839,000.
    What are key features of this property?
    This property features: 10‑unit multifamily property constructed in 1964; Brick building plus carport; Oil heating
    (586) 873-5419
    We can help!
    Listing Contact
    Anthony Rubino
    Anthony Rubino
    Real Estate License ID: 6502425251
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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