Two-Unit Duplex with Conversion
For Sale
$229,900
29 Monroe St, Hillsdale, MI 49242
Flexible residential income property with distinct living areas, multiple bedrooms, and proximity to Hillsdale College and downtown.
Property Size2,852 SF
Price / SF$80.61
Days on Market9
Property Features for 29 Monroe St
General Information
Standard status
Active
Size
2,852 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1915
Listing Agency:
Ilink Real Estate Co.
(989) 214-2240
Listed By:
Beyond MI Realty · License #6505379808
(989) 214-2240
Source:
Beyondmirealty
Added: Aug 22
Changed: Aug 28
Last Checked: Aug 29 at 8:54AM
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 Ilink Real Estate Co.
Investment Insights
Based on property information with market context.
This 2,852-square-foot duplex, built in 1915, offers a flexible interior layout with separate front and rear living areas. The front section includes two bedrooms, a full bathroom with laundry, a living room, kitchen, dining space, and pool table area. The rear portion adds two bedrooms, a compact kitchen area, basement access, and a second-story area with two additional bedrooms, a study or recreation room, a full bathroom, and laundry.
The property is currently configured as a two-unit residence and can be returned to a single-family arrangement by removing one door, creating a six-bedroom, two-bath layout. The front unit is leased for the 2026/2027 school year. Hillsdale College and downtown are within walking distance, while the property has a Walk Score of 79 and a Bike Score of 59.
The property is currently configured as a two-unit residence and can be returned to a single-family arrangement by removing one door, creating a six-bedroom, two-bath layout. The front unit is leased for the 2026/2027 school year. Hillsdale College and downtown are within walking distance, while the property has a Walk Score of 79 and a Bike Score of 59.
Key Highlights
- 2,852 SF duplex built in 1915
- Current two‑unit configuration with separate front and rear living areas
- Can be converted to a six‑bedroom, two‑bath single‑family layout
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
$19,447
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
8.46%
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%
$388,940
$388.9K
Cap Rate 7%
$277,814
$277.8K
Cap Rate 9%
$216,078
$216.1K
Market Conditions
NOI Build-Up for 2,852 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
$29.1K $10.20/SF
− Vacancy
−$1.3K −$0.46/SF
EGI
$27.8K $9.74/SF
− OpEx
−$8.3K −$2.92/SF
NOI
$19.4K $6.82/SF
Area
Hillsdale County, MI
Vacancy
4.50%
Lease Rate
$10.20 /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%
$388,940
Cap Rate 7%
$277,814
Cap Rate 9%
$216,078
Alternative Uses
Best Use
Multifamily LT 5
$277.8K
$243.1K – $324.1K
NOI $19,447 @ 7.0% cap · market cap 8.46%
Second Best
Apartment 5plus
$258.1K
$225.9K – $301.2K
NOI $18,070 @ 7.0% cap · market cap 7.86%
Theoretical Best
Specialty Retail
$453.2K
$396.5K – $528.7K
NOI $31,721 @ 7.0% cap · market cap 13.80%
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
720
Businesses Nearby
Explore this area
Business Placement
Demographics for 49242, MI
14,812
Population
6,687
Households
2.2
Avg Household Size
38
Median Age
25%
College-Educated
93%
High-School Grad
90.6 sq mi
ZIP Area
163
Density / Sq Mi
$57,813
Median Household Income
$28,886
Median Earnings
$770
Median Rent
$182,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Flexible residential income property with distinct living areas, multiple bedrooms, and proximity to Hillsdale College and downtown.
Where is this duplex located?
The property is located at 29 Monroe St Hillsdale, MI.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: 2,852 SF duplex built in 1915; Current two‑unit configuration with separate front and rear living areas; Can be converted to a six‑bedroom, two‑bath single‑family layout
