Fully Rented
For Sale
$139,000
305 E Main St, Durand, MI 48429
Fully leased duplex with newer furnace, two newer water heaters, and included washer and dryer.
Property Size1,600 SF
Price / SF$86.88
Days on Market41
Property Features for 305 E Main St
General Information
Standard status
Active
Size
1,600 SF
Property subtype
Residential Income
Occupancy
100%
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,446
Amenities
washer and dryer
Building Details
Buildings
1
Listing Agency:
EXP Realty Main
(248) 207-3446
Listed By:
Lynne Gebski
(248) 207-3446
Source:
Exprealty
Added: Jul 2
Changed: Aug 9
Last Checked: Aug 11 at 10:16AM
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 EXP Realty Main
Investment Insights
Based on property information with market context.
This 1,600-square-foot duplex is configured as a two-unit residential income property, with both units currently rented. The upper unit features a newer furnace, while two newer hot water heaters serve the property. A washer and dryer are included.
The building is located in downtown Durand, providing an in-town setting for a property already operating as a fully occupied duplex.
The building is located in downtown Durand, providing an in-town setting for a property already operating as a fully occupied duplex.
Key Highlights
- Two‑unit duplex with both units currently rented
- 1,600 square feet of residential income property
- Upper unit has a newer furnace
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
$11,760
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%
$235,200
$235.2K
Cap Rate 7%
$168,000
$168.0K
Cap Rate 9%
$130,667
$130.7K
Market Conditions
NOI Build-Up for 1,600 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
$23.0K $14.40/SF
− Vacancy
−$1.7K −$1.04/SF
EGI
$21.4K $13.36/SF
− OpEx
−$9.6K −$6.01/SF
NOI
$11.8K $7.35/SF
Area
Shiawassee County, MI
Vacancy
7.20%
Lease Rate
$14.40 /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%
$235,200
Cap Rate 7%
$168,000
Cap Rate 9%
$130,667
Alternative Uses
Best Use
Multifamily LT 5
$187.8K
$164.3K – $219.1K
NOI $13,147 @ 7.0% cap · market cap 9.46%
Second Best
Apartment 5plus
$168.0K
$147.0K – $196.0K
NOI $11,760 @ 7.0% cap · market cap 8.46%
Theoretical Best
Office A
$305.0K
$266.9K – $355.9K
NOI $21,353 @ 7.0% cap · market cap 15.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
224
Businesses Nearby
Explore this area
Business Placement
Demographics for 48429, MI
8,445
Population
4,059
Households
2.1
Avg Household Size
45
Median Age
15%
College-Educated
91%
High-School Grad
53.2 sq mi
ZIP Area
159
Density / Sq Mi
$60,070
Median Household Income
$39,496
Median Earnings
$833
Median Rent
$151,600
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 - Fully leased duplex with newer furnace, two newer water heaters, and included washer and dryer.
Where is this duplex located?
The property is located at 305 E Main St Durand, MI.
What is the asking price?
The asking price for this property is $139,000.
What are key features of this property?
This property features: Two‑unit duplex with both units currently rented; 1,600 square feet of residential income property; Upper unit has a newer furnace
