Duplex in Downtown
For Sale
$139,000
305 E Main Street, Durand, MI 48429
Multifamily, 2 Story, Durand, MI
Property Size1,600 SF
Lot Size0.13 Acres
Price / SF$86.88
Days on Market51
Property Features for 305 E Main Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Basement, Bathroom 2, Bedroom 1, Bedroom 2
Parking
3
Pets allowed
Call
Subdivision
M V Russells Add
Elementary school district
Durand
Middle school district
Durand
High school district
Durand
Directions
North On S. Oak To West On West Main To House On North Side Of Road
Standard status
Active
APN
0207200200600
Size
1,600 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Description
M. V. RUSSELL'S ADD. DURAND CITY LOTS 6 AND 7 BLK. 2.
Tax Annual Amount
2446
Legal Description
M. V. RUSSELL'S ADD. DURAND CITY LOTS 6 AND 7 BLK. 2.
Utilities
Heating system
Forced Air
Water source
Public
Amenities
washer
dryer
Building Details
Year built
1880
Floors in Building
2
Number of units
2
Building materials
Vinyl
Architectural style
Other
Listing Agency:
EXP Realty Main
(888) 501-7085
Listed By:
Lynne Gebski
(888) 501-7085
Added: Jul 2
Changed: Aug 19
Last Checked: Aug 21 at 9:06AM
MLS# 20261050406
Copyright © 2026 Realcomp Limited II. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex investment property at 305 E Main Street in Durand features vinyl construction and forced-air heating. The home includes a basement and rooms such as bedrooms and two bathrooms, with public water service connected. The property was built in 1880.
The upstairs unit has a newer furnace and two newer hot water heaters, and a washer and dryer are included. The duplex is fully rented out.
Set on a 0.13-acre lot, the layout provides two dwelling units within one building, supported by public utilities.
The upstairs unit has a newer furnace and two newer hot water heaters, and a washer and dryer are included. The duplex is fully rented out.
Set on a 0.13-acre lot, the layout provides two dwelling units within one building, supported by public utilities.
Key Highlights
- Duplex located at 305 E Main Street in Durand, MI
- Fully rented duplex with washer and dryer included
- Upstairs unit updates: newer furnace and two newer hot water heaters
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
216
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 - Duplex at 305 E Main Street with public water and forced-air heating, built in 1880.
Where is this duplex located?
The property is located at 305 E Main Street 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: Duplex located at 305 E Main Street in Durand, MI; Fully rented duplex with washer and dryer included; Upstairs unit updates: newer furnace and two newer hot water heaters
