Four-Unit Multifamily
For Sale
$450,000
3078 Sandy Beach St Unit 4, Wayland, MI 49348
Four separate residences with off-street parking, storage buildings, and a studio apartment offered together.
Property Size4,120 SF
Price / SF$109.22
Days on Market297
Property Features for 3078 Sandy Beach St Unit 4
General Information
Standard status
Active
Size
4,120 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 1BR, 1 x 2BR, 1 x Studio
Multifamily Units
4
Additional Details
Road Access
Yes
Building Details
Year Built
1920
Listing Agency:
Greenridge Realty (Wayland)
Listed By:
Linda J Rough · License #6504158263
(616) 318-3417
Source:
Vmrealestatemichigan
Added: Nov 20, 2025
Changed: Sep 9
Last Checked: Sep 12 at 10:50AM
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 Greenridge Realty (Wayland)
Investment Insights
Based on property information with market context.
This multifamily property combines three individual houses with a two-story studio apartment, all offered as a single unit. The houses measure approximately 600, 700, and 800 square feet; the residences include one- and two-bedroom layouts, kitchens with stoves and refrigerators, porches, rear decks, walk-in closets in select units, and sheds. The studio apartment contains 1,120 square feet, a full bath, sleeping area, walk-in closet, kitchen appliances, washer and dryer, a center island, updated flooring in portions of the interior, and a small deck accessed through French doors. A 28-by-40-foot pole barn and off-street parking serve the property.
The property is zoned res and was built in 1920. It is located on a paved road in the Wayland school district, approximately one mile from the Allegan County park and boat launch and one mile from a grocery store and post office. Lawn maintenance and snow removal are provided by the seller, and a dumpster serves the four tenants.
The property is zoned res and was built in 1920. It is located on a paved road in the Wayland school district, approximately one mile from the Allegan County park and boat launch and one mile from a grocery store and post office. Lawn maintenance and snow removal are provided by the seller, and a dumpster serves the four tenants.
Key Highlights
- Four units sold together: three individual houses plus a two‑story studio apartment
- Studio apartment measures 1,120 square feet and includes a full bath, appliances, laundry, and deck
- Three houses measure approximately 600, 700, and 800 square feet
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
$26,439
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
5.88%
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%
$528,780
$528.8K
Cap Rate 7%
$377,700
$377.7K
Cap Rate 9%
$293,767
$293.8K
Market Conditions
NOI Build-Up for 4,120 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
$50.9K $12.36/SF
− Vacancy
−$2.9K −$0.69/SF
EGI
$48.1K $11.67/SF
− OpEx
−$21.6K −$5.25/SF
NOI
$26.4K $6.42/SF
Area
Allegan County, MI
Vacancy
5.60%
Lease Rate
$12.36 /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%
$528,780
Cap Rate 7%
$377,700
Cap Rate 9%
$293,767
Alternative Uses
Best Use
Apartment 5plus
$377.7K
$330.5K – $440.7K
NOI $26,439 @ 7.0% cap · market cap 5.88%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$38.69M
$33.85M – $45.14M
NOI $2,708,374 @ 7.0% cap · market cap 601.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
40
Businesses Nearby
Explore this area
Business Placement
Demographics for 49348, MI
14,989
Population
5,629
Households
2.7
Avg Household Size
36
Median Age
23%
College-Educated
94%
High-School Grad
65.7 sq mi
ZIP Area
228
Density / Sq Mi
$79,267
Median Household Income
$41,955
Median Earnings
$1,123
Median Rent
$247,200
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Four separate residences with off-street parking, storage buildings, and a studio apartment offered together.
Where is this multifamily property located?
The property is located at 3078 Sandy Beach St Unit 4 Wayland, MI.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Four units sold together: three individual houses plus a two‑story studio apartment; Studio apartment measures 1,120 square feet and includes a full bath, appliances, laundry, and deck; Three houses measure approximately 600, 700, and 800 square feet
