Multi-Unit Residential Income
For Sale
$450,000
3078 Sandy Beach Street, Wayland, MI 49348
MULTI_FAMILY - Wayland, MI
Property Size3,220 SF
Lot Size0.37 Acres
Price / SF$139.75
Days on Market163
Property Features for 3078 Sandy Beach Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
res
Bedrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bathroom 2, Bedroom 4, Bedroom 1, Bathroom 3, Bedroom 3, Bathroom 4, Bathroom 1
Parking
5
Parking features
Paved or Surfaced
Basement
Crawl Space
Lot features
Level, Recreational, Corner Lot
Elementary school
Baker Middle School
High school
Wayland High School
Elementary school district
Wayland
Middle school district
Wayland
High school district
Wayland
Directions
Patterson Road South 1.5 miles from the intersection M179 (Gun Lake BP and McDonalds) Turn left on Rea Avenue. At end of street turn left. Units start at mail boxes.
Standard status
Active
APN
16-205-001-60
Lot size
0.37 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOTS 6 & 7 BLK 2 SANDY BEACH PARK SEC 30 T3N-R10W. ALSO THAT PART OF LOT 5 BLK 2 SANDY BEACH PARK DESC AS: BEG SE COR SD LOT 5; TH W 10' ALG SD S LI; TH NELY TO NE COR SD LOT 5, TH S ALG E LI SD LOT TO POB. (2016T)
Tax Annual Amount
3569
Legal Description
LOTS 6 & 7 BLK 2 SANDY BEACH PARK SEC 30 T3N-R10W. ALSO THAT PART OF LOT 5 BLK 2 SANDY BEACH PARK DESC AS: BEG SE COR SD LOT 5; TH W 10' ALG SD S LI; TH NELY TO NE COR SD LOT 5, TH S ALG E LI SD LOT TO POB. (2016T)
Utilities
Heating system
Forced Air
Water source
Well
Amenities
dumpster provided
snow plowing
lawn maintenance
Building Details
Year built
1920
Number of units
4
Building materials
Vinyl Siding
Roof type
Composition
Listing Agency:
Greenridge Realty (Wayland)
(269) 397-3520
Listed By:
Linda J Rough · License #6504158263
(616) 318-3417
Added: Mar 12
Changed: Jul 25
Last Checked: Aug 21 at 1:06AM
MLS# 26009676
Copyright © 2026 Michigan Regional Information Center, LLC. 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 offering consists of four units to be sold as one package: three individual houses and one additional studio apartment in a two-story configuration. The houses include kitchens with stoves and refrigerators, plus outdoor space with front porches and back decks; two of the houses also include sheds. One-bedroom and two-bedroom layouts are described, including walk-in closet features. The studio apartment is approximately 1,120 square feet and includes a stove and refrigerator, washer and dryer, and newer finishes including a center island, newer wood flooring on the main level, and newer carpet upstairs. It also includes a full bath and sleeping area with a walk-in closet on the upper level, with French doors leading to a small deck.
All units have off-street parking, and the property is served by a paved road. The listing also notes a pole barn measuring 28 by 40 that could be used for boat storage, and a dumpster is provided for the four tenants. The property is located in Wayland, with Wayland schools referenced, and the listing describes being about one mile from the Allegan County park and boat launch and about one mile from a grocery store and post office.
Seller-provided services include snow plowing and lawn maintenance, supporting day-to-day upkeep for the shared property grounds.
All units have off-street parking, and the property is served by a paved road. The listing also notes a pole barn measuring 28 by 40 that could be used for boat storage, and a dumpster is provided for the four tenants. The property is located in Wayland, with Wayland schools referenced, and the listing describes being about one mile from the Allegan County park and boat launch and about one mile from a grocery store and post office.
Seller-provided services include snow plowing and lawn maintenance, supporting day-to-day upkeep for the shared property grounds.
Key Highlights
- Four rental units included: Three individual houses and a two‑story studio apartment.
- Pole barn (28X40) suitable for boat storage.
- All units include essential appliances (stove & refrigerator).
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
$23,816
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
5.29%
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%
$476,320
$476.3K
Cap Rate 7%
$340,229
$340.2K
Cap Rate 9%
$264,622
$264.6K
Market Conditions
NOI Build-Up for 3,220 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
$35.9K $11.16/SF
− Vacancy
−$1.9K −$0.59/SF
EGI
$34.0K $10.57/SF
− OpEx
−$10.2K −$3.17/SF
NOI
$23.8K $7.40/SF
Area
Allegan County, MI
Vacancy
5.32%
Lease Rate
$11.16 /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%
$476,320
Cap Rate 7%
$340,229
Cap Rate 9%
$264,622
Alternative Uses
Best Use
Multifamily LT 5
$340.2K
$297.7K – $396.9K
NOI $23,816 @ 7.0% cap · market cap 5.29%
Second Best
Apartment 5plus
$295.2K
$258.3K – $344.4K
NOI $20,664 @ 7.0% cap · market cap 4.59%
Theoretical Best
Hotel Hospitality
$30.24M
$26.46M – $35.28M
NOI $2,116,739 @ 7.0% cap · market cap 470.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
43
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four units are offered together, with off-street parking and multiple porches, decks, and sheds on a paved road.
Where is this quadplex located?
The property is located at 3078 Sandy Beach Street 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 rental units included: Three individual houses and a two‑story studio apartment.; Pole barn (28X40) suitable for boat storage.; All units include essential appliances (stove & refrigerator).
