Duplex with Basement Laundry
For Sale
$129,900
310 N 18th Street, Escanaba, MI 49829
MULTI_FAMILY - Conventional - Escanaba, MI
Property Size1,661 SF
Lot Size0.14 Acres
Price / SF$78.21
Days on Market136
Property Features for 310 N 18th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 2, Bathroom 2, Bedroom 4, Bedroom 3, Basement, Bedroom 1
Appliances
Refrigerator
Subdivision
Smith-Dunlap Add
Elementary school district
Escanaba Area Public Schools
Middle school district
Escanaba Area Public Schools
High school district
Escanaba Area Public Schools
Standard status
Active
Size
1,661 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
1883
Utilities
Heating system
Forced Air, Floor Furnace
Water source
Public
Building Details
Year built
1905
Floors in Building
2
Number of units
2
Architectural style
Conventional
Listing Agency:
COLDWELL BANKER SCHMIDT ESCANABA
(906) 786-5972
Listed By:
JEAN FULTON · License #6506031220
(906) 420-5444
Added: Apr 8
Changed: Aug 2
Last Checked: Aug 21 at 9:06AM
MLS# 50203727
Copyright © 2026 Upper Peninsula Association of Realtors. 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 two-unit duplex investment property features a good-size yard and plenty of parking. The original staircase between floors provides flexibility to use the home as a single family residence. Both units include substantial storage space. The lower unit offers a large pantry, while the upper unit has three storage areas plus a large entry for additional items.
A basement offers additional storage, along with a laundry setup for the lower unit. The property includes a garage that has been used for toy storage only due to a small door, and it could be updated for a larger opening. The City certified both units vacant recently, supporting an easier transition for an incoming owner.
Additional physical details include a public water source, forced-air and floor furnace heating, a single listed appliance (refrigerator), and an architectural style of conventional. Built in 1905, the property is 1,661 square feet and includes a basement, multiple bedrooms, and two bathrooms across the layout.
A basement offers additional storage, along with a laundry setup for the lower unit. The property includes a garage that has been used for toy storage only due to a small door, and it could be updated for a larger opening. The City certified both units vacant recently, supporting an easier transition for an incoming owner.
Additional physical details include a public water source, forced-air and floor furnace heating, a single listed appliance (refrigerator), and an architectural style of conventional. Built in 1905, the property is 1,661 square feet and includes a basement, multiple bedrooms, and two bathrooms across the layout.
Key Highlights
- 0.14‑acre lot with good‑size yard and plenty of parking
- City certified both units vacant recently
- Basement includes additional storage plus a laundry setup for the lower unit
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
$10,970
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
8.44%
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%
$219,400
$219.4K
Cap Rate 7%
$156,714
$156.7K
Cap Rate 9%
$121,889
$121.9K
Market Conditions
NOI Build-Up for 1,661 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
$16.9K $10.20/SF
− Vacancy
−$1.3K −$0.77/SF
EGI
$15.7K $9.44/SF
− OpEx
−$4.7K −$2.83/SF
NOI
$11.0K $6.60/SF
Area
Delta County, MI
Vacancy
7.50%
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%
$219,400
Cap Rate 7%
$156,714
Cap Rate 9%
$121,889
Alternative Uses
Best Use
Multifamily LT 5
$156.7K
$137.1K – $182.8K
NOI $10,970 @ 7.0% cap · market cap 8.44%
Second Best
Apartment 5plus
$145.6K
$127.4K – $169.9K
NOI $10,195 @ 7.0% cap · market cap 7.85%
Theoretical Best
Office A
$325.2K
$284.5K – $379.4K
NOI $22,761 @ 7.0% cap · market cap 17.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
766
Businesses Nearby
Explore this area
Business Placement
Demographics for 49829, MI
17,009
Population
8,729
Households
1.9
Avg Household Size
45
Median Age
19%
College-Educated
90%
High-School Grad
66.8 sq mi
ZIP Area
255
Density / Sq Mi
$45,808
Median Household Income
$31,366
Median Earnings
$667
Median Rent
$139,000
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 - Two-unit duplex with good-size yard, plenty of parking, and basement laundry setup for the lower unit.
Where is this duplex located?
The property is located at 310 N 18th Street Escanaba, MI.
What is the asking price?
The asking price for this property is $129,900.
What are key features of this property?
This property features: 0.14‑acre lot with good‑size yard and plenty of parking; City certified both units vacant recently; Basement includes additional storage plus a laundry setup for the lower unit
