Riverfront Colonial
For Sale
$849,000
3115 Isabella Street, Midland, MI 48640
MULTIFAMILY, Midland, MI
Property Size10,361 SF
Lot Size5.09 Acres
Price / SF$81.94
Days on Market361
Property Features for 3115 Isabella Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
7
Bathrooms
8
Full bathrooms
5
Half bathrooms
3
Rooms
Bathroom 8, Bathroom 3, Bedroom 3, Bathroom 7, Bathroom 4, Bedroom 7, Bathroom 5, Family Room, Game Room, Bathroom 2, Bathroom 6, Bedroom 2, Bedroom 4, Bedroom 5, Basement, Bedroom 1, Den, Bathroom 1, Laundry Room, Bedroom 6
Parking features
Garage, Covered, Driveway
Interior features
9 ft + Ceilings, Cable/Internet Avail., Cathedral/Vaulted Ceiling, Spa/Jetted Tub, Fire Sprinkler, Sump Pump, Walk-In Closet
Fireplace
1
Appliances
Dishwasher, Disposal, Microwave, Range/Oven, Refrigerator
Subdivision
Chip Riv
Lot features
Rural, Deep Lot - 150+ Ft., Large Lot - 65+ Ft., Sloping, Wooded
Elementary school
Central Park
Middle school
Jefferson
High school
Dow
Elementary school district
Midland Public Schools
Middle school district
Midland Public Schools
High school district
Midland Public Schools
Standard status
Active
APN
14-19-80-160
Size
10,361 SF
Lot size
5.09 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
14550
Utilities
Heating system
Forced Air
Cooling system
Central Air, Ceiling Fan(s)
Water source
Public
Water front
1
Building Details
Year built
1937
Floors in Building
2
Number of units
2
Architectural style
Colonial
Additional Structures
Second Garage
Listing Agency:
Century 21 Signature Realty Midland · Century 21 Real Estate
(989) 837-2100
Listed By:
Carolyn Mayne · License #6501386291
(989) 798-9008
Added: Sep 10, 2025
Changed: Sep 5
Last Checked: Sep 5 at 7:06PM
MLS# 50187963
Copyright © 2026 Multiple Listing Service MiRealSource. 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.
Built in 1937, this Colonial duplex property encompasses 10,361 square feet on 5.09 acres along the riverfront. The residence includes seven bedrooms, eight bathrooms, a family room, game room, den, basement, laundry room, and an annex with two fully separate kitchens. Interior features include 9 ft + ceilings, a cathedral or vaulted ceiling, walk-in closet, jetted tub, fireplace, and fire sprinkler system.
The property is located near Downtown Midland, with access by bicycle or vehicle. Grounds extend across a substantial riverfront setting, while on-site improvements include a garage, covered parking, driveway, public water, forced-air heating, and central air conditioning. The Colonial architecture and combination of original and updated spaces create a distinctive multifamily property with extensive room capacity.
The property is located near Downtown Midland, with access by bicycle or vehicle. Grounds extend across a substantial riverfront setting, while on-site improvements include a garage, covered parking, driveway, public water, forced-air heating, and central air conditioning. The Colonial architecture and combination of original and updated spaces create a distinctive multifamily property with extensive room capacity.
Key Highlights
- 10,361‑square‑foot Colonial property built in 1937
- 5.09‑acre riverfront setting near Downtown Midland
- Seven bedrooms and eight bathrooms
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
$68,651
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
8.09%
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%
$1,373,020
$1.4M
Cap Rate 7%
$980,729
$980.7K
Cap Rate 9%
$762,789
$762.8K
Market Conditions
NOI Build-Up for 10,361 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
$105.7K $10.20/SF
− Vacancy
−$7.6K −$0.73/SF
EGI
$98.1K $9.47/SF
− OpEx
−$29.4K −$2.84/SF
NOI
$68.7K $6.63/SF
Area
Midland County, MI
Vacancy
7.20%
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%
$1,373,020
Cap Rate 7%
$980,729
Cap Rate 9%
$762,789
Alternative Uses
Best Use
Multifamily LT 5
$980.7K
$858.1K – $1.14M
NOI $68,651 @ 7.0% cap · market cap 8.09%
Second Best
Apartment 5plus
$935.9K
$818.9K – $1.09M
NOI $65,511 @ 7.0% cap · market cap 7.72%
Theoretical Best
Flex RnD
$1.87M
$1.64M – $2.18M
NOI $130,905 @ 7.0% cap · market cap 15.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
61
Businesses Nearby
Explore this area
Business Placement
Demographics for 48640, MI
31,840
Population
14,340
Households
2.2
Avg Household Size
41
Median Age
38%
College-Educated
96%
High-School Grad
105.1 sq mi
ZIP Area
303
Density / Sq Mi
$81,630
Median Household Income
$43,353
Median Earnings
$928
Median Rent
$191,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - 1937-built property offers separate kitchens, extensive interior space, and riverfront grounds near Downtown Midland.
Where is this duplex located?
The property is located at 3115 Isabella Street Midland, MI.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: 10,361‑square‑foot Colonial property built in 1937; 5.09‑acre riverfront setting near Downtown Midland; Seven bedrooms and eight bathrooms
