Updated
For Sale
$139,900
3200 N Averill Avenue, Genesee, MI 48506
MULTIFAMILY, Genesee, MI
Property Size1,392 SF
Lot Size0.21 Acres
Price / SF$100.50
Days on Market134
Property Features for 3200 N Averill Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 5, Basement, Bathroom 1, Bathroom 2, Bedroom 3, Bathroom 3, Bedroom 1, Bedroom 2
Elementary school district
Kearsley Community Schools
Middle school district
Kearsley Community Schools
High school district
Kearsley Community Schools
Subdivision
Genesee Twp (25010)
Standard status
Active
APN
1133300014
Size
1,392 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3099
Utilities
Heating system
Forced Air
Water source
Public
Amenities
laundry room
Building Details
Year built
1955
Floors in Building
2
Number of units
2
Listing Agency:
Keller Williams First · Keller Williams Realty
(810) 515-1503
Listed By:
Bradley LaBrie
(810) 441-7958
Added: May 1
Changed: Sep 5
Last Checked: Sep 11 at 10:06AM
MLS# 50206054
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.
This duplex contains 1,392 square feet on a 0.21-acre parcel and was built in 1955. The property includes one three-bedroom, two-bath unit and a separate two-bedroom unit, with both units currently rented. The interiors have been updated, and a dedicated laundry room serves the property.
Separate electric and gas meters support distinct utility management for each residence. Heating is provided by forced-air systems, and the property receives public water service. The duplex is located in Genesee Township within the Kearsley School District at 3200 N Averill Avenue, Genesee, MI 48506.
Separate electric and gas meters support distinct utility management for each residence. Heating is provided by forced-air systems, and the property receives public water service. The duplex is located in Genesee Township within the Kearsley School District at 3200 N Averill Avenue, Genesee, MI 48506.
Key Highlights
- Duplex with 1,392 square feet on a 0.21‑acre lot
- Unit mix includes 3 bedrooms and 2 baths, plus a separate 2‑bedroom unit
- Both units are currently rented
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
$12,573
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
8.99%
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%
$251,460
$251.5K
Cap Rate 7%
$179,614
$179.6K
Cap Rate 9%
$139,700
$139.7K
Market Conditions
NOI Build-Up for 1,392 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
$19.2K $13.80/SF
− Vacancy
−$1.2K −$0.90/SF
EGI
$18.0K $12.90/SF
− OpEx
−$5.4K −$3.87/SF
NOI
$12.6K $9.03/SF
Area
Lansing, MI
Vacancy
6.50%
Lease Rate
$13.80 /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%
$251,460
Cap Rate 7%
$179,614
Cap Rate 9%
$139,700
Alternative Uses
Best Use
Multifamily LT 5
$179.6K
$157.2K – $209.6K
NOI $12,573 @ 7.0% cap · market cap 8.99%
Second Best
Apartment 5plus
$161.3K
$141.1K – $188.2K
NOI $11,289 @ 7.0% cap · market cap 8.07%
Theoretical Best
Office A
$286.5K
$250.7K – $334.3K
NOI $20,057 @ 7.0% cap · market cap 14.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
166
Businesses Nearby
Explore this area
Business Placement
Demographics for 48506, MI
25,069
Population
11,114
Households
2.3
Avg Household Size
39
Median Age
9%
College-Educated
83%
High-School Grad
18.5 sq mi
ZIP Area
1,355
Density / Sq Mi
$44,416
Median Household Income
$31,740
Median Earnings
$897
Median Rent
$91,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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?
Duplex - Two rental units offer separate electric and gas metering plus dedicated laundry space.
Where is this duplex located?
The property is located at 3200 N Averill Avenue Genesee, MI.
What is the asking price?
The asking price for this property is $139,900.
What are key features of this property?
This property features: Duplex with 1,392 square feet on a 0.21‑acre lot; Unit mix includes 3 bedrooms and 2 baths, plus a separate 2‑bedroom unit; Both units are currently rented
