Occupied Duplex with Full
For Sale
$134,900
Pending
3432/3436 court St, Saginaw, MI 48602
Two units offer central air, separate driveways, and tenant-paid utilities.
Property Size1,354 SF
Days on Market15
Property Features for 3432/3436 court St
General Information
Standard status
Pending
Size
1,354 SF
Property subtype
Investment
Occupancy
100%
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,287
Amenities
central air
Building Details
Building Size
1,354 SF
Year Built
1941
Buildings
1
Units
2
Tenancy
Multi
Listing Agency:
(989) 401-1118
Listed By:
Matthew J. Wideman
(989) 401-1118
Source:
Elliman
Added: Aug 16
Changed: Aug 21
Last Checked: Aug 29 at 9:09AM
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 Matthew J. Wideman
Investment Insights
Based on property information with market context.
This duplex contains two occupied units in a 1941-built structure with full basements and individual driveways. Central air serves both units, while tenants pay their own utilities. The property has long-term tenants in place and is being offered with an established occupancy profile.
The building is positioned near the State Street retail corridor, with access to interstate routes. Local colleges are within a quick commute, and several private and public schools are within walking distance. The property records a Bike Score of 63 and a Walk Score of 55, reflecting a bikeable and somewhat walkable setting. Showings require 48-hour advance notice, licensed professional accompaniment, and confirmation by the listing broker.
The building is positioned near the State Street retail corridor, with access to interstate routes. Local colleges are within a quick commute, and several private and public schools are within walking distance. The property records a Bike Score of 63 and a Walk Score of 55, reflecting a bikeable and somewhat walkable setting. Showings require 48-hour advance notice, licensed professional accompaniment, and confirmation by the listing broker.
Key Highlights
- Fully occupied duplex with long‑term tenants in place
- Built in 1941 with full basements
- Central air in both units
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
$8,022
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
5.95%
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%
$160,440
$160.4K
Cap Rate 7%
$114,600
$114.6K
Cap Rate 9%
$89,133
$89.1K
Market Conditions
NOI Build-Up for 1,354 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
$12.3K $9.12/SF
− Vacancy
−$889 −$0.66/SF
EGI
$11.5K $8.46/SF
− OpEx
−$3.4K −$2.54/SF
NOI
$8.0K $5.92/SF
Area
Saginaw County, MI
Vacancy
7.20%
Lease Rate
$9.12 /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%
$160,440
Cap Rate 7%
$114,600
Cap Rate 9%
$89,133
Alternative Uses
Best Use
Multifamily LT 5
$114.6K
$100.3K – $133.7K
NOI $8,022 @ 7.0% cap · market cap 5.95%
Second Best
Apartment 5plus
$108.8K
$95.2K – $127.0K
NOI $7,619 @ 7.0% cap · market cap 5.65%
Theoretical Best
Specialty Retail
$250.2K
$218.9K – $291.9K
NOI $17,511 @ 7.0% cap · market cap 12.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
358
Businesses Nearby
Explore this area
Business Placement
Demographics for 48602, MI
27,613
Population
12,286
Households
2.2
Avg Household Size
36
Median Age
15%
College-Educated
83%
High-School Grad
7.8 sq mi
ZIP Area
3,540
Density / Sq Mi
$46,068
Median Household Income
$29,611
Median Earnings
$902
Median Rent
$70,200
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?
Duplex - Two units offer central air, separate driveways, and tenant-paid utilities.
Where is this duplex located?
The property is located at 3432/3436 court St Saginaw, MI.
What is the asking price?
The asking price for this property is $134,900.
What are key features of this property?
This property features: Fully occupied duplex with long‑term tenants in place; Built in 1941 with full basements; Central air in both units
