Updated Duplex with New
For Sale
$169,900
Pending
3900 Bauer Dr, Saginaw, MI 48604
Two-unit residential property with improvements to both sides and placement within the Carrollton school district.
Property Size1,776 SF
Days on Market54
Property Features for 3900 Bauer Dr
General Information
Standard status
Pending
Size
1,776 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$4,610
Building Details
Year Renovated
2024
Listing Agency:
EXP Realty
(989) 284-3375
Listed By:
Joe Harris · License #6501247820
(989) 284-3375
Source:
Exprealty
Added: Jul 1
Changed: Aug 21
Last Checked: Aug 23 at 7:24AM
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 EXP Realty
Investment Insights
Based on property information with market context.
This two-unit residential property contains 1,776 square feet and has received updates throughout both sides. One unit is occupied, while the other is prepared for a new resident. Major improvements include a tear-off roof replacement completed in 2024, water heaters installed in 2023, and newer furnaces serving the property.
The duplex is located in Saginaw, Michigan, within the Carrollton school district. Its combination of an existing occupant, a ready-to-occupy unit, and recent building-system updates provides a clear snapshot of the current configuration.
The duplex is located in Saginaw, Michigan, within the Carrollton school district. Its combination of an existing occupant, a ready-to-occupy unit, and recent building-system updates provides a clear snapshot of the current configuration.
Key Highlights
- Two‑unit property totaling 1,776 square feet
- Tear‑off roof replacement completed in 2024
- Water heaters replaced in 2023
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
$10,522
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
6.19%
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%
$210,440
$210.4K
Cap Rate 7%
$150,314
$150.3K
Cap Rate 9%
$116,911
$116.9K
Market Conditions
NOI Build-Up for 1,776 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
$16.2K $9.12/SF
− Vacancy
−$1.2K −$0.66/SF
EGI
$15.0K $8.46/SF
− OpEx
−$4.5K −$2.54/SF
NOI
$10.5K $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%
$210,440
Cap Rate 7%
$150,314
Cap Rate 9%
$116,911
Alternative Uses
Best Use
Multifamily LT 5
$150.3K
$131.5K – $175.4K
NOI $10,522 @ 7.0% cap · market cap 6.19%
Second Best
Apartment 5plus
$142.8K
$124.9K – $166.6K
NOI $9,994 @ 7.0% cap · market cap 5.88%
Theoretical Best
Specialty Retail
$328.1K
$287.1K – $382.8K
NOI $22,969 @ 7.0% cap · market cap 13.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
97
Businesses Nearby
Explore this area
Business Placement
Demographics for 48604, MI
12,386
Population
4,603
Households
2.7
Avg Household Size
29
Median Age
24%
College-Educated
95%
High-School Grad
26.3 sq mi
ZIP Area
471
Density / Sq Mi
$53,804
Median Household Income
$18,887
Median Earnings
$928
Median Rent
$93,200
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-unit residential property with improvements to both sides and placement within the Carrollton school district.
Where is this duplex located?
The property is located at 3900 Bauer Dr Saginaw, MI.
What is the asking price?
The asking price for this property is $169,900.
What are key features of this property?
This property features: Two‑unit property totaling 1,776 square feet; Tear‑off roof replacement completed in 2024; Water heaters replaced in 2023
