Furnished Duplex with Detached
For Sale
$250,000
398 N Saginaw St, Pontiac, MI 48342
Two furnished apartments offer separate kitchens, living areas, bedrooms, and full bathrooms in an up-and-down layout.
Property Size1,620 SF
Price / SF$154.32
Days on Market45
Property Features for 398 N Saginaw St
General Information
Standard status
Active
Size
1,620 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Furnished
Yes
Highway Access
Yes
Amenities
full basement
detached garage
Building Details
Year Built
1910
Listing Agency:
Brookstone, Realtors LLC
Listed By:
James J Toma · License #6502406438
(248) 249-4999
Source:
Premiermichiganhomesearch
Added: Aug 1
Changed: Sep 7
Last Checked: Sep 13 at 2:01PM
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 Brookstone, Realtors LLC
Investment Insights
Based on property information with market context.
Built in 1910, this Pontiac duplex contains two furnished apartments arranged in an upper-and-lower configuration. Each unit includes 2 bedrooms, 1 full bathroom, a kitchen, and a dedicated living area. A full basement provides storage space, while the detached 2.5-car garage adds covered parking and utility for the property.
The property is located at 398 N Saginaw St near Downtown Pontiac, with access to I-75 and M-59. Great Lakes Mall, restaurants, and local amenities are also nearby. The separate unit layouts and existing furnishings provide a defined configuration for an income-property owner or an occupant using one apartment while leasing the other.
The property is located at 398 N Saginaw St near Downtown Pontiac, with access to I-75 and M-59. Great Lakes Mall, restaurants, and local amenities are also nearby. The separate unit layouts and existing furnishings provide a defined configuration for an income-property owner or an occupant using one apartment while leasing the other.
Key Highlights
- Two‑unit duplex with an upper‑and‑lower apartment layout
- Each unit includes 2 bedrooms and 1 full bathroom
- Both apartments are furnished and have separate kitchens and living areas
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
$21,443
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
8.58%
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%
$428,860
$428.9K
Cap Rate 7%
$306,329
$306.3K
Cap Rate 9%
$238,256
$238.3K
Market Conditions
NOI Build-Up for 1,620 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
$32.1K $19.80/SF
− Vacancy
−$1.4K −$0.89/SF
EGI
$30.6K $18.91/SF
− OpEx
−$9.2K −$5.67/SF
NOI
$21.4K $13.24/SF
Area
Oakland County, MI
Vacancy
4.50%
Lease Rate
$19.80 /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%
$428,860
Cap Rate 7%
$306,329
Cap Rate 9%
$238,256
Alternative Uses
Best Use
Multifamily LT 5
$306.3K
$268.0K – $357.4K
NOI $21,443 @ 7.0% cap · market cap 8.58%
Second Best
Apartment 5plus
$283.9K
$248.4K – $331.2K
NOI $19,871 @ 7.0% cap · market cap 7.95%
Theoretical Best
Specialty Retail
$349.4K
$305.7K – $407.7K
NOI $24,459 @ 7.0% cap · market cap 9.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
486
Businesses Nearby
Explore this area
Business Placement
Demographics for 48342, MI
18,685
Population
7,559
Households
2.5
Avg Household Size
33
Median Age
10%
College-Educated
76%
High-School Grad
5.2 sq mi
ZIP Area
3,593
Density / Sq Mi
$33,750
Median Household Income
$29,970
Median Earnings
$851
Median Rent
$90,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Two furnished apartments offer separate kitchens, living areas, bedrooms, and full bathrooms in an up-and-down layout.
Where is this duplex located?
The property is located at 398 N Saginaw St Pontiac, MI.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Two‑unit duplex with an upper‑and‑lower apartment layout; Each unit includes 2 bedrooms and 1 full bathroom; Both apartments are furnished and have separate kitchens and living areas
