Victorian
For Sale
$209,900
403 N Fayette Street, Saginaw, MI 48602
MULTIFAMILY, Saginaw, MI
Property Size3,044 SF
Lot Size0.27 Acres
Price / SF$68.96
Days on Market85
Property Features for 403 N Fayette Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
7
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bedroom 7, Bedroom 5, Bedroom 3, Bedroom 2, Bathroom 2, Bathroom 3, Basement, Bathroom 4, Bedroom 4, Bedroom 6, Bedroom 1
Parking features
Assigned
Patio and Porch features
Porch
Interior features
Bay Window, Cable/Internet Avail., Hardwood Floors, Window Treatment(s)
Exterior features
Porch, Sidewalks, Street Lights
Subdivision
Division North of Cass St
Lot features
Corner Lot, Sidewalks
Elementary school district
Saginaw City School District
Middle school district
Saginaw City School District
High school district
Saginaw City School District
Standard status
Active
APN
16 0202 00000
Size
3,044 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Annual Amount
3440
Utilities
Heating system
Forced Air
Water source
Public
Building Details
Year built
1884
Floors in Building
2
Number of units
4
Architectural style
Victorian
Listing Agency:
Century 21 Signature - Frankenmuth · Century 21 Real Estate
(989) 652-6080
Listed By:
Angie Muehlfeld · License #6506047050
(989) 239-7486
Added: Jul 10
Changed: Sep 17
Last Checked: Oct 2 at 3:06PM
MLS# 50214486
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 Victorian multifamily property contains four apartments within 3,044 square feet on a 0.27-acre lot. The unit mix includes three two-bedroom, one-bath apartments and one one-bedroom, one-bath apartment. Current occupancy includes one rented two-bedroom unit and one vacant one-bedroom unit. Interior details include hardwood flooring, bay windows, window treatments, and cable or internet availability. Forced-air heating serves the building, while exterior improvements include a porch, sidewalks, and street lighting.
Built in 1884, the property is located at 403 N Fayette Street in Saginaw, Michigan, near Michigan Avenue and Court Street and close to downtown Saginaw. Public water service and assigned parking are included.
Built in 1884, the property is located at 403 N Fayette Street in Saginaw, Michigan, near Michigan Avenue and Court Street and close to downtown Saginaw. Public water service and assigned parking are included.
Key Highlights
- Four‑unit property with three 2‑bedroom, 1‑bath apartments and one 1‑bedroom, 1‑bath apartment
- 3,044 square feet on a 0.27‑acre lot
- One 2‑bedroom apartment is rented; the 1‑bedroom apartment is vacant
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
$18,034
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
8.59%
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%
$360,680
$360.7K
Cap Rate 7%
$257,629
$257.6K
Cap Rate 9%
$200,378
$200.4K
Market Conditions
NOI Build-Up for 3,044 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
$27.8K $9.12/SF
− Vacancy
−$2.0K −$0.66/SF
EGI
$25.8K $8.46/SF
− OpEx
−$7.7K −$2.54/SF
NOI
$18.0K $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%
$360,680
Cap Rate 7%
$257,629
Cap Rate 9%
$200,378
Alternative Uses
Best Use
Multifamily LT 5
$257.6K
$225.4K – $300.6K
NOI $18,034 @ 7.0% cap · market cap 8.59%
Second Best
Apartment 5plus
$244.7K
$214.1K – $285.5K
NOI $17,129 @ 7.0% cap · market cap 8.16%
Theoretical Best
Specialty Retail
$562.4K
$492.1K – $656.1K
NOI $39,368 @ 7.0% cap · market cap 18.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
876
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
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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?
Quadplex - Includes hardwood floors, a covered porch, assigned parking, and public water service.
Where is this quadplex located?
The property is located at 403 N Fayette Street Saginaw, MI.
What is the asking price?
The asking price for this property is $209,900.
What are key features of this property?
This property features: Four‑unit property with three 2‑bedroom, 1‑bath apartments and one 1‑bedroom, 1‑bath apartment; 3,044 square feet on a 0.27‑acre lot; One 2‑bedroom apartment is rented; the 1‑bedroom apartment is vacant
