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    408 Fairview St, Houghton, MI 49931

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    A 428-bed student housing community near Michigan Tech.

    Type:Multifamily
    Added:
    Mar 24, 2026
    Days on Market:
    57
    Last Refresh:
    Mar 25 at 8:56 pm

    Property Features for 408 Fairview St

    General Information

    Standard status
    Active
    Property subtype
    Multifamily

    We can help!

    Listing Contact
    Austin Hull

    Listing agent Austin Hull License #MI 6502430931

    Listing office Hull Multifamily Advisors

    Listing date Mar 24, 2026

    Source Crexi

    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 Hull Multifamily Advisors

    HighLights

    • Unmatched proximity to Michigan Technological University - less than one block from campus!
    • New construction (2015‑2024) with value‑add opportunity due to recent completion of Building E1.
    • Strong amenity package including in‑unit washers and dryers, 24‑hour fitness center, and more.
    • Proven demand with high historical occupancy.
    • Favorable seller financing available with attractive terms (subject to final approval).
    • Limited future supply in the immediate market.

    Overview

    The Elements Apartments is a student housing community located less than one block from Michigan Technological University in Houghton, Michigan. Constructed in three phases between 2015 and 2024, this asset features 428 beds. The property consists of three buildings and features a diverse unit mix of studio, one-, two-, three-, and four-bedroom floor plans. Tenant-paid electric is available in Buildings E2 and E3, while ownership covers water and gas. Residents benefit from amenities including in-unit washers and dryers, a 24-hour fitness center, fully furnished units in E1, heated garages, and an on-site convenience store. The property is currently operating at 74% occupancy. Building E1, consisting of 95 units, was completed in 2024. Prior to E1’s delivery, the asset consistently achieved near 100% occupancy since 2015. Michigan Tech has increased enrollment over the past two years and is expected to welcome the largest incoming class in its history in Fall 2026. There are no known student housing developments currently underway in the immediate market. Current ownership is offering seller financing, including 20% down, 4.75% interest, 30-year amortization, and a 5-year balloon (subject to final terms).
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Restaurant Real Estate Agency Law Firm Big Box & Wholesale Store Auto Repair Shop Hair Salon Pharmacy Hotel & Motel Gym & Fitness Center Department Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Houghton
    County
    Houghton
    State
    Michigan
    Longitude
    -88.545016
    Latitude
    47.114334

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    FAQs

    What type of property is this?
    Apartment building - A 428-bed student housing community near Michigan Tech.
    Where is this apartment building located?
    The property is located at 408 Fairview St Houghton, MI.
    What are key features of this property?
    This property features: Unmatched proximity to Michigan Technological University - less than one block from campus!; New construction (2015‑2024) with value‑add opportunity due to recent completion of Building E1.; Strong amenity package including in‑unit washers and dryers, 24‑hour fitness center, and more.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Austin Hull
    Real Estate License ID: MI 6502430931
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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