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    Multi-Family Investment Opportunity Title is generated by Realmo AI

    409 Connor Street, Onsted, MI 49265

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    For Sale
    $805,000

    MULTI_FAMILY - Onsted, MI

    Lot size:
    0.31 Acres
    Added:
    Aug 6, 2025
    Days on Market:
    289
    Last Refresh:
    May 21 at 8:06 am

    Property Features for 409 Connor Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    14
    Rooms
    Bedroom 1, Bedroom 7, Bathroom 2, Bedroom 6, Bedroom 13, Bedroom 12, Bedroom 9, Bedroom 11, Bathroom 4, Bathroom 6, Bathroom 7, Bedroom 10, Bedroom 4, Bedroom 5, Bedroom 3, Bedroom 8, Bedroom 14, Bathroom 1, Bathroom 5, Bathroom 3, Bedroom 2
    Parking
    14
    Parking features
    Driveway
    Basement
    Crawl Space
    Standard status
    Active
    APN
    CA8-460-0600-00
    Lot size
    0.31 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    LOT 60 ALSO S 35 FT LOT 61 ONSTEDS ADD TO VILLAGE OF ONSTED
    Tax Annual Amount
    8385

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer
    Heating system
    Forced Air
    Cooling system
    Window Unit(s)

    Building Details

    Year built
    1990
    Number of units
    7
    Building materials
    Aluminum Siding

    We can help!

    Listing Contact
    Rebecca Kellar

    Listing agent Rebecca Kellar

    Listing office Pellow Realty Group 21543 Carlton Dr, Macomb Twp, MI

    Listing date Aug 6, 2025

    MLS# 25039715 Listing URL

    Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Fully occupied 7‑unit property generating $7,625 monthly rent with potential to increase to $8,325.
    • Opportunity to build additional units on adjacent vacant land.
    • New roof and eaves installed in 2020.
    • Remodeled bathrooms in all 7 units, some featuring fully renovated kitchens with quartz countertops and new appliances.
    • Updated features including patio dividers, oak railings, new hot water tanks, updated windows, thermostats, and electrical components.
    • Potential to acquire two additional apartment buildings located next to the property from another owner.

    Overview

    This multi-family property in Onsted, Michigan, features two buildings with a total of seven units. All units are currently occupied. A new roof and eaves were installed in 2020. The units feature remodeled bathrooms, and some have fully renovated kitchens with quartz countertops, updated cabinetry, sinks, subway tile, and new appliances. Additional updates include patio dividers, oak railings, new hot water tanks, quarry tile flooring in three units, updated windows on the front, replaced thermostats, smoke and carbon monoxide detectors, and upgraded electrical switches and outlets. The total monthly rent is $7,625, with potential to increase to $8,325 with the next rent increase. Individual unit rents range from $1,000 to $1,200, with the possibility of raising rents by $75-$100 per month at the next lease renewal. The property includes vacant land adjacent to it, offering the potential to build additional units. The property is situated on a 0.31-acre lot. There are also two other apartment buildings next to this property that could be purchased from another owner in the future.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Whitt Lawn Care, ... Landscaping Loose Grit Detailing Big Box & Wholesale Store

    Suggested Use

    Restaurant Law Firm Spa & Massage Center Building Supply Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Gym & Fitness Center Auto Parts Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Onsted
    County
    Lenawee
    State
    Michigan
    Longitude
    -84.188039
    Latitude
    42.012373

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    FAQs

    What type of property is this?
    Apartment building - Seven-unit property with potential for expansion in Onsted, Michigan.
    Where is this apartment building located?
    The property is located at 409 Connor Street Onsted, MI.
    What is the asking price?
    The asking price for this property is $805,000.
    What are key features of this property?
    This property features: Fully occupied 7‑unit property generating $7,625 monthly rent with potential to increase to $8,325.; Opportunity to build additional units on adjacent vacant land.; New roof and eaves installed in 2020.
    (586) 563-8177
    We can help!
    Listing Contact
    Rebecca Kellar
    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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