Duplex with New
For Sale
$285,000
420 Fisher St, Berrien Springs, MI 49103
Fully occupied duplex with water heaters installed in 2023 and a roof replacement completed in 2022.
Property Size1,771 SF
Price / SF$160.93
Days on Market41
Property Features for 420 Fisher St
General Information
Standard status
Active
Size
1,771 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
2
Building Details
Year Built
1979
Buildings
1
Tenancy
Multi
Listing Agency:
McLauchlin Realty, Inc.
(269) 363-9743
Listed By:
Scott McLauchlin
Source:
Metrodetroithomeguide
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 25 at 7:12AM
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 McLauchlin Realty, Inc.
Investment Insights
Based on property information with market context.
This duplex, constructed in 1979, contains two-bedroom, one-bath residential accommodations and is currently fully occupied. The property has received notable recent improvements, including replacement of the roof in 2022 and installation of new water heaters in 2023.
Located at 420 Fisher Street in Berrien Springs, Michigan, the property offers an established residential income configuration with existing occupancy in place. Its two-unit layout and recent major-system updates provide a straightforward multifamily holding for continued rental use.
Located at 420 Fisher Street in Berrien Springs, Michigan, the property offers an established residential income configuration with existing occupancy in place. Its two-unit layout and recent major-system updates provide a straightforward multifamily holding for continued rental use.
Key Highlights
- Two‑bedroom, one‑bath duplex in Berrien Springs
- Fully occupied with existing tenants
- New roof installed in 2022
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
$16,198
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
5.68%
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%
$323,960
$324.0K
Cap Rate 7%
$231,400
$231.4K
Cap Rate 9%
$179,978
$180.0K
Market Conditions
NOI Build-Up for 1,771 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
$24.4K $13.80/SF
− Vacancy
−$1.3K −$0.73/SF
EGI
$23.1K $13.07/SF
− OpEx
−$6.9K −$3.92/SF
NOI
$16.2K $9.15/SF
Area
Berrien County, MI
Vacancy
5.32%
Lease Rate
$13.80 /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%
$323,960
Cap Rate 7%
$231,400
Cap Rate 9%
$179,978
Alternative Uses
Best Use
Multifamily LT 5
$231.4K
$202.5K – $270.0K
NOI $16,198 @ 7.0% cap · market cap 5.68%
Second Best
Apartment 5plus
$206.5K
$180.7K – $240.9K
NOI $14,455 @ 7.0% cap · market cap 5.07%
Theoretical Best
Office A
$372.7K
$326.1K – $434.8K
NOI $26,087 @ 7.0% cap · market cap 9.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
233
Businesses Nearby
Explore this area
Business Placement
Demographics for 49103, MI
11,508
Population
4,833
Households
2.4
Avg Household Size
39
Median Age
52%
College-Educated
94%
High-School Grad
44.8 sq mi
ZIP Area
257
Density / Sq Mi
$61,888
Median Household Income
$32,524
Median Earnings
$878
Median Rent
$224,500
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 - Fully occupied duplex with water heaters installed in 2023 and a roof replacement completed in 2022.
Where is this duplex located?
The property is located at 420 Fisher St Berrien Springs, MI.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: Two‑bedroom, one‑bath duplex in Berrien Springs; Fully occupied with existing tenants; New roof installed in 2022
