Updated Downtown Duplex
For Sale
$112,999
Pending
422 Clinton St, Owosso, MI 48867
A downtown duplex with newer siding, windows, and furnace, offering flexible owner-occupant or rental use.
Property Size1,395 SF
Days on Market51
Property Features for 422 Clinton St
General Information
Standard status
Pending
Size
1,395 SF
Property subtype
Investment
Additional Details
Multifamily Units
2
Building Details
Building Size
1,395 SF
Year Built
1910
Units
2
Listing Agency:
The Home Office Realty LLC
(989) 413-7908
Listed By:
Jacob Newman · License #FAAR
(989) 413-7908
Source:
Elliman
Added: Jun 23
Changed: Aug 8
Last Checked: Jul 30 at 9:29AM
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 The Home Office Realty LLC
Investment Insights
Based on property information with market context.
This duplex includes major updates intended to reduce near-term maintenance, with newer siding, windows, and a newer furnace. The property is configured as two separate units, making it straightforward for an owner to occupy one side while generating rental income from the other.
The home is located right in the heart of downtown Owosso, providing convenient access to the surrounding area. With walk and bike scores listed as 52 and 47 respectively, the setting supports a somewhat walkable and somewhat bikeable lifestyle.
For buyers seeking a combination of living space and rental help, the two-unit layout supports an owner-occupant strategy. For investors, the updated exterior and mechanical components can be a practical starting point when evaluating a residential income property in an in-town location.
The home is located right in the heart of downtown Owosso, providing convenient access to the surrounding area. With walk and bike scores listed as 52 and 47 respectively, the setting supports a somewhat walkable and somewhat bikeable lifestyle.
For buyers seeking a combination of living space and rental help, the two-unit layout supports an owner-occupant strategy. For investors, the updated exterior and mechanical components can be a practical starting point when evaluating a residential income property in an in-town location.
Key Highlights
- Downtown Owosso duplex built in 1910
- Major updates include newer siding
- Major updates include newer windows
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
$10,253
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
9.07%
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%
$205,060
$205.1K
Cap Rate 7%
$146,471
$146.5K
Cap Rate 9%
$113,922
$113.9K
Market Conditions
NOI Build-Up for 1,395 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
$20.1K $14.40/SF
− Vacancy
−$1.4K −$1.04/SF
EGI
$18.6K $13.36/SF
− OpEx
−$8.4K −$6.01/SF
NOI
$10.3K $7.35/SF
Area
Shiawassee County, MI
Vacancy
7.20%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
45.00%
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%
$205,060
Cap Rate 7%
$146,471
Cap Rate 9%
$113,922
Alternative Uses
Best Use
Multifamily LT 5
$163.7K
$143.3K – $191.0K
NOI $11,462 @ 7.0% cap · market cap 10.14%
Second Best
Apartment 5plus
$146.5K
$128.2K – $170.9K
NOI $10,253 @ 7.0% cap · market cap 9.07%
Theoretical Best
Office A
$266.0K
$232.7K – $310.3K
NOI $18,617 @ 7.0% cap · market cap 16.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
859
Businesses Nearby
Explore this area
Business Placement
Demographics for 48867, MI
27,596
Population
12,660
Households
2.2
Avg Household Size
42
Median Age
20%
College-Educated
92%
High-School Grad
136.0 sq mi
ZIP Area
203
Density / Sq Mi
$58,718
Median Household Income
$37,908
Median Earnings
$834
Median Rent
$145,600
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 - A downtown duplex with newer siding, windows, and furnace, offering flexible owner-occupant or rental use.
Where is this duplex located?
The property is located at 422 Clinton St Owosso, MI.
What is the asking price?
The asking price for this property is $112,999.
What are key features of this property?
This property features: Downtown Owosso duplex built in 1910; Major updates include newer siding; Major updates include newer windows
