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    Two-Unit Residential Income Property Title is generated by Realmo AI

    422 North Main Street, Watervliet, MI 49098

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    New
    For Sale
    $199,900

    Well-maintained duplex offers two separate units with in-unit laundry and ample parking.

    Type:Multi Family / 2 to 4 Units
    Property size:
    1,100 SF
    Price / SF:
    $181/SF
    Added:
    Jun 1, 2026
    Days on Market:
    6
    Last Refresh:
    Jun 6 at 3:34 am

    Property Features for 422 North Main Street

    General Information

    Standard status
    Active
    Size
    1,100 SF
    Property subtype
    Multi Family / 2 to 4 Units

    Building Details

    Year Built
    1947

    We can help!

    Listing Contact
    Kerry M Wright
    Kerry M Wright

    Listing agent Kerry M Wright License #6506043362

    Listing office Wright Properties

    Listing date Jun 1, 2026

    Source Compass

    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 Wright Properties

    HighLights

    • Duplex built in 1947 with a full basement and separate utilities (sep electric meter, sep gas meter, sep water meter).
    • Front unit: 3 bed/1 bath with bay windows and intricate woodwork; large living room (15x23) and master bedroom (11x13).
    • Back unit: 2 bed/1.5 bath with spacious living room (13x25) and a wood‑burning fireplace; upstairs bedroom (13x15) with large closet and en‑suite master bath.
    • In‑unit laundry in both units, with washer and dryer included; basement provides plenty of storage space.
    • Kitchen in back unit includes ample cabinetry, pantry, and all appliances including washer and dryer.
    • Recent updates noted: new roof, new flooring, and new paint; exterior includes vinyl and wood siding with a composition roof.

    Overview

    This two-unit residential income property is designed as a true duplex with separate front and back units. The front unit offers 3 bedrooms and 1 bathroom, with bay windows and woodwork details throughout, plus a large living room and a master bedroom. It also includes air conditioning, a washer and dryer, and a basement that provides storage.

    The back unit features 2 bedrooms and 1.5 bathrooms, with a spacious living room and a wood-burning fireplace. Upstairs, the bedroom includes a large closet and an en-suite master bath. The main level includes an additional bedroom, a half-bath, a dining room, and a kitchen with ample cabinetry, pantry storage, and all appliances, including a washer and dryer.

    Recent improvements include a new roof, new flooring, and new paint. The property is presented as a straightforward option for owner-occupants and investors seeking a multi-unit setup with laundry in both units and plenty of parking.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $15.2k $13.80
    − Vacancy −$808 −$0.73
    EGI $14.4k $13.07
    − OpEx −$4.3k −$3.92
    NOI $10.1k $9.15
    1,100 SF · lease $13.80/SF/yr · vacancy 5.32% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $143.7K
    $125.8K – $167.7K (±1% cap)
    NOI $10,061 @ 7.0% cap · market cap 5.03%
    Second Best
    Apartment 5plus
    $128.3K
    $112.2K – $149.6K (±1% cap)
    NOI $8,978 @ 7.0% cap · market cap 4.49%
    Theoretical Best
    Office A
    $231.5K
    $202.5K – $270.1K (±1% cap)
    NOI $16,203 @ 7.0% cap · market cap 8.11%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Watervliet
    County
    Berrien
    State
    Michigan
    Longitude
    -86.25896
    Latitude
    42.19043

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    FAQs

    What type of property is this?
    Duplex - Well-maintained duplex offers two separate units with in-unit laundry and ample parking.
    Where is this duplex located?
    The property is located at 422 North Main Street Watervliet, MI.
    What is the asking price?
    The asking price for this property is $199,900.
    What are key features of this property?
    This property features: Duplex built in 1947 with a full basement and separate utilities (sep electric meter, sep gas meter, sep water meter).; Front unit: 3 bed/1 bath with bay windows and intricate woodwork; large living room (15x23) and master bedroom (11x13).; Back unit: 2 bed/1.5 bath with spacious living room (13x25) and a wood‑burning fireplace; upstairs bedroom (13x15) with large closet and en‑suite master bath.
    (269) 369-4640
    We can help!
    Listing Contact
    Kerry M Wright
    Kerry M Wright
    Real Estate License ID: 6506043362
    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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