Two-Unit Residential Income
For Sale
$199,900
Pending
422 North Main Street, Watervliet, MI 49098
Well-maintained duplex offers two separate units with in-unit laundry and ample parking.
Property Size1,100 SF
Days on Market97
Property Features for 422 North Main Street
General Information
Standard status
Pending
Size
1,100 SF
Property subtype
Residential Income / Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,538
Amenities
Central, None, No
Baseboard, Forced Air, Yes
Yes
Baseboard, Forced Air
Electric, Natural Gas
Central Air, None
In Unit
0.0
Composition
Sep Electric Meter, Sep Gas Meter, Sep Water Meter, Tenant Storage
Paved
Full
Vinyl Siding, Wood Siding
Building Details
Year Built
1947
Units
2
Tenancy
Multi
Listing Agency:
Wright Properties
Listed By:
Kerry M Wright · License #6506043362
(269) 369-4640
Source:
Compass
Added: Jun 2
Changed: Aug 8
Last Checked: Jul 24 at 2:52PM
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
Investment Insights
Based on property information with market context.
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.
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.
Key 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.
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
$10,061
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
5.03%
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%
$201,220
$201.2K
Cap Rate 7%
$143,729
$143.7K
Cap Rate 9%
$111,789
$111.8K
Market Conditions
NOI Build-Up for 1,100 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
$15.2K $13.80/SF
− Vacancy
−$808 −$0.73/SF
EGI
$14.4K $13.07/SF
− OpEx
−$4.3K −$3.92/SF
NOI
$10.1K $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%
$201,220
Cap Rate 7%
$143,729
Cap Rate 9%
$111,789
Alternative Uses
Best Use
Multifamily LT 5
$143.7K
$125.8K – $167.7K
NOI $10,061 @ 7.0% cap · market cap 5.03%
Second Best
Apartment 5plus
$128.3K
$112.2K – $149.6K
NOI $8,978 @ 7.0% cap · market cap 4.49%
Theoretical Best
Office A
$231.5K
$202.5K – $270.1K
NOI $16,203 @ 7.0% cap · market cap 8.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
224
Businesses Nearby
Explore this area
Business Placement
Demographics for 49098, MI
5,739
Population
3,032
Households
1.9
Avg Household Size
44
Median Age
21%
College-Educated
88%
High-School Grad
32.6 sq mi
ZIP Area
176
Density / Sq Mi
$56,899
Median Household Income
$30,278
Median Earnings
$1,253
Median Rent
$150,500
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 - 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.
