Two-Unit Duplex with Separate
New
For Sale
$169,000
44 Budlong St, Hillsdale, MI 49242
Separate utilities support independent operation, with a covered front porch and two storage sheds.
Property Size2,310 SF
Price / SF$73.16
Days on Market4
Property Features for 44 Budlong St
General Information
Standard status
Active
Size
2,310 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Amenities
covered front porch
storage sheds
Building Details
Year Built
1900
Listing Agency:
The Berger Group
(517) 442-4352
Listed By:
NextHome Evolution
(734) 822-6006
Source:
Nhevolutionmi
Added: Sep 15
Changed: Sep 17
Last Checked: Sep 16 at 6:49PM
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 Berger Group
Investment Insights
Based on property information with market context.
This 2,310-square-foot duplex, built in 1900, contains two distinct residential units. Each unit includes 2 bedrooms and 1 bathroom, while separate utilities support independent occupancy. The property also includes a covered front porch and two storage sheds, including one that is fairly new.
The roof, heating systems, and central air units are approximately 7 years old. The property is near Hillsdale Hospital, Hillsdale College, shopping, and downtown in Hillsdale City, Michigan.
The roof, heating systems, and central air units are approximately 7 years old. The property is near Hillsdale Hospital, Hillsdale College, shopping, and downtown in Hillsdale City, Michigan.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 bathroom in each unit
- 2,310 square feet on a 1900‑built property
- Separate utilities for each unit
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
$14,636
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
8.66%
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%
$292,720
$292.7K
Cap Rate 7%
$209,086
$209.1K
Cap Rate 9%
$162,622
$162.6K
Market Conditions
NOI Build-Up for 2,310 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
$27.7K $12.00/SF
− Vacancy
−$1.1K −$0.48/SF
EGI
$26.6K $11.52/SF
− OpEx
−$12.0K −$5.18/SF
NOI
$14.6K $6.34/SF
Area
Hillsdale County, MI
Vacancy
4.00%
Lease Rate
$12.00 /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%
$292,720
Cap Rate 7%
$209,086
Cap Rate 9%
$162,622
Alternative Uses
Best Use
Multifamily LT 5
$225.0K
$196.9K – $262.5K
NOI $15,751 @ 7.0% cap · market cap 9.32%
Second Best
Apartment 5plus
$209.1K
$183.0K – $243.9K
NOI $14,636 @ 7.0% cap · market cap 8.66%
Theoretical Best
Specialty Retail
$367.0K
$321.2K – $428.2K
NOI $25,693 @ 7.0% cap · market cap 15.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
556
Businesses Nearby
Explore this area
Business Placement
Demographics for 49242, MI
14,812
Population
6,687
Households
2.2
Avg Household Size
38
Median Age
25%
College-Educated
93%
High-School Grad
90.6 sq mi
ZIP Area
163
Density / Sq Mi
$57,813
Median Household Income
$28,886
Median Earnings
$770
Median Rent
$182,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Separate utilities support independent operation, with a covered front porch and two storage sheds.
Where is this duplex located?
The property is located at 44 Budlong St Hillsdale, MI.
What is the asking price?
The asking price for this property is $169,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 bathroom in each unit; 2,310 square feet on a 1900‑built property; Separate utilities for each unit
