Two-Unit Residential Income
For Sale
$54,900
45 Warren Street, Battle Creek, MI 49014
Two-unit duplex with a 3-bedroom lower unit and a 1-bedroom upper unit, sold as-is with an adjacent corner lot included.
Property Size650 SF
Price / SF$84.46
Days on Market200
Property Features for 45 Warren Street
General Information
Standard status
Active
Size
650 SF
Property subtype
Multi Family / 2 to 4 Units
Zoning
RES
Amenities
Central, Yes
Forced Air, Yes
Yes
Forced Air
Natural Gas
Central Air
In Basement
0.0
Composition
Tenant Storage
Paved, Public
Full
Aluminum Siding
Building Details
Year Built
1910
Units
2
Listing Agency:
Bellabay Realty (SW)
(616) 856-3887
Listed By:
Frank Boenzi · License #6501396924
(616) 856-3887
Source:
Compass
Added: Jan 24
Changed: Aug 8
Last Checked: Jul 23 at 7:46AM
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 Bellabay Realty (SW)
Investment Insights
Based on property information with market context.
This two-unit duplex is an investor special being sold as-is and does need work. The lower unit features three bedrooms and 1.5 bathrooms, while the upper unit is a one-bedroom, one-bath layout. The property includes an adjacent corner lot in the sale.
As a residential income property, it provides two separate units within one building, offering flexibility for either renovation-focused investors or an owner-occupant willing to update the home. The seller is a licensed real estate agent in the State of Michigan.
The sale includes both the duplex and the additional corner lot, and no repairs or improvements are being made prior to transfer.
As a residential income property, it provides two separate units within one building, offering flexibility for either renovation-focused investors or an owner-occupant willing to update the home. The seller is a licensed real estate agent in the State of Michigan.
The sale includes both the duplex and the additional corner lot, and no repairs or improvements are being made prior to transfer.
Key Highlights
- Two‑unit duplex built in 1910 with a 3‑bedroom, 1.5‑bath lower unit and a 1‑bedroom, 1‑bath upper unit
- Sold as‑is; property does need work
- Central air conditioning and forced‑air heating with natural gas
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
$4,941
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
9.00%
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%
$98,820
$98.8K
Cap Rate 7%
$70,586
$70.6K
Cap Rate 9%
$54,900
$54.9K
Market Conditions
NOI Build-Up for 650 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
$9.5K $14.64/SF
− Vacancy
−$533 −$0.82/SF
EGI
$9.0K $13.82/SF
− OpEx
−$4.0K −$6.22/SF
NOI
$4.9K $7.60/SF
Area
Calhoun County, MI
Vacancy
5.60%
Lease Rate
$14.64 /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%
$98,820
Cap Rate 7%
$70,586
Cap Rate 9%
$54,900
Alternative Uses
Best Use
Multifamily LT 5
$81.2K
$71.1K – $94.8K
NOI $5,686 @ 7.0% cap · market cap 10.36%
Second Best
Apartment 5plus
$70.6K
$61.8K – $82.4K
NOI $4,941 @ 7.0% cap · market cap 9.00%
Theoretical Best
Healthcare Medical
$7.71M
$6.75M – $9.00M
NOI $539,737 @ 7.0% cap · market cap 983.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
311
Businesses Nearby
Explore this area
Business Placement
Demographics for 49014, MI
21,505
Population
9,314
Households
2.3
Avg Household Size
40
Median Age
20%
College-Educated
90%
High-School Grad
72.5 sq mi
ZIP Area
297
Density / Sq Mi
$63,383
Median Household Income
$40,061
Median Earnings
$997
Median Rent
$159,100
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 - Two-unit duplex with a 3-bedroom lower unit and a 1-bedroom upper unit, sold as-is with an adjacent corner lot included.
Where is this duplex located?
The property is located at 45 Warren Street Battle Creek, MI.
What is the asking price?
The asking price for this property is $54,900.
What are key features of this property?
This property features: Two‑unit duplex built in 1910 with a 3‑bedroom, 1.5‑bath lower unit and a 1‑bedroom, 1‑bath upper unit; Sold as‑is; property does need work; Central air conditioning and forced‑air heating with natural gas
