Updated Side-by-Side
For Sale
$169,900
504 N Monroe St, Bay City, MI 48708
Two separate residences with private outdoor areas, dedicated utility systems, and substantial basement storage.
Property Size1,786 SF
Price / SF$95.13
Days on Market16
Property Features for 504 N Monroe St
General Information
Standard status
Active
Size
1,786 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$1,382
Amenities
on-site laundry
porch
fenced backyard
fire pit
Listing Agency:
EXP Realty
(888) 501-7085
Listed By:
Brooklynn Luckhurst
(989) 534-6118
Source:
Exprealty
Added: Aug 31
Changed: Sep 8
Last Checked: Sep 15 at 1:02PM
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 EXP Realty
Investment Insights
Based on property information with market context.
Built in 1913, this side-by-side duplex contains two 2-bedroom, 1-bath residences with approximately 1,786 sf of finished above-grade space. The property also includes 1,600 sf of basement storage, on-site laundry, and an additional basement toilet. Each unit has separate electrical subpanels, GFCI protection, a gas meter, hot water heater, and dryer outlet, while water and sewer are shared. Refrigerators and ranges remain in both apartments.
The homes offer distinct interior character and layouts. Unit A includes hardwood flooring, 9-foot ceilings, original woodwork and staircase, a breakfast bar, clawfoot tub, and a large front window. Unit B features bay windows, a skylight, a spacious living room, and a single-level floor plan. Exterior improvements include fresh paint, a 3-year-old asphalt roof on the house, and a metal garage roof. The site has a 22x24 two-car garage, paved off-street parking for 3 cars, porches, and a mostly fenced backyard with a small fire pit.
Located at 504 N Monroe St in Bay City’s historical district, the property is within walking distance of downtown Bay City, the Historic Masonic Temple, Center Street, and the Uptown/riverfront districts. BikeScore is 62 and WalkScore is 67.
The homes offer distinct interior character and layouts. Unit A includes hardwood flooring, 9-foot ceilings, original woodwork and staircase, a breakfast bar, clawfoot tub, and a large front window. Unit B features bay windows, a skylight, a spacious living room, and a single-level floor plan. Exterior improvements include fresh paint, a 3-year-old asphalt roof on the house, and a metal garage roof. The site has a 22x24 two-car garage, paved off-street parking for 3 cars, porches, and a mostly fenced backyard with a small fire pit.
Located at 504 N Monroe St in Bay City’s historical district, the property is within walking distance of downtown Bay City, the Historic Masonic Temple, Center Street, and the Uptown/riverfront districts. BikeScore is 62 and WalkScore is 67.
Key Highlights
- Two 2‑bedroom, 1‑bath units with approximately 1,786 sf finished above grade
- 1,600 sf of additional storage, on‑site laundry, and a basement toilet
- 22x24 two‑car garage plus paved off‑street parking for 3 cars
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
$10,442
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
6.15%
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%
$208,840
$208.8K
Cap Rate 7%
$149,171
$149.2K
Cap Rate 9%
$116,022
$116.0K
Market Conditions
NOI Build-Up for 1,786 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
$16.1K $9.00/SF
− Vacancy
−$1.2K −$0.65/SF
EGI
$14.9K $8.35/SF
− OpEx
−$4.5K −$2.51/SF
NOI
$10.4K $5.85/SF
Area
Bay County, MI
Vacancy
7.20%
Lease Rate
$9.00 /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%
$208,840
Cap Rate 7%
$149,171
Cap Rate 9%
$116,022
Alternative Uses
Best Use
Multifamily LT 5
$149.2K
$130.5K – $174.0K
NOI $10,442 @ 7.0% cap · market cap 6.15%
Second Best
Apartment 5plus
$140.2K
$122.7K – $163.6K
NOI $9,813 @ 7.0% cap · market cap 5.78%
Theoretical Best
Office A
$323.3K
$282.9K – $377.2K
NOI $22,632 @ 7.0% cap · market cap 13.32%
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
1,311
Businesses Nearby
Explore this area
Business Placement
Demographics for 48708, MI
25,860
Population
12,625
Households
2
Avg Household Size
41
Median Age
17%
College-Educated
89%
High-School Grad
29.1 sq mi
ZIP Area
889
Density / Sq Mi
$50,216
Median Household Income
$31,978
Median Earnings
$703
Median Rent
$98,500
Median Home Value
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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 - Two separate residences with private outdoor areas, dedicated utility systems, and substantial basement storage.
Where is this duplex located?
The property is located at 504 N Monroe St Bay City, MI.
What is the asking price?
The asking price for this property is $169,900.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units with approximately 1,786 sf finished above grade; 1,600 sf of additional storage, on‑site laundry, and a basement toilet; 22x24 two‑car garage plus paved off‑street parking for 3 cars
