Multifamily Portfolio
For Sale
$105,000
Pending
505 S DEAN St, Bay City, MI 48706
Multifamily unit offered as part of a larger portfolio.
Property Size1,323 SF
Days on Market151
Property Features for 505 S DEAN St
General Information
Standard status
Pending
Size
1,323 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$1,689
Building Details
Building Size
1,323 SF
Year Built
1900
Units
2
Listing Agency:
(989) 443-3305
Listed By:
Maria Garcia · License #SBR-6501294441
(989) 443-3305
Source:
Elliman
Added: Mar 24
Changed: Aug 17
Last Checked: Aug 20 at 10:50AM
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 Maria Garcia
Investment Insights
Based on property information with market context.
This multifamily unit is offered as part of a larger portfolio. The property is located at 505 S DEAN St, Bay City, MI 48706.
Key Highlights
- Multi‑unit property
- Part of a larger portfolio
- Built in 1900
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
$7,269
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
6.92%
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%
$145,380
$145.4K
Cap Rate 7%
$103,843
$103.8K
Cap Rate 9%
$80,767
$80.8K
Market Conditions
NOI Build-Up for 1,323 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
$14.0K $10.56/SF
− Vacancy
−$754 −$0.57/SF
EGI
$13.2K $9.99/SF
− OpEx
−$5.9K −$4.50/SF
NOI
$7.3K $5.49/SF
Area
Bay County, MI
Vacancy
5.40%
Lease Rate
$10.56 /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%
$145,380
Cap Rate 7%
$103,843
Cap Rate 9%
$80,767
Alternative Uses
Best Use
Apartment 5plus
$103.8K
$90.9K – $121.2K
NOI $7,269 @ 7.0% cap · market cap 6.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$239.5K
$209.6K – $279.4K
NOI $16,765 @ 7.0% cap · market cap 15.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
544
Businesses Nearby
Explore this area
Business Placement
Demographics for 48706, MI
39,381
Population
18,163
Households
2.2
Avg Household Size
45
Median Age
24%
College-Educated
93%
High-School Grad
66.3 sq mi
ZIP Area
594
Density / Sq Mi
$61,908
Median Household Income
$40,151
Median Earnings
$887
Median Rent
$142,300
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?
Multifamily property - Multifamily unit offered as part of a larger portfolio.
Where is this multifamily property located?
The property is located at 505 S DEAN St Bay City, MI.
What is the asking price?
The asking price for this property is $105,000.
What are key features of this property?
This property features: Multi‑unit property; Part of a larger portfolio; Built in 1900
