Updated Duplex with Screened
For Sale
$229,000
512 S Broad Street, Holly, MI 48442
Two move-in-ready units offer in-unit laundry area, updated finishes, and a large screened-in porch for everyday comfort.
Property Size1,292 SF
Price / SF$177.24
Days on Market99
Property Features for 512 S Broad Street
General Information
Standard status
Active
Size
1,292 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Building Details
Tenancy
Multi
Listing Agency:
Wentworth Real Estate Group
(810) 955-6600
Listed By:
Bethany Gormont
(810) 642-5241
Source:
Blueowlprop
Added: Jun 3
Changed: Sep 8
Last Checked: Sep 8 at 7:57AM
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 Wentworth Real Estate Group
Investment Insights
Based on property information with market context.
This updated duplex offers two separate residences with refreshed interiors and move-in-ready condition. The upper-level unit includes one bedroom and one full bathroom, with freshly painted walls, new flooring in the kitchen and living area, and refinished hardwood flooring in the bedroom. A dedicated area for in-unit laundry supports day-to-day convenience. The ground-level unit provides two bedrooms and one full bathroom, with fresh paint, refinished hardwood flooring in the living room and both bedrooms, and new flooring in the kitchen. Both units include additional storage space, helping support tenant or homeowner organization.
Located on S Broad St in Holly, Michigan, the property presents a classic duplex setup with an abundance of windows bringing natural light into the living areas. The ground-level unit’s large screened-in porch extends usable outdoor living space for relaxing mornings or evenings.
The layout can suit a range of buyers, including owner-occupants seeking rental income from a second unit, investors looking for a duplex with recent updates, or multi-generational households that prefer separate living spaces. With tasteful improvements throughout and practical features like in-unit laundry (upper unit) and dedicated storage for both units, the property is positioned for straightforward occupancy.
Located on S Broad St in Holly, Michigan, the property presents a classic duplex setup with an abundance of windows bringing natural light into the living areas. The ground-level unit’s large screened-in porch extends usable outdoor living space for relaxing mornings or evenings.
The layout can suit a range of buyers, including owner-occupants seeking rental income from a second unit, investors looking for a duplex with recent updates, or multi-generational households that prefer separate living spaces. With tasteful improvements throughout and practical features like in-unit laundry (upper unit) and dedicated storage for both units, the property is positioned for straightforward occupancy.
Key Highlights
- Duplex built in 1880 with 2 units: upper unit 508 SF (1 bed, 1 full bath) and ground unit 784 SF (2 bed, 1 full bath)
- Both units feature fresh paint and updated flooring, including newly installed kitchen/living flooring in the upper unit and refinished hardwood flooring in bedrooms/living areas
- Upper unit includes a dedicated in‑unit laundry area for added everyday convenience
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
$17,101
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
7.47%
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%
$342,020
$342.0K
Cap Rate 7%
$244,300
$244.3K
Cap Rate 9%
$190,011
$190.0K
Market Conditions
NOI Build-Up for 1,292 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
$25.6K $19.80/SF
− Vacancy
−$1.2K −$0.89/SF
EGI
$24.4K $18.91/SF
− OpEx
−$7.3K −$5.67/SF
NOI
$17.1K $13.24/SF
Area
Oakland County, MI
Vacancy
4.50%
Lease Rate
$19.80 /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%
$342,020
Cap Rate 7%
$244,300
Cap Rate 9%
$190,011
Alternative Uses
Best Use
Multifamily LT 5
$244.3K
$213.8K – $285.0K
NOI $17,101 @ 7.0% cap · market cap 7.47%
Second Best
Apartment 5plus
$226.4K
$198.1K – $264.1K
NOI $15,848 @ 7.0% cap · market cap 6.92%
Theoretical Best
Specialty Retail
$278.7K
$243.8K – $325.1K
NOI $19,507 @ 7.0% cap · market cap 8.52%
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
241
Businesses Nearby
Explore this area
Business Placement
Demographics for 48442, MI
21,803
Population
9,722
Households
2.2
Avg Household Size
42
Median Age
29%
College-Educated
94%
High-School Grad
85.9 sq mi
ZIP Area
254
Density / Sq Mi
$80,281
Median Household Income
$50,769
Median Earnings
$1,243
Median Rent
$252,500
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 - Two move-in-ready units offer in-unit laundry area, updated finishes, and a large screened-in porch for everyday comfort.
Where is this duplex located?
The property is located at 512 S Broad Street Holly, MI.
What is the asking price?
The asking price for this property is $229,000.
What are key features of this property?
This property features: Duplex built in 1880 with 2 units: upper unit 508 SF (1 bed, 1 full bath) and ground unit 784 SF (2 bed, 1 full bath); Both units feature fresh paint and updated flooring, including newly installed kitchen/living flooring in the upper unit and refinished hardwood flooring in bedrooms/living areas; Upper unit includes a dedicated in‑unit laundry area for added everyday convenience
