Two-Home Multifamily
New
For Sale
$149,000
514-516 S 15th Street, Escanaba, MI 49829
MULTI_FAMILY - Conventional - Escanaba, MI
Property Size1,345 SF
Lot Size0.15 Acres
Price / SF$110.78
Days on Market2
Property Features for 514-516 S 15th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Multi-Family, Residential
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 4, Bathroom 2, Bathroom 1, Basement, Bedroom 3, Bedroom 2
Patio and Porch features
Porch, Deck
Exterior features
Deck, Fenced Yard, Porch, Sidewalks, Street Lights, Fence Owned
Fencing
Fenced
Appliances
Range/Oven, Refrigerator
Elementary school district
Escanaba Area Public Schools
Middle school district
Escanaba Area Public Schools
High school district
Escanaba Area Public Schools
Subdivision
Escanaba (21010)
Standard status
Active
Size
1,345 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Annual Amount
2150
Utilities
Heating system
Forced Air
Cooling system
Ceiling Fan(s)
Water source
Public
Amenities
chain link fenced-in yards
separate off street parking areas
full basement with laundry hook ups
Building Details
Year built
1902
Floors in Building
1
Number of units
2
Architectural style
Conventional
Listing Agency:
KEY REALTY DELTA COUNTY LLC
(906) 233-7455
Listed By:
KYLE SOLIS · License #6501447115
(906) 241-4870
Added: Aug 8
Last Checked: Aug 9 at 6:06PM
MLS# 50217873
Copyright © 2026 Upper Peninsula Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This multifamily property includes two homes on a 0.15-acre lot, with a combined listed property size of 1,345 square feet. Each home has a full basement with laundry hookups, while the separate fenced yards provide defined outdoor areas and off-street parking. The front home features a metal roof, new carpeting, fresh paint, thorough cleaning, and immediate occupancy. The rear home has a new roof and new refrigerator. The front home’s upper level offers potential for a third rental unit, subject to applicable requirements.
Located at 514-516 S 15th Street in Escanaba, the property is near various schools and within walking distance of downtown. Additional features include porches, a deck, public water, forced-air heating, ceiling fans, sidewalks, and street lighting.
Located at 514-516 S 15th Street in Escanaba, the property is near various schools and within walking distance of downtown. Additional features include porches, a deck, public water, forced-air heating, ceiling fans, sidewalks, and street lighting.
Key Highlights
- Two homes on one 0.15‑acre lot
- Listed property size of 1,345 square feet
- Front home has new carpeting, fresh paint, and immediate occupancy
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
$8,256
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
5.54%
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%
$165,120
$165.1K
Cap Rate 7%
$117,943
$117.9K
Cap Rate 9%
$91,733
$91.7K
Market Conditions
NOI Build-Up for 1,345 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 $12.00/SF
− Vacancy
−$1.1K −$0.84/SF
EGI
$15.0K $11.16/SF
− OpEx
−$6.8K −$5.02/SF
NOI
$8.3K $6.14/SF
Area
Delta County, MI
Vacancy
7.00%
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%
$165,120
Cap Rate 7%
$117,943
Cap Rate 9%
$91,733
Alternative Uses
Best Use
Apartment 5plus
$117.9K
$103.2K – $137.6K
NOI $8,256 @ 7.0% cap · market cap 5.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$263.3K
$230.4K – $307.2K
NOI $18,431 @ 7.0% cap · market cap 12.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
36
Businesses Nearby
Explore this area
Business Placement
Demographics for 49829, MI
17,009
Population
8,729
Households
1.9
Avg Household Size
45
Median Age
19%
College-Educated
90%
High-School Grad
66.8 sq mi
ZIP Area
255
Density / Sq Mi
$45,808
Median Household Income
$31,366
Median Earnings
$667
Median Rent
$139,000
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 - Two residences share a fenced lot with separate off-street parking and full basements.
Where is this multifamily property located?
The property is located at 514-516 S 15th Street Escanaba, MI.
What is the asking price?
The asking price for this property is $149,000.
What are key features of this property?
This property features: Two homes on one 0.15‑acre lot; Listed property size of 1,345 square feet; Front home has new carpeting, fresh paint, and immediate occupancy
