4-Unit Apartment
New
For Sale
$379,000
611 W Prospect St, Marshall, MI 49068
All four apartments are leased, and the third floor may allow for a fifth unit.
Property Size2,800 SF
Price / SF$135.36
Days on Market2
Property Features for 611 W Prospect St
General Information
Standard status
Active
Size
2,800 SF
Property subtype
Investment
Occupancy
100%
Additional Details
Gross Income
$44,400
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$9,043
Building Details
Year Built
1905
Buildings
1
Units
4
Listing Agency:
Five Star Real Estate
Listed By:
Liz Beischer
(231) 329-3877
Source:
Elliman
Added: Sep 26
Last Checked: Sep 26 at 2:53PM
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 Five Star Real Estate
Investment Insights
Based on property information with market context.
This 4-unit apartment building in Marshall, Michigan, contains approximately 2,800 square feet and dates to 1905. All four apartments are leased. A fifth apartment may be possible on the third floor.
The property has a Bike Score of 66 and a Walk Score of 53.
The property has a Bike Score of 66 and a Walk Score of 53.
Key Highlights
- Four apartment units are currently leased
- Approximately 2,800 square feet in a building constructed in 1905
- A fifth apartment may be possible on the third floor
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
$24,496
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
6.46%
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%
$489,920
$489.9K
Cap Rate 7%
$349,943
$349.9K
Cap Rate 9%
$272,178
$272.2K
Market Conditions
NOI Build-Up for 2,800 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
$37.0K $13.20/SF
− Vacancy
−$2.0K −$0.70/SF
EGI
$35.0K $12.50/SF
− OpEx
−$10.5K −$3.75/SF
NOI
$24.5K $8.75/SF
Area
Calhoun County, MI
Vacancy
5.32%
Lease Rate
$13.20 /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%
$489,920
Cap Rate 7%
$349,943
Cap Rate 9%
$272,178
Alternative Uses
Best Use
Multifamily LT 5
$349.9K
$306.2K – $408.3K
NOI $24,496 @ 7.0% cap · market cap 6.46%
Second Best
Apartment 5plus
$304.0K
$266.0K – $354.7K
NOI $21,283 @ 7.0% cap · market cap 5.62%
Theoretical Best
Healthcare Medical
$33.21M
$29.06M – $38.75M
NOI $2,325,022 @ 7.0% cap · market cap 613.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
792
Businesses Nearby
Explore this area
Business Placement
Demographics for 49068, MI
14,325
Population
6,901
Households
2.1
Avg Household Size
45
Median Age
36%
College-Educated
96%
High-School Grad
129.9 sq mi
ZIP Area
110
Density / Sq Mi
$78,476
Median Household Income
$47,198
Median Earnings
$904
Median Rent
$196,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - All four apartments are leased, and the third floor may allow for a fifth unit.
Where is this quadplex located?
The property is located at 611 W Prospect St Marshall, MI.
What is the asking price?
The asking price for this property is $379,000.
What are key features of this property?
This property features: Four apartment units are currently leased; Approximately 2,800 square feet in a building constructed in 1905; A fifth apartment may be possible on the third floor
