Updated Duplex with
For Sale
$315,000
636 Hackett Street, Ionia, MI 48846
Two-unit property with separate utilities, central air, in-unit laundry, and a private outdoor area for the rear residence.
Property Size2,900 SF
Days on Market18
Property Features for 636 Hackett Street
General Information
Standard status
Active
Size
2,900 SF
Total Parking Spaces
3
Property subtype
Residential Income
Zoning
Residential
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/1.5BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$2,868
Amenities
central air
in-unit laundry
Building Details
Building Size
2,900 SF
Year Built
1950
Units
2
Listing Agency:
LPT Realty
(616) 329-1149
Listed By:
Mason J Misiak
(616) 329-1149
Source:
Insiderealty
Added: Aug 12
Changed: Aug 28
Last Checked: Aug 28 at 11:29AM
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 LPT Realty
Investment Insights
Based on property information with market context.
This 1950 duplex contains approximately 2,900 square feet across two residential units. The front unit offers 2 bedrooms and 1 bath, with a remodeled bathroom, refreshed kitchen flooring, new carpet in the living room and bedrooms, and included stove, refrigerator, washer, and dryer. The rear unit provides 3 bedrooms, 1.5 baths, and nearly 1,800 square feet, along with an open main level, natural gas fireplace, private patio, backyard, and oversized one-stall garage.
Both units have central air, in-unit laundry, and generously sized living and bedroom areas. The rear residence received new central air and a water heater in 2022. Electric and gas are separately metered. The property is located at 636 Hackett St in Ionia, Michigan, and is positioned for continued residential rental use.
Both units have central air, in-unit laundry, and generously sized living and bedroom areas. The rear residence received new central air and a water heater in 2022. Electric and gas are separately metered. The property is located at 636 Hackett St in Ionia, Michigan, and is positioned for continued residential rental use.
Key Highlights
- Duplex totaling approximately 2,900 square feet
- Front unit includes 2 bedrooms and 1 bath with updated finishes and appliances
- Rear unit offers 3 bedrooms, 1.5 baths, and nearly 1,800 square feet
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
$14,811
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
4.70%
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%
$296,220
$296.2K
Cap Rate 7%
$211,586
$211.6K
Cap Rate 9%
$164,567
$164.6K
Market Conditions
NOI Build-Up for 2,900 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
$22.3K $7.68/SF
− Vacancy
−$1.1K −$0.38/SF
EGI
$21.2K $7.30/SF
− OpEx
−$6.3K −$2.19/SF
NOI
$14.8K $5.11/SF
Area
Ionia County, MI
Vacancy
5.00%
Lease Rate
$7.68 /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%
$296,220
Cap Rate 7%
$211,586
Cap Rate 9%
$164,567
Alternative Uses
Best Use
Multifamily LT 5
$211.6K
$185.1K – $246.9K
NOI $14,811 @ 7.0% cap · market cap 4.70%
Second Best
Apartment 5plus
$195.8K
$171.4K – $228.5K
NOI $13,709 @ 7.0% cap · market cap 4.35%
Theoretical Best
Specialty Retail
$552.6K
$483.5K – $644.7K
NOI $38,681 @ 7.0% cap · market cap 12.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
453
Businesses Nearby
Explore this area
Business Placement
Demographics for 48846, MI
22,470
Population
7,597
Households
3
Avg Household Size
38
Median Age
12%
College-Educated
88%
High-School Grad
110.6 sq mi
ZIP Area
203
Density / Sq Mi
$66,717
Median Household Income
$37,858
Median Earnings
$804
Median Rent
$172,300
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?
Duplex - Two-unit property with separate utilities, central air, in-unit laundry, and a private outdoor area for the rear residence.
Where is this duplex located?
The property is located at 636 Hackett Street Ionia, MI.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Duplex totaling approximately 2,900 square feet; Front unit includes 2 bedrooms and 1 bath with updated finishes and appliances; Rear unit offers 3 bedrooms, 1.5 baths, and nearly 1,800 square feet
