Building Details

Building Size 3,149 SF

Year Built 1930

Units 3

Listing Agency: d***@aol.com Show Phone

Listed By: Darlene Blaker Show Phone

Source: Elliman

Added: Apr 22 Changed: Aug 8 Last Checked: Aug 9 at 10:33AM

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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 Darlene Blaker

Investment Insights

Based on property information with market context.

Three homes are available for sale in Goodrich. The property at 6378 Gale was updated in 2025, featuring three bedrooms and two bathrooms. Updates include the kitchen, bathrooms, carpet, vinyl floors, paint, and A/C, along with new basement windows. The master bedroom has a private entrance to the fenced backyard. An oversized two-car garage includes a new overhead opener with keypad entry and two remotes, plus an attached shed for extra storage. This home also features first-floor laundry and a Michigan basement for additional storage. The property at 6376 Gale was updated in 2024 and includes two bedrooms and one bathroom, with updates to the kitchen and bath, new flooring, and fresh paint throughout. This home sits on a crawl space and offers a finished loft and shed for storage. The remodel of 6382 Gale was completed in 2026 and includes a new kitchen, updated bath, new flooring, light fixtures, and paint throughout. The basement and shed offer ample storage. This two-bedroom, one-bath home is currently listed for lease at $1,200 a month. Potential options for this parcel include using it as an income investment, living in one house and renting out the other two, or accommodating an extended family.

Key Highlights

• Three well‑maintained homes on one parcel, offering multiple living options.
• Potential for income generation through renting two of the homes.
• Ideal for extended families needing separate living spaces.

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

$24,132

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

4.69%

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%

$482,640 $482.6K

Cap Rate 7%

$344,743 $344.7K

Cap Rate 9%

$268,133 $268.1K

Market Conditions

NOI Build-Up for 3,149 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

$46.5K $14.76/SF

− Vacancy

−$2.6K −$0.83/SF

EGI

$43.9K $13.93/SF

− OpEx

−$19.7K −$6.27/SF

NOI

$24.1K $7.66/SF

Area

Genesee County, MI

Vacancy

5.60%

Lease Rate

$14.76 /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%

$482,640

Cap Rate 7%

$344,743

Cap Rate 9%

$268,133

Alternative Uses

Best Use

Apartment 5plus

$344.7K

$301.7K – $402.2K (±1% cap)

NOI $24,132 @ 7.0% cap · market cap 4.69%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$662.6K

$579.8K – $773.1K (±1% cap)

NOI $46,384 @ 7.0% cap · market cap 9.01%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Multifamily properties

Suggested Use

Top Pick Real Estate Agency Building Supply Plumbing Service Pet Store & Service Kitchen & Bath Showroom Nursing Home

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

13

Businesses Nearby

Explore this area Business Placement

Demographics for 48411, MI

219

Population

29

Households

7.6

Avg Household Size

35

Median Age

100%

High-School Grad

0.3 sq mi

ZIP Area

730

Density / Sq Mi

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Multifamily property - Three well-maintained homes with updates, offering multiple living options.

Where is this multifamily property located?

The property is located at 6378 GALE Rd Atlas, MI.

What is the asking price?

The asking price for this property is $515,000.

What are key features of this property?

This property features: Three well‑maintained homes on one parcel, offering multiple living options.; Potential for income generation through renting two of the homes.; Ideal for extended families needing separate living spaces.