Ranch Duplex with Lake
For Sale
$185,000
639 Heights Road, Orion Twp, MI 48362
Multifamily, 1 Story, Orion Twp, MI
Property Size1,300 SF
Lot Size0.23 Acres
Price / SF$142.31
Days on Market93
Property Features for 639 Heights Road
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
Multi-Family
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 2, Bedroom 1, Bedroom 4
Pets allowed
Yes
Subdivision
Lake Orion Heights
Elementary school district
Lake Orion
Middle school district
Lake Orion
High school district
Lake Orion
Directions
M-24 to Heights Rd.
Standard status
Active
APN
0910429047
Size
1,300 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Description
T4N, R10E, SEC 10 LAKE ORION HEIGHTS SUB ELY PART OF LOT 128 MEAS 30.90 FT ALG NELY LOT LINE & 24.35 FT ALG SWLY LOT LINE, ALSO ALL OF LOT 129
Tax Annual Amount
2760
Legal Description
T4N, R10E, SEC 10 LAKE ORION HEIGHTS SUB ELY PART OF LOT 128 MEAS 30.90 FT ALG NELY LOT LINE & 24.35 FT ALG SWLY LOT LINE, ALSO ALL OF LOT 129
Utilities
Heating system
Forced Air
Water source
Public
Water front features
Lake
Amenities
lake privileges
Building Details
Year built
1925
Floors in Building
1
Number of units
2
Roof type
Asphalt
Architectural style
Ranch
Listing Agency:
Liberty Way Realty
(248) 845-2669
Listed By:
James Gillen · License #6501345538
(248) 935-2309
Added: Jun 23
Changed: Sep 12
Last Checked: Sep 23 at 11:06PM
MLS# 20261047582
Copyright © 2026 Realcomp Limited II. 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 ranch-style duplex contains two side-by-side residences, each arranged with two bedrooms and one bathroom. The 1,300-square-foot structure was built in 1925 on a slab foundation and includes forced-air heating, a public water supply, and an asphalt roof. The property requires significant updates and repairs throughout, creating a renovation-focused acquisition with a straightforward residential layout.
The 0.23-acre property is located in Orion Twp within a community offering lake privileges to Lake Orion. Multi-Family zoning supports the property’s duplex classification. Its compact footprint and two-unit configuration provide a clear basis for repositioning through renovation, subject to applicable approvals and requirements.
The 0.23-acre property is located in Orion Twp within a community offering lake privileges to Lake Orion. Multi-Family zoning supports the property’s duplex classification. Its compact footprint and two-unit configuration provide a clear basis for repositioning through renovation, subject to applicable approvals and requirements.
Key Highlights
- Side‑by‑side duplex with 2 bedrooms and 1 bathroom in each unit
- 1,300 square feet on a 0.23‑acre lot
- Built in 1925 with ranch‑style construction
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
$15,946
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
8.62%
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%
$318,920
$318.9K
Cap Rate 7%
$227,800
$227.8K
Cap Rate 9%
$177,178
$177.2K
Market Conditions
NOI Build-Up for 1,300 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
$30.3K $23.28/SF
− Vacancy
−$1.3K −$0.98/SF
EGI
$29.0K $22.30/SF
− OpEx
−$13.0K −$10.04/SF
NOI
$15.9K $12.27/SF
Area
Oakland County, MI
Vacancy
4.20%
Lease Rate
$23.28 /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%
$318,920
Cap Rate 7%
$227,800
Cap Rate 9%
$177,178
Alternative Uses
Best Use
Multifamily LT 5
$245.8K
$215.1K – $286.8K
NOI $17,207 @ 7.0% cap · market cap 9.30%
Second Best
Apartment 5plus
$227.8K
$199.3K – $265.8K
NOI $15,946 @ 7.0% cap · market cap 8.62%
Theoretical Best
Specialty Retail
$280.4K
$245.4K – $327.1K
NOI $19,628 @ 7.0% cap · market cap 10.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
111
Businesses Nearby
Explore this area
Business Placement
Demographics for 48362, MI
15,001
Population
6,428
Households
2.3
Avg Household Size
42
Median Age
44%
College-Educated
98%
High-School Grad
10.1 sq mi
ZIP Area
1,485
Density / Sq Mi
$108,667
Median Household Income
$51,826
Median Earnings
$1,095
Median Rent
$313,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Side-by-side layout with two bedrooms and one bathroom in each unit.
Where is this duplex located?
The property is located at 639 Heights Road Orion Twp, MI.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: Side‑by‑side duplex with 2 bedrooms and 1 bathroom in each unit; 1,300 square feet on a 0.23‑acre lot; Built in 1925 with ranch‑style construction
