Log Cabin Style Duplex
For Sale
$319,900
6997 N Conway Rd, Alanson, MI 49706
Two updated units in a log cabin-style duplex each include two bedrooms, one bath, and separate metering.
Property Size1,204 SF
Lot Size1.20 Acres
Price / SF$265.70
Days on Market49
Property Features for 6997 N Conway Rd
General Information
Standard status
Active
Size
1,204 SF
Lot size
1.20 Acres
Property subtype
Multifamily, Hospitality
Zoning
LTT R-2
Additional Details
Multifamily Units
2
Building Details
Building Size
1,204 SF
Year Renovated
2023
Listing Agency:
Graham Real Estate
(231) 526-6251
Listed By:
Drew Bartlett
(231) 526-6251
Source:
Cpix.resimplifi
Added: Jul 6
Changed: Aug 8
Last Checked: Aug 23 at 2:27AM
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 Graham Real Estate
Investment Insights
Based on property information with market context.
This log cabin style duplex offers two separate units, each updated in 2023. Each unit features an open floor plan with two bedrooms and one bathroom, plus a deck off the front. Shared laundry is available, and each unit also includes a full basement. Units are metered separately, supporting individual utility tracking.
The property sits on 1.2 wooded acres and includes a new roof installed in 2024. A current lease is in place.
As a residential income property, the duplex provides a straightforward two-unit setup with independent metering and dedicated living space within each unit’s layout and basement.
The property sits on 1.2 wooded acres and includes a new roof installed in 2024. A current lease is in place.
As a residential income property, the duplex provides a straightforward two-unit setup with independent metering and dedicated living space within each unit’s layout and basement.
Key Highlights
- Log cabin‑style duplex on 1.2 wooded acres, with each unit offering two bedrooms and 1 bathroom
- Each unit was updated in 2023 and features an open floor plan, plus a deck off the front
- Separate utility metering for each unit
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
$10,725
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
3.35%
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%
$214,500
$214.5K
Cap Rate 7%
$153,214
$153.2K
Cap Rate 9%
$119,167
$119.2K
Market Conditions
NOI Build-Up for 1,204 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
$16.2K $13.44/SF
− Vacancy
−$861 −$0.72/SF
EGI
$15.3K $12.72/SF
− OpEx
−$4.6K −$3.82/SF
NOI
$10.7K $8.91/SF
Area
Emmet County, MI
Vacancy
5.32%
Lease Rate
$13.44 /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%
$214,500
Cap Rate 7%
$153,214
Cap Rate 9%
$119,167
Alternative Uses
Best Use
Multifamily LT 5
$153.2K
$134.1K – $178.8K
NOI $10,725 @ 7.0% cap · market cap 3.35%
Second Best
Apartment 5plus
$136.1K
$119.1K – $158.8K
NOI $9,527 @ 7.0% cap · market cap 2.98%
Theoretical Best
Warehouse
$272.5K
$238.4K – $317.9K
NOI $19,073 @ 7.0% cap · market cap 5.96%
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
9
Businesses Nearby
Explore this area
Business Placement
Demographics for 49706, MI
5,062
Population
2,893
Households
1.7
Avg Household Size
42
Median Age
22%
College-Educated
92%
High-School Grad
58.5 sq mi
ZIP Area
87
Density / Sq Mi
$63,573
Median Household Income
$37,105
Median Earnings
$943
Median Rent
$208,500
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 updated units in a log cabin-style duplex each include two bedrooms, one bath, and separate metering.
Where is this duplex located?
The property is located at 6997 N Conway Rd Alanson, MI.
What is the asking price?
The asking price for this property is $319,900.
What are key features of this property?
This property features: Log cabin‑style duplex on 1.2 wooded acres, with each unit offering two bedrooms and 1 bathroom; Each unit was updated in 2023 and features an open floor plan, plus a deck off the front; Separate utility metering for each unit
