Building Details

Year Built 1976

Units 2

Listing Agency: Five Star Real Estate k***@workwithmoxie.com Show Phone

Listed By: Kyle J Kimble · License #6501367416 Show Phone

Source: Elliman

Added: Jun 23 Changed: Aug 8 Last Checked: Aug 17 at 7:21AM

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Investment Insights

Based on property information with market context.

This side-by-side duplex (701-703 Coleman St SE) offers two units with 3 bedrooms and 1 bathroom each, plus approximately 1,300 square feet of finished living space per unit. The property includes central air conditioning in both units and separate metering for water and sewer, along with gas and electric service. Storage is available within the homes, and the backyard includes a tranquil stream feature. Major mechanical updates have already been completed, including newer furnaces, water heaters, and an A/C condenser, helping reduce near-term capital expenditure needs.

The duplex is located in Cutlerville, MI 49548 on a quiet, low-traffic street with single-family homes nearby. The listing notes it can also be purchased together with 661/663 Coleman St SE, located three parcels down the street, providing a potential option for buyers seeking to assemble multiple properties in the same area. BikeScore is 38 (Somewhat Bikeable) and WalkScore is 41 (Car-Dependent).

For tenants, buyers, or owner-occupants, the layout provides two self-contained residences under one ownership structure, with separately metered utilities that can support operational simplicity. The completed mechanical improvements and central air in both units are practical considerations for long-term day-to-day management, whether you plan to occupy one side or run the property as a rental.

Key Highlights

• Side‑by‑side duplex built in 1976 with two units on a low‑traffic street in Byron Center School District
• Each unit has 3 bedrooms, 1 bathroom, and approximately 1,300 SF of finished living space
• Major mechanical updates include newer furnaces, water heaters, and an A/C condenser

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

$13,784

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

3.54%

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%

$275,680 $275.7K

Cap Rate 7%

$196,914 $196.9K

Cap Rate 9%

$153,156 $153.2K

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

$21.1K $16.20/SF

− Vacancy

−$1.4K −$1.05/SF

EGI

$19.7K $15.15/SF

− OpEx

−$5.9K −$4.54/SF

NOI

$13.8K $10.60/SF

Area

Grand Rapids, MI

Vacancy

6.50%

Lease Rate

$16.20 /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%

$275,680

Cap Rate 7%

$196,914

Cap Rate 9%

$153,156

Alternative Uses

Best Use

Multifamily LT 5

$196.9K

$172.3K – $229.7K (±1% cap)

NOI $13,784 @ 7.0% cap · market cap 3.54%

Second Best

Apartment 5plus

$176.3K

$154.3K – $205.7K (±1% cap)

NOI $12,340 @ 7.0% cap · market cap 3.17%

Theoretical Best

Specialty Retail

$301.7K

$264.0K – $352.0K (±1% cap)

NOI $21,119 @ 7.0% cap · market cap 5.43%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Duplexes

Suggested Use

Top Pick Law Firm Dental Office Restaurant Spa & Massage Center Real Estate Agency Hair Salon

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

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

506

Businesses Nearby

Explore this area Business Placement

Demographics for 49548, MI

34,741

Population

13,174

Households

2.6

Avg Household Size

34

Median Age

17%

College-Educated

86%

High-School Grad

10.8 sq mi

ZIP Area

3,217

Density / Sq Mi

$62,218

Median Household Income

$35,831

Median Earnings

$1,129

Median Rent

$149,500

Median Home Value

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?

Duplex - Well-maintained side-by-side duplex with updated mechanicals and separately metered utilities for flexible ownership.

Where is this duplex located?

The property is located at 701-703 Coleman St SE Cutlerville, MI.

What is the asking price?

The asking price for this property is $389,000.

What are key features of this property?

This property features: Side‑by‑side duplex built in 1976 with two units on a low‑traffic street in Byron Center School District; Each unit has 3 bedrooms, 1 bathroom, and approximately 1,300 SF of finished living space; Major mechanical updates include newer furnaces, water heaters, and an A/C condenser