Duplex With Separate Living
New
For Sale
$113,000
702 S Warner St, Bay City, MI 48706
Distinct upper and lower areas support flexible occupancy and rental arrangements in a two-unit residential property.
Property Size1,567 SF
Days on Market7
Property Features for 702 S Warner St
General Information
Standard status
Active
Size
1,567 SF
Property subtype
Investment
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,433
Building Details
Building Size
1,567 SF
Year Built
1890
Units
2
Listing Agency:
Century 21 Signature Realty
(989) 239-2895
Listed By:
Connie Reppuhn · License #6501253246
(989) 239-2895
Source:
Elliman
Added: Aug 15
Changed: Aug 16
Last Checked: Aug 20 at 7:51AM
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 Century 21 Signature Realty
Investment Insights
Based on property information with market context.
This duplex, built in 1890, features separate upper and lower living areas within a two-unit residential configuration. The arrangement supports distinct occupancy between the levels and can accommodate ownership or rental strategies.
The property is located at 702 S Warner St in Bay City, MI, within Bay County. Walk Score is 67, classified as Somewhat Walkable, while Bike Score is 44, classified as Somewhat Bikeable.
The property is located at 702 S Warner St in Bay City, MI, within Bay County. Walk Score is 67, classified as Somewhat Walkable, while Bike Score is 44, classified as Somewhat Bikeable.
Key Highlights
- Separate upper and lower living areas
- Two‑unit duplex configuration
- Built in 1890
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
$9,161
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
8.11%
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%
$183,220
$183.2K
Cap Rate 7%
$130,871
$130.9K
Cap Rate 9%
$101,789
$101.8K
Market Conditions
NOI Build-Up for 1,567 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
$14.1K $9.00/SF
− Vacancy
−$1.0K −$0.65/SF
EGI
$13.1K $8.35/SF
− OpEx
−$3.9K −$2.51/SF
NOI
$9.2K $5.85/SF
Area
Bay County, MI
Vacancy
7.20%
Lease Rate
$9.00 /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%
$183,220
Cap Rate 7%
$130,871
Cap Rate 9%
$101,789
Alternative Uses
Best Use
Multifamily LT 5
$130.9K
$114.5K – $152.7K
NOI $9,161 @ 7.0% cap · market cap 8.11%
Second Best
Apartment 5plus
$123.0K
$107.6K – $143.5K
NOI $8,610 @ 7.0% cap · market cap 7.62%
Theoretical Best
Office A
$283.7K
$248.2K – $331.0K
NOI $19,857 @ 7.0% cap · market cap 17.57%
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
646
Businesses Nearby
Explore this area
Business Placement
Demographics for 48706, MI
39,381
Population
18,163
Households
2.2
Avg Household Size
45
Median Age
24%
College-Educated
93%
High-School Grad
66.3 sq mi
ZIP Area
594
Density / Sq Mi
$61,908
Median Household Income
$40,151
Median Earnings
$887
Median Rent
$142,300
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 - Distinct upper and lower areas support flexible occupancy and rental arrangements in a two-unit residential property.
Where is this duplex located?
The property is located at 702 S Warner St Bay City, MI.
What is the asking price?
The asking price for this property is $113,000.
What are key features of this property?
This property features: Separate upper and lower living areas; Two‑unit duplex configuration; Built in 1890
