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    Riverfront Triplex Investment Opportunity Title is generated by Realmo AI

    7039 River Bend Drive, Onaway, MI 49765

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    For Sale
    $274,000

    MULTI_FAMILY - Bungalow - Onaway, MI

    Property size:
    2,484 SF
    Price / SF:
    $110/SF
    Added:
    Mar 12, 2026
    Days on Market:
    68
    Last Refresh:
    May 18 at 6:06 pm

    Property Features for 7039 River Bend Drive

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    5
    Bathrooms
    3
    Rooms
    Bedroom 5, Bathroom 1, Bathroom 2, Bedroom 2, Bedroom 4, Bedroom 1, Bedroom 3, Bathroom 3
    Standard status
    Active
    APN
    231-T04-001-002-01
    Size
    2,484 SF

    Taxes and HOA fees

    Tax Description
    PLAT OF TOWER Pond Sub No 2, Lot 2, BLK 1. (SEC 10, T34N,R1E)

    Utilities

    Sewer type
    Shared Septic
    Heating system
    Natural Gas
    Water source
    Well
    Water front
    1

    Building Details

    Number of units
    3
    Building materials
    Vinyl, Wood
    Architectural style
    Bungalow

    We can help!

    Listing Contact
    Daniel A Dougherty

    Listing agent Daniel A Dougherty License #6502358784

    Listing office State Wide Real Estate of Onaway P.O.BOX 333 21036 M-68 WEST, ONAWAY, MI

    Listing date Mar 12, 2026

    MLS# 201839001 Listing URL

    Copyright © 2026 Water Wonderland Board of Realtors®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Three homes on 90 feet of Black River/Tower Pond waterfront
    • Investment opportunity: currently used as rental units
    • Potential for family compound or live‑and‑rent arrangement
    • Unit 1: features a new water heater (June 2025), 2 bedrooms, 864 sq ft
    • Unit 2: 2 bedrooms, 900 sq ft
    • Unit 3: 1 bedroom, 700 sq ft

    Overview

    This property features three homes situated along 90 feet of the Black River/Tower Pond. Currently operating as rental units, these dwellings offer the potential to serve as a family compound or investment property. Unit 1 includes 2 bedrooms, with bedroom dimensions of 11.6x9.3 feet each, a kitchen measuring 9x11 feet, a living room of 13x17 feet, and a bathroom of 6x9 feet, totaling 864 square feet. Unit 2 offers 2 bedrooms, with bedroom dimensions of 12x13 feet and 10x11.5 feet, a combined kitchen and living area of 16x16 feet, a dining area of 7x11 feet, a pantry of 5x6 feet and a bathroom of 7x6 feet, totaling 900 square feet. Unit 3 features 1 bedroom measuring 10x10 feet, a combined kitchen, living, and dining area of 14x16 feet, and a bathroom of 9.5x6 feet, totaling 700 square feet. The total property size is 2484 square feet. The property is located in Onaway, Michigan.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Nursing Home Nursing Home

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Onaway
    County
    Presque Isle
    State
    Michigan
    Longitude
    -84.248221
    Latitude
    45.322607

    FAQs

    What type of property is this?
    Triplex - Three riverfront homes with rental income potential in Onaway, Michigan.
    Where is this triplex located?
    The property is located at 7039 River Bend Drive Onaway, MI.
    What is the asking price?
    The asking price for this property is $274,000.
    What are key features of this property?
    This property features: Three homes on 90 feet of Black River/Tower Pond waterfront; Investment opportunity: currently used as rental units; Potential for family compound or live‑and‑rent arrangement
    (989) 306-3460
    We can help!
    Listing Contact
    Daniel A Dougherty
    Real Estate License ID: 6502358784
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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