Remodeled Brick
New
For Sale
$295,000
708 Upton Ave, Springfield, MI 49037
Two-unit property offers central air, updated systems, and separate living spaces.
Property Size2,658 SF
Price / SF$110.99
Days on Market7
Property Features for 708 Upton Ave
General Information
Standard status
Active
Size
2,658 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
central air
Building Details
Year Built
1945
Construction
brick
Listing Agency:
Pearse Realty, Inc.
Listed By:
Scott Keith Hisler · License #6501381876
(269) 274-2234
Source:
Findmichiganhomelistings
Added: Sep 6
Changed: Sep 11
Last Checked: Sep 12 at 10:03AM
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 Pearse Realty, Inc.
Investment Insights
Based on property information with market context.
This brick duplex contains 2,658 square feet and was built in 1945. Recent improvements include resurfaced hardwood floors, new windows, updated plumbing and electrical systems, fresh paint, a blacktop driveway, and a new concrete patio. Central air serves both units, with 200 AMP electrical service and newer appliances, including gas stoves.
Both basements feature new egress windows, expanding the usable space. Unit 708 is the larger residence and includes a small recreation room, a small bedroom, an additional toilet, and a second shower. The property is located at 708 Upton Ave in Springfield, Michigan.
Both basements feature new egress windows, expanding the usable space. Unit 708 is the larger residence and includes a small recreation room, a small bedroom, an additional toilet, and a second shower. The property is located at 708 Upton Ave in Springfield, Michigan.
Key Highlights
- 2,658‑square‑foot brick duplex built in 1945
- Central air in both units with 200 AMP service
- Recent updates include plumbing, electrical, windows, paint, and hardwood flooring
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
$23,253
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
7.88%
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%
$465,060
$465.1K
Cap Rate 7%
$332,186
$332.2K
Cap Rate 9%
$258,367
$258.4K
Market Conditions
NOI Build-Up for 2,658 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
$35.1K $13.20/SF
− Vacancy
−$1.9K −$0.70/SF
EGI
$33.2K $12.50/SF
− OpEx
−$10.0K −$3.75/SF
NOI
$23.3K $8.75/SF
Area
Calhoun County, MI
Vacancy
5.32%
Lease Rate
$13.20 /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%
$465,060
Cap Rate 7%
$332,186
Cap Rate 9%
$258,367
Alternative Uses
Best Use
Multifamily LT 5
$332.2K
$290.7K – $387.6K
NOI $23,253 @ 7.0% cap · market cap 7.88%
Second Best
Apartment 5plus
$288.6K
$252.6K – $336.7K
NOI $20,204 @ 7.0% cap · market cap 6.85%
Theoretical Best
Healthcare Medical
$31.53M
$27.59M – $36.79M
NOI $2,207,110 @ 7.0% cap · market cap 748.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
200
Businesses Nearby
Explore this area
Business Placement
Demographics for 49037, MI
21,427
Population
9,971
Households
2.1
Avg Household Size
37
Median Age
12%
College-Educated
88%
High-School Grad
19.3 sq mi
ZIP Area
1,110
Density / Sq Mi
$42,598
Median Household Income
$32,024
Median Earnings
$843
Median Rent
$90,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property offers central air, updated systems, and separate living spaces.
Where is this duplex located?
The property is located at 708 Upton Ave Springfield, MI.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: 2,658‑square‑foot brick duplex built in 1945; Central air in both units with 200 AMP service; Recent updates include plumbing, electrical, windows, paint, and hardwood flooring
