16-Unit Apartment
For Sale
Contact for pricing
710 Dewitt Dr, Dewitt, MI 48820
Four separate buildings offer individually entered apartments with resident laundry and dedicated mechanical systems.
Property Size12,668 SF
Price / SF$130.25
Days on Market134
Property Features for 710 Dewitt Dr
General Information
Standard status
Active
Size
12,668 SF
Class
B
Total Parking Spaces
32
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$159,963
Units
Unit Mix
16 x 2BR/1BA
Multifamily Units
16
Additional Details
Gross Income
$210,000
Utilities to Site
Yes
Amenities
common washer and dryer
Building Details
Year Built
1972
Buildings
4
Stories
1
Units
16
Tenancy
Multi
Listing Agency:
Greater Development LLC
(360) 989-5395
Listed By:
Brady Williams · License #MI 6501413257
Source:
Crexi
Added: Apr 20
Changed: Aug 31
Last Checked: Aug 31 at 5:03AM
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 Greater Development LLC
Investment Insights
Based on property information with market context.
Park Place Apartments comprises 16 apartments across four buildings, with four units in each structure. Every residence includes two bedrooms, one bathroom, approximately 800 square feet, and a separate entrance. The property was built in 1972 and features slab construction, siding on the second level, forced heat, and air conditioning. Each apartment has its own furnace and exterior condenser.
Residents have access to a common washer and dryer in each building, while parking exceeds two spaces per unit. Electricity and gas are separately metered to each apartment, with tenants responsible for those utilities; the landlord pays for water and trash. Utility charges can also be billed back to residents under current operating practices. The property is located at 710 Dewitt Dr in Dewitt, Michigan.
Residents have access to a common washer and dryer in each building, while parking exceeds two spaces per unit. Electricity and gas are separately metered to each apartment, with tenants responsible for those utilities; the landlord pays for water and trash. Utility charges can also be billed back to residents under current operating practices. The property is located at 710 Dewitt Dr in Dewitt, Michigan.
Key Highlights
- 16 units arranged as four buildings with four apartments per building
- Each apartment offers 2 bedrooms, 1 bathroom, approximately 800 square feet, and a separate entrance
- 100% occupied apartment property
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
$102,737
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
6.23%
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%
$2,054,740
$2.1M
Cap Rate 7%
$1,467,671
$1.5M
Cap Rate 9%
$1,141,522
$1.1M
Market Conditions
NOI Build-Up for 12,668 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
$199.1K $15.72/SF
− Vacancy
−$12.3K −$0.97/SF
EGI
$186.8K $14.75/SF
− OpEx
−$84.1K −$6.64/SF
NOI
$102.7K $8.11/SF
Area
Clinton County, MI
Vacancy
6.20%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
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%
$2,054,740
Cap Rate 7%
$1,467,671
Cap Rate 9%
$1,141,522
Alternative Uses
Best Use
Apartment 5plus
$1.47M
$1.28M – $1.71M
NOI $102,737 @ 7.0% cap · market cap 6.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.58M
$2.26M – $3.01M
NOI $180,495 @ 7.0% cap · market cap 10.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
230
Businesses Nearby
Explore this area
Business Placement
Demographics for 48820, MI
17,944
Population
7,002
Households
2.6
Avg Household Size
41
Median Age
45%
College-Educated
97%
High-School Grad
65.8 sq mi
ZIP Area
273
Density / Sq Mi
$106,651
Median Household Income
$60,611
Median Earnings
$1,098
Median Rent
$318,400
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?
Apartment building - Four separate buildings offer individually entered apartments with resident laundry and dedicated mechanical systems.
Where is this apartment building located?
The property is located at 710 Dewitt Dr Dewitt, MI.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: 16 units arranged as four buildings with four apartments per building; Each apartment offers 2 bedrooms, 1 bathroom, approximately 800 square feet, and a separate entrance; 100% occupied apartment property
