2023-Built Four-Unit Townhouse
New
For Sale
$1,190,000
710 Water Street, East Jordan, MI 49727
Four attached residences feature private outdoor space, dedicated carports, separate utility metering, and contemporary mechanical systems.
Property Size5,360 SF
Price / SF$222.01
Days on Market7
Property Features for 710 Water Street
General Information
Standard status
Active
Size
5,360 SF
Property subtype
Multi-family
Financials
Asking Price
$1,190,000
Gross Income
$104,400
Units
Unit Mix
3 x 3BR/2.5BA, 1 x 2BR/2.5BA
Multifamily Units
4
Additional Details
Utilities to Site
Yes
Amenities
private rear decks
carports
central air conditioning
appliances
Building Details
Year Built
2023
Listing Agency:
Berkshire Hathaway HomeServices Real Estate - BC
Listed By:
Brienna Roberts
(231) 439-2000
Source:
Harborsir
Added: Sep 5
Changed: Sep 10
Last Checked: Sep 11 at 12:47PM
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 Berkshire Hathaway HomeServices Real Estate - BC
Investment Insights
Based on property information with market context.
Built in 2023, this four-unit townhouse property at 710 Water Street includes three residences with three bedrooms and 2.5 bathrooms, plus one residence with two bedrooms and 2.5 bathrooms. All units have ensuite bedrooms or baths, private rear decks, dedicated carports, full appliance packages installed in 2023, natural gas forced-air heat, and central air conditioning. Utilities are separately metered for each residence.
The property is served by city water and city sewer and has a low-maintenance exterior. Units 3 and 4 have been occupied by the same tenants for three years, while the other two units have had consistent occupancy by different tenants. Units 1 and 4 are conveyed fully furnished. A 2-hour fire-rated separation wall between the residences was incorporated into the structure, supporting the possibility of future individual condominium conversion. The property is located in East Jordan, Michigan.
The property is served by city water and city sewer and has a low-maintenance exterior. Units 3 and 4 have been occupied by the same tenants for three years, while the other two units have had consistent occupancy by different tenants. Units 1 and 4 are conveyed fully furnished. A 2-hour fire-rated separation wall between the residences was incorporated into the structure, supporting the possibility of future individual condominium conversion. The property is located in East Jordan, Michigan.
Key Highlights
- Four‑unit townhouse property built in 2023
- Three 3‑bedroom, 2.5‑bath units and one 2‑bedroom, 2.5‑bath unit
- Private rear decks, dedicated carports, and full appliance packages installed in 2023
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
$49,189
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
4.13%
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%
$983,780
$983.8K
Cap Rate 7%
$702,700
$702.7K
Cap Rate 9%
$546,544
$546.5K
Market Conditions
NOI Build-Up for 5,360 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
$74.0K $13.80/SF
− Vacancy
−$3.7K −$0.69/SF
EGI
$70.3K $13.11/SF
− OpEx
−$21.1K −$3.93/SF
NOI
$49.2K $9.18/SF
Area
Charlevoix County, MI
Vacancy
5.00%
Lease Rate
$13.80 /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%
$983,780
Cap Rate 7%
$702,700
Cap Rate 9%
$546,544
Alternative Uses
Best Use
Multifamily LT 5
$702.7K
$614.9K – $819.8K
NOI $49,189 @ 7.0% cap · market cap 4.13%
Second Best
Apartment 5plus
$627.4K
$549.0K – $732.0K
NOI $43,919 @ 7.0% cap · market cap 3.69%
Theoretical Best
Office A
$1.08M
$949.4K – $1.27M
NOI $75,949 @ 7.0% cap · market cap 6.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
160
Businesses Nearby
Explore this area
Business Placement
Demographics for 49727, MI
6,887
Population
4,075
Households
1.7
Avg Household Size
46
Median Age
24%
College-Educated
92%
High-School Grad
120.0 sq mi
ZIP Area
57
Density / Sq Mi
$70,288
Median Household Income
$42,500
Median Earnings
$821
Median Rent
$187,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four attached residences feature private outdoor space, dedicated carports, separate utility metering, and contemporary mechanical systems.
Where is this quadplex located?
The property is located at 710 Water Street East Jordan, MI.
What is the asking price?
The asking price for this property is $1,190,000.
What are key features of this property?
This property features: Four‑unit townhouse property built in 2023; Three 3‑bedroom, 2.5‑bath units and one 2‑bedroom, 2.5‑bath unit; Private rear decks, dedicated carports, and full appliance packages installed in 2023
