Updated Duplex with Two
For Sale
$394,000
7228 S M 88 Hwy, Bellaire, MI 49615
Two-level property includes remodeled kitchens, bathrooms, windows, plumbing, electrical systems, and laundry accommodations.
Property Size1,784 SF
Price / SF$220.85
Days on Market12
Property Features for 7228 S M 88 Hwy
General Information
Standard status
Active
Size
1,784 SF
Property subtype
Residential Income
Property Condition
Severity
Repairs Needed
Evidence
One lower-level bedroom is currently non-conforming
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,737
Amenities
laundry accommodations
Building Details
Buildings
1
Listing Agency:
Keller Williams Northern Michigan
(231) 360-0739
Listed By:
Julia Pietrowicz · License #6502372398
(231) 360-0739
Source:
Exprealty
Added: Aug 19
Changed: Aug 30
Last Checked: Aug 30 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 Keller Williams Northern Michigan
Investment Insights
Based on property information with market context.
This 1,784-square-foot duplex contains two units with updated interiors and separate laundry arrangements. Improvements include wood, tile, and LVP flooring, replacement windows, upgraded plumbing and electrical systems, modernized kitchens with newer appliances, and remodeled bathrooms. Laundry is located in the upstairs bathroom, while the lower unit has a separate laundry room. One lower-level bedroom is currently non-conforming; an egress window could be added to improve its functionality.
The property is located at 7228 S M 88 Hwy in Bellaire, across from a campground. The residence currently shares a parcel with a retail building and pole building, and the seller will split the property before closing.
The property is located at 7228 S M 88 Hwy in Bellaire, across from a campground. The residence currently shares a parcel with a retail building and pole building, and the seller will split the property before closing.
Key Highlights
- 1,784 SF duplex configured with two residential units
- Recent updates include windows, plumbing, electrical, flooring, kitchens, appliances, and bathrooms
- Laundry accommodations serve both levels
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
$14,064
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
3.57%
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%
$281,280
$281.3K
Cap Rate 7%
$200,914
$200.9K
Cap Rate 9%
$156,267
$156.3K
Market Conditions
NOI Build-Up for 1,784 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
$23.3K $13.08/SF
− Vacancy
−$3.2K −$1.82/SF
EGI
$20.1K $11.26/SF
− OpEx
−$6.0K −$3.38/SF
NOI
$14.1K $7.88/SF
Area
Antrim County, MI
Vacancy
13.90%
Lease Rate
$13.08 /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%
$281,280
Cap Rate 7%
$200,914
Cap Rate 9%
$156,267
Alternative Uses
Best Use
Multifamily LT 5
$200.9K
$175.8K – $234.4K
NOI $14,064 @ 7.0% cap · market cap 3.57%
Second Best
Apartment 5plus
$192.1K
$168.1K – $224.2K
NOI $13,449 @ 7.0% cap · market cap 3.41%
Theoretical Best
Office A
$317.5K
$277.8K – $370.4K
NOI $22,224 @ 7.0% cap · market cap 5.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
14
Businesses Nearby
Explore this area
Business Placement
Demographics for 49615, MI
4,161
Population
3,575
Households
1.2
Avg Household Size
57
Median Age
44%
College-Educated
97%
High-School Grad
68.4 sq mi
ZIP Area
61
Density / Sq Mi
$78,750
Median Household Income
$38,635
Median Earnings
$775
Median Rent
$257,000
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 - Two-level property includes remodeled kitchens, bathrooms, windows, plumbing, electrical systems, and laundry accommodations.
Where is this duplex located?
The property is located at 7228 S M 88 Hwy Bellaire, MI.
What is the asking price?
The asking price for this property is $394,000.
What are key features of this property?
This property features: 1,784 SF duplex configured with two residential units; Recent updates include windows, plumbing, electrical, flooring, kitchens, appliances, and bathrooms; Laundry accommodations serve both levels
