Two-Unit Duplex with Private
New
For Sale
$159,000
801-803 Corunna Avenue, Owosso, MI 48867
MULTIFAMILY, Owosso, MI
Property Size1,536 SF
Lot Size0.20 Acres
Price / SF$103.52
Days on Market2
Property Features for 801-803 Corunna Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 2, Bedroom 1, Bedroom 4, Bathroom 2, Bathroom 1
Appliances
Range/Oven, Refrigerator
Elementary school district
Owosso Public Schools
Middle school district
Owosso Public Schools
High school district
Owosso Public Schools
Subdivision
Owosso (78018)
Standard status
Active
APN
050-710-001-008-00
Size
1,536 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Annual Amount
3478
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
eat-in kitchen
laundry closet
private driveway
Building Details
Year built
1995
Floors in Building
1
Number of units
2
Listing Agency:
Re/Max of Owosso
(989) 725-8119
Listed By:
Kim Omer · License #6501141258
(989) 723-7599
Added: Aug 21
Last Checked: Aug 22 at 4:06AM
MLS# 50219461
Copyright © 2026 Greater Shiawassee Regional 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.
Investment Insights
Based on property information with market context.
This one-story duplex contains 1,536 square feet across two apartments, each offering 2 bedrooms, 1 full bathroom, a living room, an eat-in kitchen, and a laundry closet within the kitchen area. Private driveways serve the individual units and provide dedicated off-street parking. The property was built in 1995 and includes range/ovens, refrigerators, forced-air heating, central air, and public water.
Key Highlights
- Two apartments, each with 2 bedrooms and 1 full bathroom
- 1,536 square feet in a one‑story duplex built in 1995
- Private driveway for each apartment with dedicated off‑street parking
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
$12,621
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
7.94%
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%
$252,420
$252.4K
Cap Rate 7%
$180,300
$180.3K
Cap Rate 9%
$140,233
$140.2K
Market Conditions
NOI Build-Up for 1,536 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
$19.4K $12.60/SF
− Vacancy
−$1.3K −$0.86/SF
EGI
$18.0K $11.74/SF
− OpEx
−$5.4K −$3.52/SF
NOI
$12.6K $8.22/SF
Area
Shiawassee County, MI
Vacancy
6.84%
Lease Rate
$12.60 /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%
$252,420
Cap Rate 7%
$180,300
Cap Rate 9%
$140,233
Alternative Uses
Best Use
Multifamily LT 5
$180.3K
$157.8K – $210.4K
NOI $12,621 @ 7.0% cap · market cap 7.94%
Second Best
Apartment 5plus
$161.3K
$141.1K – $188.2K
NOI $11,289 @ 7.0% cap · market cap 7.10%
Theoretical Best
Office A
$292.8K
$256.2K – $341.7K
NOI $20,499 @ 7.0% cap · market cap 12.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
329
Businesses Nearby
Explore this area
Business Placement
Demographics for 48867, MI
27,596
Population
12,660
Households
2.2
Avg Household Size
42
Median Age
20%
College-Educated
92%
High-School Grad
136.0 sq mi
ZIP Area
203
Density / Sq Mi
$58,718
Median Household Income
$37,908
Median Earnings
$834
Median Rent
$145,600
Median Home Value
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 - One-story income property with two-bedroom apartments, in-unit laundry closets, and dedicated off-street parking.
Where is this duplex located?
The property is located at 801-803 Corunna Avenue Owosso, MI.
What is the asking price?
The asking price for this property is $159,000.
What are key features of this property?
This property features: Two apartments, each with 2 bedrooms and 1 full bathroom; 1,536 square feet in a one‑story duplex built in 1995; Private driveway for each apartment with dedicated off‑street parking
