Remodeled 7-Unit Apartment
For Sale
$440,000
801 S Mill St, Clio, MI 48420
7-unit apartment complex remodeled between 2020 and 2024.
Property Size3,327 SF
Lot Size0.95 Acres
Days on Market164
Property Features for 801 S Mill St
General Information
Standard status
Active
Size
3,327 SF
Lot size
0.95 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$7,942
Building Details
Building Size
3,327 SF
Units
7
Listing Agency:
HamadyRobinson, REALTORSÂ
(305) 766-9630
Listed By:
Andrea Robinson · License #6502419274
(305) 766-9630
Source:
Elliman
Added: Mar 10
Changed: Aug 14
Last Checked: Aug 20 at 9:25AM
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 HamadyRobinson, REALTORSÂ
Investment Insights
Based on property information with market context.
This is a 7-unit apartment complex. The property is conveniently located across from VGs and within walking distance to schools and shopping. The exterior was remodeled in 2017, including siding, roof and asphalt. All units were completely remodeled between 2020 and 2024. The unit mix includes 3 one-bedroom apartments, 1 two-bedroom apartment, 1 three-bedroom apartment, 1 efficiency apartment, and a separate small house with one bedroom. Each unit has a separate electric, water heater, and heat source.
Key Highlights
- All units completely remodeled between 2020 and 2024.
- Exterior remodeled in 2017, including siding, roof, and asphalt.
- Convenient location across from VGs and within walking distance to schools and shopping.
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
$25,496
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
5.79%
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%
$509,920
$509.9K
Cap Rate 7%
$364,229
$364.2K
Cap Rate 9%
$283,289
$283.3K
Market Conditions
NOI Build-Up for 3,327 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
$49.1K $14.76/SF
− Vacancy
−$2.7K −$0.83/SF
EGI
$46.4K $13.93/SF
− OpEx
−$20.9K −$6.27/SF
NOI
$25.5K $7.66/SF
Area
Genesee County, MI
Vacancy
5.60%
Lease Rate
$14.76 /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%
$509,920
Cap Rate 7%
$364,229
Cap Rate 9%
$283,289
Alternative Uses
Best Use
Apartment 5plus
$364.2K
$318.7K – $424.9K
NOI $25,496 @ 7.0% cap · market cap 5.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$700.1K
$612.6K – $816.8K
NOI $49,006 @ 7.0% cap · market cap 11.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
279
Businesses Nearby
Explore this area
Business Placement
Demographics for 48420, MI
21,771
Population
9,136
Households
2.4
Avg Household Size
45
Median Age
18%
College-Educated
91%
High-School Grad
66.4 sq mi
ZIP Area
328
Density / Sq Mi
$63,427
Median Household Income
$40,420
Median Earnings
$797
Median Rent
$177,800
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 - 7-unit apartment complex remodeled between 2020 and 2024.
Where is this apartment building located?
The property is located at 801 S Mill St Clio, MI.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: All units completely remodeled between 2020 and 2024.; Exterior remodeled in 2017, including siding, roof, and asphalt.; Convenient location across from VGs and within walking distance to schools and shopping.
