Ranch-Style
For Sale
$294,900
803 Randy Lane, Saint Johns, MI 48879
One-owner duplex with established tenants and city rental inspections current through 2029.
Property Size1,792 SF
Price / SF$164.56
Days on Market33
Property Features for 803 Randy Lane
General Information
Standard status
Active
Size
1,792 SF
Property subtype
Residential Income
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Construction
Ranch
Listing Agency:
RE/MAX Real Estate Professionals Dewitt
(517) 669-8118
Listed By:
Wayne Petersen
(517) 204-5039
Source:
Exprealty
Added: Aug 4
Changed: Sep 3
Last Checked: Sep 4 at 11:15AM
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 RE/MAX Real Estate Professionals Dewitt
Investment Insights
Based on property information with market context.
This one-owner ranch-style duplex contains 1,792 square feet and has an established rental history supported by long-term tenants. City rental inspections are current through 2029, providing a documented inspection status for the property.
Located at 803 Randy Lane in St. Johns, the duplex is near the milk plant, downtown area, US27, and M21. The highway access provides a commuter-oriented location, while showings require 24-hour notice.
Located at 803 Randy Lane in St. Johns, the duplex is near the milk plant, downtown area, US27, and M21. The highway access provides a commuter-oriented location, while showings require 24-hour notice.
Key Highlights
- 1,792‑square‑foot ranch‑style duplex
- One‑owner property with long‑term tenants
- Established rental history
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
$16,186
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
5.49%
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%
$323,720
$323.7K
Cap Rate 7%
$231,229
$231.2K
Cap Rate 9%
$179,844
$179.8K
Market Conditions
NOI Build-Up for 1,792 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
$24.7K $13.80/SF
− Vacancy
−$1.6K −$0.90/SF
EGI
$23.1K $12.90/SF
− OpEx
−$6.9K −$3.87/SF
NOI
$16.2K $9.03/SF
Area
Clinton County, MI
Vacancy
6.50%
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%
$323,720
Cap Rate 7%
$231,229
Cap Rate 9%
$179,844
Alternative Uses
Best Use
Multifamily LT 5
$231.2K
$202.3K – $269.8K
NOI $16,186 @ 7.0% cap · market cap 5.49%
Second Best
Apartment 5plus
$207.6K
$181.7K – $242.2K
NOI $14,533 @ 7.0% cap · market cap 4.93%
Theoretical Best
Office A
$364.8K
$319.2K – $425.6K
NOI $25,533 @ 7.0% cap · market cap 8.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
186
Businesses Nearby
Explore this area
Business Placement
Demographics for 48879, MI
17,980
Population
7,521
Households
2.4
Avg Household Size
42
Median Age
23%
College-Educated
95%
High-School Grad
191.3 sq mi
ZIP Area
94
Density / Sq Mi
$78,845
Median Household Income
$46,934
Median Earnings
$884
Median Rent
$215,100
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-owner duplex with established tenants and city rental inspections current through 2029.
Where is this duplex located?
The property is located at 803 Randy Lane Saint Johns, MI.
What is the asking price?
The asking price for this property is $294,900.
What are key features of this property?
This property features: 1,792‑square‑foot ranch‑style duplex; One‑owner property with long‑term tenants; Established rental history
