Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Two-Unit Residential Income Property Title is generated by Realmo AI

    821 COTEY, Cadillac, MI 49601

    View on Map
    Claim this Listing
    New
    For Sale
    $155,000

    multifamily - CADILLAC, MI

    Property size:
    1,250 SF
    Lot size:
    0.17 Acres
    Price / SF:
    $124/SF
    Added:
    Jun 2, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 3 at 6:06 am

    Property Features for 821 COTEY

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Interior features
    OVEN/RANGE, OVEN/RANGE, OVEN/RANGE, GAS WATER HEATER, BOOKCASES, LAUNDRY: LAUNDRY HOOK-UP, REFRIGERATOR
    Standard status
    Active
    Size
    1,250 SF
    Lot size
    0.17 Acres

    Utilities

    Utilities
    Water Available
    Heating system
    Forced Air, Natural Gas

    Building Details

    Year built
    1900
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Rhonda VanderVelde

    Listing agent Rhonda VanderVelde

    Listing office Cadillac 2721 Sunnyside Drive, MI

    Listing date Jun 2, 2026

    MLS# 1944708 Listing URL

    Copyright © 2026 Coldwell Banker Schmidt REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Two‑unit property with a tenant in the upper unit for 30+ years
    • Lower unit is ready for your vision—move in or rent
    • Heating: forced air with natural gas
    • Metal roof
    • Utilities: water available
    • Interior features include oven/range, gas water heater, refrigerator, and laundry hookup

    Overview

    This duplex features two residential units within a total 1,250 square feet, situated on a 0.17-acre lot. The upper unit has an existing steady tenant with over 30 years of occupancy. The lower unit is currently ready for your vision, giving you the flexibility to move in yourself or rent it out as an additional income stream.

    Located at 821 COTEY in Cadillac, Michigan (Wexford County), the property is described as conveniently positioned to all local amenities. That convenience can be a practical benefit for tenants and helps support the day-to-day livability of the asset.

    For investors, the current in-place occupancy in the upper unit provides immediate rental continuity, while the lower unit’s condition presents a clear value-add angle. For owner-occupants, the layout allows you to live in one unit while using the other for rental income, with the added benefit of tailoring improvements to your preferences in the lower unit.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cadillac
    County
    Wexford
    State
    Michigan
    Longitude
    -85.400473
    Latitude
    44.259229

    Nearby Similar for Sale

    • $975,000
      12,135 SF

      Historic Kramer Building in Cadillac

      Iconic, income-producing mixed-use property in Cadillac's vibrant downtown.
      117 N Mitchell Street, Cadillac, MI 49601
      View Details
    • $2,340,000
      47,945 SF

      Mitchell Street Mall Investment Opportunity

      91% leased retail center with high cash-on-cash return.
      1508 N Mitchell Street, Cadillac, MI 49601
      View Details
    • $399,900
      4,456 SF

      Spacious Residential Property in Cadillac

      Large home on 2.86 acres with potential for various uses.
      3821 S 39 Road, Cadillac, MI 49601
      View Details
    • $350,000
      3,300 SF

      Iconic General Store with Renovated Apartment

      Established convenience store and restaurant with a renovated 4-bedroom apartment.
      2020 E 24 Road, Cadillac, MI 49601
      View Details
    • $309,900
      2,300 SF

      Well-Maintained Office Building in Cadillac

      Office building with nine private offices and ample storage.
      1200 S Mitchell Street, Cadillac, MI 49601
      View Details
    • $309,900
      2,300 SF

      Well-Maintained Office Building in Cadillac

      Office building with nine private offices and ample storage.
      1200 S Mitchell Street, Cadillac, MI 49601
      View Details
    • $224,900
      2,050 SF

      Salon Business & Historic Cadillac Property

      Thriving salon business and real estate in downtown Cadillac for sale.
      309 N Mitchell Street, Cadillac, MI 49601
      View Details
    • $265,000
      1,700 SF

      Two-Unit Bi-Level Duplex

      Turnkey two 2-bedroom units with in-unit laundry, outdoor decks, and a long-held rental track record.
      2897 S 39 Road, Cadillac, MI 49601
      View Details
    • $595,000
      6,850 SF

      Cadillac Commercial Property with Event Center

      Three buildings on 2.25 acres with event center.
      916 S Mitchell Street, Cadillac, MI 49601
      View Details
    • $595,000
      6,850 SF

      Turnkey Restaurant, Retail, Event Center

      Three buildings on 2.25 acres with high visibility and expansion potential.
      916 S Mitchell Street, Cadillac, MI 49601
      View Details
    • $215,000
      2,314 SF

      Updated Triplex in Cadillac Historic District

      Income-producing triplex near downtown Cadillac with strong rental history.
      415 E Harris Street, Cadillac, MI 49601
      View Details
    • $1,590,000
      23,725 SF

      Self-Storage and Office Investment Opportunity

      Self-storage and office complex with long-term tenants in Cadillac, MI.
      1337 N Mitchell Street, Cadillac, MI 49601
      View Details

    FAQs

    What type of property is this?
    Duplex - Upper unit is occupied by a long-term tenant, while the lower unit offers an upgrade or move-in opportunity.
    Where is this duplex located?
    The property is located at 821 COTEY Cadillac, MI.
    What is the asking price?
    The asking price for this property is $155,000.
    What are key features of this property?
    This property features: Two‑unit property with a tenant in the upper unit for 30+ years; Lower unit is ready for your vision—move in or rent; Heating: forced air with natural gas
    (231) 920-3333
    We can help!
    Listing Contact
    Rhonda VanderVelde
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    821 COTEY, CADILLAC, MI 49601
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!