Building Details

Building Size 1,344 SF

Listing Agency: Graham Real Estate

Listed By: Tom Graham Show Phone

Source: Cpix.resimplifi

Added: Jul 6 Changed: Oct 8 Last Checked: Oct 14 at 7:35PM

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Investment Insights

Based on property information with market context.

Located at 825 & 827 Vance Street in East Jordan, this 1,344-square-foot duplex contains two separate two-bedroom residences. The property is zoned R1 and served by city utilities, providing a straightforward residential income configuration within the city.

The duplex is near East Jordan Tourist Park, Lake Charlevoix swimming access, and the East Jordan City boat launch. Family Fare grocery store and other city conveniences are also nearby. Its two-unit layout provides separate residences under one property address, with each unit offering a two-bedroom configuration.

Key Highlights

• 1,344‑square‑foot duplex with two separate residences
• Two two‑bedroom units
• R1 zoning

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$12,334

Cap Rate

4.94%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$246,680 $246.7K

Cap Rate 7%

$176,200 $176.2K

Cap Rate 9%

$137,044 $137.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,344 SF

Gross rent

$18.5K $13.80/SF

− Vacancy

−$927 −$0.69/SF

EGI

$17.6K $13.11/SF

− OpEx

−$5.3K −$3.93/SF

NOI

$12.3K $9.18/SF

Area

Charlevoix County, MI

Vacancy

5.00%

Lease Rate

$13.80 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$246,680

Cap Rate 7%

$176,200

Cap Rate 9%

$137,044

Alternative Uses

Best Use

Multifamily LT 5

$176.2K

$154.2K – $205.6K (±1% cap)

NOI $12,334 @ 7.0% cap · market cap 4.94%

Second Best

Apartment 5plus

$157.3K

$137.7K – $183.6K (±1% cap)

NOI $11,013 @ 7.0% cap · market cap 4.41%

Theoretical Best

Office A

$272.1K

$238.1K – $317.4K (±1% cap)

NOI $19,044 @ 7.0% cap · market cap 7.62%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Parking Lot & Garage Furniture & Home Goods Storage Facility Kitchen & Bath Showroom Cafe & Coffee Shop Computer & Electronic Repair

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

160

Businesses Nearby

Explore this area Business Placement

Demographics for 49727, MI

6,887

Population

4,075

Households

1.7

Avg Household Size

46

Median Age

24%

College-Educated

92%

High-School Grad

120.0 sq mi

ZIP Area

57

Density / Sq Mi

$70,288

Median Household Income

$42,500

Median Earnings

$821

Median Rent

$187,700

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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2023-Built Four-Unit Townhouse Complex

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Frequently Asked Questions

What type of property is this?

Duplex - R1-zoned property containing two residences, each configured with two bedrooms and supported by municipal utilities.

Where is this duplex located?

The property is located at 825 & 827 Vance Street East Jordan, MI.

What is the asking price?

The asking price for this property is $249,900.

What are key features of this property?

This property features: 1,344‑square‑foot duplex with two separate residences; Two two‑bedroom units; R1 zoning