Two-Unit Duplex with City
For Sale
$249,900
825 & 827 Vance Street, East Jordan, MI 49727
R1-zoned property containing two residences, each configured with two bedrooms and supported by municipal utilities.
Property Size1,344 SF
Price / SF$185.94
Days on Market57
Property Features for 825 & 827 Vance Street
General Information
Standard status
Active
Size
1,344 SF
Property subtype
Multifamily, Hospitality
Zoning
R1
Units
Unit Mix
2 x 2BR
Multifamily Units
2
Building Details
Building Size
1,344 SF
Listing Agency:
Graham Real Estate
(231) 526-6251
Listed By:
Tom Graham
(231) 526-6251
Source:
Cpix.resimplifi
Added: Jul 6
Changed: Aug 31
Last Checked: Aug 31 at 12:50PM
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 Graham Real Estate
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.
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 = 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
$12,334
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
4.94%
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%
$246,680
$246.7K
Cap Rate 7%
$176,200
$176.2K
Cap Rate 9%
$137,044
$137.0K
Market Conditions
NOI Build-Up for 1,344 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
$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 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%
$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
NOI $12,334 @ 7.0% cap · market cap 4.94%
Second Best
Apartment 5plus
$157.3K
$137.7K – $183.6K
NOI $11,013 @ 7.0% cap · market cap 4.41%
Theoretical Best
Office A
$272.1K
$238.1K – $317.4K
NOI $19,044 @ 7.0% cap · market cap 7.62%
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
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
Questions? Ask Rey
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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
