Remodeled
For Sale
$244,900
8976/8978 Delwood Drive, Freeland, MI 48623
Two updated residential units feature modern finishes and refreshed interiors for rental or owner-occupant use.
Property Size1,612 SF
Days on Market29
Property Features for 8976/8978 Delwood Drive
General Information
Standard status
Active
Size
1,612 SF
Property subtype
Multi Family Home
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,665
Building Details
Building Size
1,612 SF
Year Built
1965
Buildings
1
Stories
1
Units
2
Listing Agency:
Ayre Rhinehart Real Estate Partners
(989) 698-1241
Listed By:
Joshua Burch · License #MBR-6501370969
(989) 698-1241
Source:
Mid-land
Added: Jul 15
Changed: Aug 6
Last Checked: Aug 11 at 2:27PM
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 Ayre Rhinehart Real Estate Partners
Investment Insights
Based on property information with market context.
Built in 1965, this duplex includes two residential units that have undergone recent remodeling. Both interiors feature modern finishes and updated living spaces, providing a refreshed configuration for occupants and a straightforward two-unit ownership structure. The property supports either rental use or an owner-occupant arrangement with rental income from the second unit.
Key Highlights
- Two‑unit duplex configuration
- Both units recently remodeled
- Modern finishes throughout the updated interiors
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
$9,550
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
3.90%
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%
$191,000
$191.0K
Cap Rate 7%
$136,429
$136.4K
Cap Rate 9%
$106,111
$106.1K
Market Conditions
NOI Build-Up for 1,612 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
$14.7K $9.12/SF
− Vacancy
−$1.1K −$0.66/SF
EGI
$13.6K $8.46/SF
− OpEx
−$4.1K −$2.54/SF
NOI
$9.6K $5.92/SF
Area
Saginaw County, MI
Vacancy
7.20%
Lease Rate
$9.12 /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%
$191,000
Cap Rate 7%
$136,429
Cap Rate 9%
$106,111
Alternative Uses
Best Use
Multifamily LT 5
$136.4K
$119.4K – $159.2K
NOI $9,550 @ 7.0% cap · market cap 3.90%
Second Best
Apartment 5plus
$129.6K
$113.4K – $151.2K
NOI $9,071 @ 7.0% cap · market cap 3.70%
Theoretical Best
Specialty Retail
$297.8K
$260.6K – $347.5K
NOI $20,848 @ 7.0% cap · market cap 8.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
55
Businesses Nearby
Explore this area
Business Placement
Demographics for 48623, MI
15,105
Population
5,495
Households
2.7
Avg Household Size
41
Median Age
33%
College-Educated
96%
High-School Grad
72.8 sq mi
ZIP Area
207
Density / Sq Mi
$96,371
Median Household Income
$54,433
Median Earnings
$1,176
Median Rent
$230,300
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 - Two updated residential units feature modern finishes and refreshed interiors for rental or owner-occupant use.
Where is this duplex located?
The property is located at 8976/8978 Delwood Drive Freeland, MI.
What is the asking price?
The asking price for this property is $244,900.
What are key features of this property?
This property features: Two‑unit duplex configuration; Both units recently remodeled; Modern finishes throughout the updated interiors
