Duplex with Private
For Sale
$259,000
9044 Kephart Lane, Berrien Springs, MI 49103
Both residences offer two bedrooms and main-level laundry, with separate garage access for each unit.
Property Size1,820 SF
Days on Market17
Property Features for 9044 Kephart Lane
General Information
Standard status
Active
Size
1,820 SF
Total Parking Spaces
4
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR/1BA, 1 x 2BR/1.5BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,770
Amenities
main level laundry
Building Details
Building Size
1,820 SF
Year Built
1971
Units
2
Tenancy
Multi
Listing Agency:
@properties Christie's International R.E.
(269) 325-6698
Listed By:
David Jardine · License #6501406777
(269) 325-6698
Source:
Phgrealty
Added: Aug 11
Changed: Aug 24
Last Checked: Aug 26 at 9:49AM
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 @properties Christie's International R.E.
Investment Insights
Based on property information with market context.
This duplex includes two separate residences, each with two bedrooms and main-level laundry. The first unit has one full bath and a spacious kitchen, while the second provides one full bath, an additional half bath, and updated flooring. Each residence has access to its own private garage. Constructed in 1971, the property has a roof less than five years old, and tenants pay all utilities.
The property is located in the Berrien Springs area near Andrews University. Walk Score is 62 and Bike Score is 72, providing documented walkability and bike access context. The property address is 9044 Kephart Ln, Oronoko Charter Township, MI 49103.
The property is located in the Berrien Springs area near Andrews University. Walk Score is 62 and Bike Score is 72, providing documented walkability and bike access context. The property address is 9044 Kephart Ln, Oronoko Charter Township, MI 49103.
Key Highlights
- Duplex with 2 residential units
- Each unit offers 2 bedrooms and main‑level laundry
- First unit includes 1 full bath and a spacious kitchen
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
$16,646
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
6.43%
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%
$332,920
$332.9K
Cap Rate 7%
$237,800
$237.8K
Cap Rate 9%
$184,956
$185.0K
Market Conditions
NOI Build-Up for 1,820 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
$25.1K $13.80/SF
− Vacancy
−$1.3K −$0.73/SF
EGI
$23.8K $13.07/SF
− OpEx
−$7.1K −$3.92/SF
NOI
$16.6K $9.15/SF
Area
Berrien County, MI
Vacancy
5.32%
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%
$332,920
Cap Rate 7%
$237,800
Cap Rate 9%
$184,956
Alternative Uses
Best Use
Multifamily LT 5
$237.8K
$208.1K – $277.4K
NOI $16,646 @ 7.0% cap · market cap 6.43%
Second Best
Apartment 5plus
$212.2K
$185.7K – $247.6K
NOI $14,855 @ 7.0% cap · market cap 5.74%
Theoretical Best
Office A
$383.0K
$335.1K – $446.8K
NOI $26,808 @ 7.0% cap · market cap 10.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
179
Businesses Nearby
Explore this area
Business Placement
Demographics for 49103, MI
11,508
Population
4,833
Households
2.4
Avg Household Size
39
Median Age
52%
College-Educated
94%
High-School Grad
44.8 sq mi
ZIP Area
257
Density / Sq Mi
$61,888
Median Household Income
$32,524
Median Earnings
$878
Median Rent
$224,500
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 - Both residences offer two bedrooms and main-level laundry, with separate garage access for each unit.
Where is this duplex located?
The property is located at 9044 Kephart Lane Berrien Springs, MI.
What is the asking price?
The asking price for this property is $259,000.
What are key features of this property?
This property features: Duplex with 2 residential units; Each unit offers 2 bedrooms and main‑level laundry; First unit includes 1 full bath and a spacious kitchen
