Turnkey Duplex Income
934 Michigan Ave St Joseph, MI 49085
For Sale
$335,000
Pending
Turnkey duplex with two leased units, each offering two bedrooms and one bathroom with eat-in kitchen amenities.
Property Size1,800 SF
Days on Market18
Property Features for 934 Michigan Ave
General Information
- Standard status
- Pending
- Size
- 1,800 SF
- Property subtype
- Investment
Building Details
- Year Built
- 1951
Listing Agency:
(269) 325-3804
Listed By:
Jamie Kastelic · License #6501446059
(269) 325-3804
Source:
Elliman
Added: Jul 8
Changed: Jul 20
Last Checked: Jul 25 at 9:28AM
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 Jamie Kastelic
Investment Insights
Based on property information with market context.
This turnkey duplex is set up as a residential income property with two separate, leased units. Each unit includes two bedrooms and one bathroom and features eat-in kitchen space with stainless steel appliances and a central island. Both units provide separate basements for additional storage and convenient laundry space.
The property is located in St. Joseph, Michigan, and is described as being just minutes from Lake Michigan’s Silver Beach and downtown access. WalkScore and bikeScore are provided as 45 and 42, respectively, indicating a more car-dependent setting.
With both units currently occupied and income-generating, the property offers a straightforward duplex configuration centered on updated interiors and practical in-unit basement storage and laundry.
The property is located in St. Joseph, Michigan, and is described as being just minutes from Lake Michigan’s Silver Beach and downtown access. WalkScore and bikeScore are provided as 45 and 42, respectively, indicating a more car-dependent setting.
With both units currently occupied and income-generating, the property offers a straightforward duplex configuration centered on updated interiors and practical in-unit basement storage and laundry.
Key Highlights
- Turnkey duplex built in 1951 with both units currently leased for $3,400/month total ($1,700/month each).
- Each unit features 2 bedrooms, 1 bathroom, and about 900 SF of living space.
- Eat‑in kitchen in each unit with stainless steel appliances and a central island.
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $24.8k | $13.80 |
| − Vacancy | −$1.3k | −$0.73 |
| EGI | $23.5k | $13.07 |
| − OpEx | −$7.1k | −$3.92 |
| NOI | $16.5k | $9.15 |
1,800 SF · lease $13.80/SF/yr · vacancy 5.32% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$235.2K
$205.8K – $274.4K
NOI $16,463 @ 7.0% cap · market cap 4.91%
Second Best
Apartment 5plus
$209.9K
$183.6K – $244.9K
NOI $14,691 @ 7.0% cap · market cap 4.39%
Theoretical Best
Office A
$378.8K
$331.4K – $441.9K
NOI $26,514 @ 7.0% cap · market cap 7.91%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - Turnkey duplex with two leased units, each offering two bedrooms and one bathroom with eat-in kitchen amenities.
Where is this duplex located?
The property is located at 934 Michigan Ave St Joseph, MI.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: Turnkey duplex built in 1951 with both units currently leased for $3,400/month total ($1,700/month each).; Each unit features 2 bedrooms, 1 bathroom, and about 900 SF of living space.; Eat‑in kitchen in each unit with stainless steel appliances and a central island.
