Duplex with Private
For Sale
$250,000
Pending
946-948 Hogsback Road, Mason, MI 48854
Separate garage parking serves both units, with side yards and basement expansion potential.
Property Size786 SF
Days on Market229
Property Features for 946-948 Hogsback Road
General Information
Standard status
Pending
Size
786 SF
Property subtype
Multi Family / 2 to 4 Units
Taxes and HOA fees
Annual Taxes
$1,071
Amenities
Window Unit(s), Yes
Forced Air, Yes
Yes
Forced Air
Natural Gas
Window Unit(s)
In Basement, Main Level
0.0
Other
Garages
Paved, Public
Full
Aluminum Siding, Brick
Building Details
Year Built
1970
Units
2
Listing Agency:
Century 21 Affiliated - Jackson
(517) 775-1388
Listed By:
Logan Everett · License #6501411675
(517) 775-1388
Source:
Compass
Added: Jan 14
Changed: Aug 30
Last Checked: Aug 30 at 6:02PM
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 Century 21 Affiliated - Jackson
Investment Insights
Based on property information with market context.
This two-unit property, constructed in 1970, includes a one-car garage for each residence, insulated vinyl windows, and full basements with plumbing stubs for future bathrooms. Both units also have side-yard areas, while Unit 1 includes main-level laundry and a Trex deck accessible from the dining room.
Unit 1 has an updated kitchen with newer stainless steel appliances and a remodeled bathroom. A new water heater was installed in January 2026, following a roof replacement in 2020 and drain field replacement in 2014. Unit 2 is currently leased, while Unit 1 is available for an owner-occupant or a new tenant.
Unit 1 has an updated kitchen with newer stainless steel appliances and a remodeled bathroom. A new water heater was installed in January 2026, following a roof replacement in 2020 and drain field replacement in 2014. Unit 2 is currently leased, while Unit 1 is available for an owner-occupant or a new tenant.
Key Highlights
- Two‑unit property with a one‑car garage assigned to each unit
- Unit 2 is currently leased; Unit 1 is available for an owner‑occupant or new tenant
- Full basements include plumbing stubs for future bathrooms
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
$7,124
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
2.85%
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%
$142,480
$142.5K
Cap Rate 7%
$101,771
$101.8K
Cap Rate 9%
$79,156
$79.2K
Market Conditions
NOI Build-Up for 786 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
$10.8K $13.80/SF
− Vacancy
−$669 −$0.85/SF
EGI
$10.2K $12.95/SF
− OpEx
−$3.1K −$3.88/SF
NOI
$7.1K $9.06/SF
Area
Ingham County, MI
Vacancy
6.17%
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%
$142,480
Cap Rate 7%
$101,771
Cap Rate 9%
$79,156
Alternative Uses
Best Use
Multifamily LT 5
$101.8K
$89.1K – $118.7K
NOI $7,124 @ 7.0% cap · market cap 2.85%
Second Best
Apartment 5plus
$91.5K
$80.0K – $106.7K
NOI $6,403 @ 7.0% cap · market cap 2.56%
Theoretical Best
Office A
$126.3K
$110.5K – $147.3K
NOI $8,840 @ 7.0% cap · market cap 3.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
71
Businesses Nearby
Explore this area
Business Placement
Demographics for 48854, MI
19,804
Population
7,853
Households
2.5
Avg Household Size
41
Median Age
39%
College-Educated
95%
High-School Grad
113.3 sq mi
ZIP Area
175
Density / Sq Mi
$91,956
Median Household Income
$46,992
Median Earnings
$1,136
Median Rent
$240,600
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 - Separate garage parking serves both units, with side yards and basement expansion potential.
Where is this duplex located?
The property is located at 946-948 Hogsback Road Mason, MI.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Two‑unit property with a one‑car garage assigned to each unit; Unit 2 is currently leased; Unit 1 is available for an owner‑occupant or new tenant; Full basements include plumbing stubs for future bathrooms
