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Additional details
$ 799,000
Est. payment | /mo
17 Beds
10 Baths
7,066 SqFt
$ 799,000
Est. payment | /mo
17 Beds
10 Baths
7,066 SqFt
Key Details
Property Type Multi-Family
Sub Type MultiFamily
Listing Status Active
Purchase Type For Sale
Square Footage 7,066 sqft
Price per Sqft $113
MLS Listing ID 57050180653
Bedrooms 17
Full Baths 10
Year Built 1883
Lot Size 0.610 Acres
Acres 0.61
Property Sub-Type MultiFamily
Property Description
Rare investment opportunity! This fully occupied 10-unit apartment property spans four distinct buildings on a single lot, ideally located at the corner of E Front St and Kentucky Ave. Just steps from a park and tennis courts. Built in 1883 and thoughtfully updated, the property offers a mix of 1, 2, and 3-bedroom units, all with 1 bathroom, plus a shared coin-operated laundry. Recent renovations include new roofing, luxury vinyl plank flooring, updated water heaters, key-code entry locks, and interior upgrades throughout most units. Tenants are on one-year leases, with a strong rental history and consistent on-time payments. Current gross income is approx. $116,000/year (including laundry) with a pro forma potential of $121,000/year. Estimated annual expenses are approx. $26,000, with a current net operating income of about $90,000 and a cap rate near 10% at the asking price. Don't miss this chance to own a stabilized, income-producing multifamily property with upside potential in the heart of Monroe!
Location
State MI
County Monroe
Area Area06122Monroe
Interior
Heating Forced Air, Natural Gas, Separate Meters
Fireplace No
Exterior
View Y/N No
Building
Foundation Basement
Sewer Public Sewer
Water Public
New Construction No
Schools
School District Monroe
Others
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Special Listing Condition CorporateRelocation, ShortSaleNo
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Listed by Jacob Levicki of Real Estate One in Monroe