$525,000
$550,000
4.5%For more information regarding the value of a property, please contact us for a free consultation.
5 Beds
8 Baths
4,675 SqFt
SOLD DATE : 08/31/2023
Key Details
Sold Price $525,000
Property Type Multi-Family
Sub Type Contemporary,Farmhouse,Other,Quadruplex,Triplex,Upper/Lower Apartment,Craftsman
Listing Status Sold
Purchase Type For Sale
Square Footage 4,675 sqft
Price per Sqft $112
MLS Listing ID 20230010629
Sold Date 08/31/23
Style Contemporary,Farmhouse,Other,Quadruplex,Triplex,Upper/Lower Apartment,Craftsman
Bedrooms 5
Full Baths 8
Originating Board Realcomp II Ltd
Year Built 1974
Annual Tax Amount $5,269
Lot Size 3.680 Acres
Acres 3.68
Lot Dimensions Irregular
Property Description
Amazing opportunity to purchase an income producing water front asset! 8 Apartment units are spread between 2 separate buildings. There are (5) 1 bed/1 bath units, plus (3) studio units that have all been recently upgraded with new paint, flooring, carpet, cabinets, appliances, and more. New roof in 2020, new well, and other recent major upgrades. Each unit has a full bathroom and private entrance. On site parking lot and individual electric meters allow for ease of management, plus recently upgraded and inspected private well and septic systems result in low utility costs. Value add opportunities exist with creating AirBnb STRs (highlighting the water front), on site laundry systems (room to install in maintenance areas), increasing to market rents (details in attached document, OM), and switching utilities into tenant's names. Currently, units are leased with several leases expiring in late 2023. Income projections are shown at full occupancy with market stabilized rents. Contact LA directly for offering memorandum showing detailed financials, property projections, and more. Buyer's agent to verify all information.
Location
State MI
County Oakland
Area Highland Twp
Zoning Multi-Family,Multiple
Direction From US-23 cruise East on M-59 (Highland Rd.). After Harvey Lake Rd. look to the South and you will find this exquisite investment asset ideally situated close to downtown Milford and growing Pontiac. Easily access GM and other large business locations, plus retail and restaurant spaces
Body of Water No Name
Rooms
Basement Finished, Walkout Access, Common
Interior
Interior Features Smoke Alarm, Cable Available, Carbon Monoxide Alarm(s), Circuit Breakers, High Spd Internet Avail
Hot Water Natural Gas, Separate Meters
Heating Forced Air, Separate Meters
Cooling Separate Meter, Window Unit(s)
Fireplace no
Heat Source Natural Gas
Exterior
Exterior Feature Lighting
Garage Spaces 10.0
Waterfront Description Direct Water Frontage,Lake Front,No Motor Lake,Pond,Private Water Frontage,Water Front
Roof Type Asphalt
Porch Breezeway
Road Frontage Paved
Garage no
Building
Foundation Basement
Sewer Septic Tank (Existing)
Water Well (Existing)
Architectural Style Contemporary, Farmhouse, Other, Quadruplex, Triplex, Upper/Lower Apartment, Craftsman
Level or Stories 2 Story
Structure Type Brick,Block/Concrete/Masonry,Other,Vinyl,Wood
Schools
School District Huron Valley
Others
Pets Allowed Yes
Tax ID 1123304002
Ownership Corporate/Relocation,Short Sale - No
Acceptable Financing Cash, Conventional, Owner May Carry(Purchase Money Mortgage), Trade/Exchange, VA, Warranty Deed
Rebuilt Year 2023
Listing Terms Cash, Conventional, Owner May Carry(Purchase Money Mortgage), Trade/Exchange, VA, Warranty Deed
Financing Cash,Conventional,Owner May Carry(Purchase Money Mortgage),Trade/Exchange,VA,Warranty Deed
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