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Tom Wiltse
Up North Properties

Elk Rapids, MI 49629

231-498-2498
Contact Us

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Listing 11 out of 34
$219,900 Pending

10456 S Us-31
Elk Rapids, MI 49629

4 units | Multi Family Home
1.25 acre lot - MLS# 1836495
Property Photo
1/27

Description

This quality built structure, formally operated as The Timbers Motel in the 1960's, has been converted to the current four (4), one bedroom units which yields a super investment opportunity at a 8.9% cap rate. Realized zoning allows five (5) additional units to be erected on this 1.26 acre parcel and combined with the current-market rent (established below market), allows the new owner to increase rental income. This Multi-Family apartment building has been operating at full capacity with occupied leases for over 13 years. This great location is outside the village of Elk Rapids, close to all area commerce for the commuter, and walking distance to the sandy public beach at Elk Rapids Day Park. Schedule a showing today and seize this fabulous investment opportunity.

Features

  • Property Type: Multi Family Home
  • Sub Type: 4 - Plex
  • Listing Status: Pending
  • Listing Price: $219,900
  • County/Area: Antrim County
  • Zip Code: 49629
  • Year Built: 1959
  • School District: Elk Rapids Schools
  • Sq.Ft.: 2,100 sq ft
  • Stories: 2 Story
  • Units: 4 units
  • Basement: Slab
  • Acres: 1.25 acre lot
  • Zoning: Multi-Family
  • (A) # Similar Units: 1
  • (A) Bath: 1
  • (A) Bdrm: 1
  • (B) # Similar Units: 1
  • (B) Bath: 1
  • (B) Bdrm: 1
  • (C) # Similar Units: 1
  • (C) Bath: 1
  • (C) Bdrm: 1
  • (D) Bath: 1
  • (D) Bdrm: 1
  • (D) Sqft: 425
  • Additional Buildings: Garden/Storage Shed, Other
  • Appliances/Equipment: Refrigerator, Oven/Range, Water Softener (Owned), Ceiling Fan, Natural Gas Water Heater
  • Construction: Timber Frame
  • Electric Exp (Monthly): 83.33
  • Exterior Finish: Wood
  • Gross Operating Income: 28320
  • Heat Exp (Monthly): 124.08
  • Heating/Cooling Sources: Natural Gas
  • Heating/Cooling Type: Forced Air
  • Included In Lease: Exterior Maintenance, Trash Removal, Snow Removal, Heating/Cooling, Electric, Water, Sewer, Fixtures & Equipment, Fire Insurance
  • Insurance Exp (Monthly): 196.67
  • Interior Features: Drywall
  • Lease Terms: Year Lease
  • Lot Dimensions: 300x119x150x178x225
  • Net Operating Income: 19562
  • Road: Public Maintained, Easement Access, Blacktop
  • Roof: Asphalt
  • Sewer: Private Septic
  • TV Service/Internet Avail: Cable TV, Wifi
  • Total Operating Expense: 8758
  • Township: Elk Rapids
  • Water: Private Well
Courtesy of Exit Northern Shores Realty-Er


Tom Wiltse | 231-498-2498 | Contact Us 
103 First St Suite 8 - Elk Rapids, MI 49629
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