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Sold for $215,000 on Jan 8, 2018
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.