224 Chandler Street
Romeo, MI 48065

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Description

LAND CONTRACT TERMS: $230,000 DOWN 7% AMORTIZED OVER 30 YEARS, BALLOON BALANCE AFTER 5 YEARS....Excellent investment opportunity in the heart of Romeo just walking distance to vibrant downtown shops, restaurants, and community events. This well-maintained 4-unit multi-family property features two spacious 1-bedroom, 1-bath units, including two main-level units and two upper studio units. Two of the units offer full basements for additional storage and functionality. All units are occupied by long-term tenants, providing immediate and stable cash flow. Current gross monthly income is $3,415 with strong upside potential, as market rents could support income exceeding $4,000 per month. The property offers plenty of on-site parking to accommodate all occupants. The owner currently pays water, a small common electric bill, gas, lawn care, and snow removal. The roof is newer, and the building has been consistently well maintained, contributing to excellent tenant retention. To avoid disturbing tenants, showings will be scheduled upon an accepted offer only.

Features

• Property Type: Multi Family Home
• Sub Type: Multi Family Home
• Listing Status: Active
• County/Area: Macomb County
• Zip Code: 48065
• Year Built: 1950
• Subdivision/Neighborhood: Village Of Romeo
• School District: Romeo
• Basement: Yes
• Lot Size: 7841 sq ft lot
• Association: Yes
• Association Amenities: Pets Allowed
• Construction Materials: Aluminum Siding, Brick
• Directions: West of Main St North side of Saint Clair
• Gross Income: 40980
• Heat Source: Natural Gas
• Heating: Forced Air
• Lot Size Area: 0.18
• Lot Size Square Feet: 7840.8
• Lot Size Units: Acres
• MLS Area Major: Macomb County - 50
• MLS Area Minor: Macomb County - 50
• Main Type: Multi Family
• Operating Expense: 14152
• Parcel Number: 0135352011
• SEV: 184500
• Street Type: Paved
• Tax Annual Amount: 8427.19
• Tax Legal Description: T5N R12E SEC 35 ASSESSOR PLAT NO 2 A PART OF LOT 22 DESC AS; BEG AT A PTE ON W LINE LOT 22 N00*08'E 175.52 FT FR SW COR LOT 22; TH EXT N00*E 120.70 FT ALG W LINE LOT 22; TH N88*47'05"E 66.0 FT ALG N LINE OF LOT 22; TH S00*07'52"W 121.74 FT ALG E LINE LOT 22; TH S89*41'W 66.0 FT TO POB. VILLAGE OF ROMEO MANATRON #: 043-502-022-20
• Total Approx Sq Ft All Bldgs: 2366
• Total Num Units: 4
• Township: Village of Romeo