624 Michigan Street
Petoskey, MI 49770

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Description

Victorian-style 5-unit in the heart of Petoskey with excellent walkability. Extensive recent work: new roof/fascia, two-coat exterior paint, remodeled breezeways, upgraded electrical/plumbing in select units, full unit renovations with updated kitchens/baths, and a new laundry room build-out. In-place rent ~$7,500/mo with proven demand. City utilities. Appealing curb presence with bay windows and tasteful landscaping. Solid in-place operations with value in continued unit optimization and amenity enhancements.

Features

• Property Type: Multi Family Home
• Sub Type: Multi Family
• Listing Status: Active
• County/Area: Emmet County
• Zip Code: 49770
• Year Built: 1900
• School District: Petoskey
• Units: 5 units
• Basement: Michigan Basement, Yes, Yes
• Lot Size: 7440 sq ft lot
• Annual Utilities: 6197.47
• Construction Materials: Wood Siding
• Cooling: None, Mini-Split
• Cross Street: Harvey & Woodland
• Extras: Laundry Facility
• Gross Income: 90000
• Heat Source: Electric, Natural Gas
• Heat Type: Forced Air, Wall Furnace, Mini-Split
• Heating: Forced Air, Wall Furnace
• Insurance Expense: 5312
• Laundry Features: Common Area, Laundry Closet, Lower Level
• Lot Description: Sidewalk
• Lot Features: Sidewalk
• Lot Size Area: 0.17
• Lot Size Square Feet: 7439
• Lot Size Units: Square Feet
• Main Type: Multi Family
• Manager Expense: 6484.89
• Number Of Buildings: 1
• Number Of Diff Unit Floor Plans: 5
• Operating Expense: 39932.48
• Owner Pays: Electricity, Gas, Sewer, Trash Collection, Water
• Parcel Number: 52-19-05-179-001
• Possession: Close Of Escrow, Subject To Tenant Rights
• Road Frontage: 50
• Road Surface Type: Paved
• Roof: Composition
• SEV: 162600
• Sewer: Public Sewer
• Street Type: Paved, Public
• Tax Annual Amount: 10400
• Tax Legal Description: CHARLES CARMICHAEL'S ADD. LOT 4 BLK 3 ALSO .5 FT OF W SIDE OF W SIDE OF N 87' OF LOT 3 BLK 3. SECTION 5, T34N, R5W.
• Tax Year: 2024
• Terms Available: Cash, Conventional, FHA
• Township: Petoskey City
• Util Availat Street: High Speed Internet, Electricity Available, Natural Gas Available, Public Sewer, Public Water
• Utilities: Natural Gas Connected, Electricity Connected, Electricity Available, Natural Gas Available
• Water Source: Public Water