524 State Street
Petoskey, MI 49770

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Description

Classic, well-maintained 6-unit multifamily in a walkable Petoskey neighborhood near downtown, schools, and employment. Mix of renovated units with durable finishes; exterior paint, porch rebuild, foundation work, breezeway update, and other recent upgrades. In-place rent ~$8,150/mo with stable tenancy. City utilities. Clean common areas, covered front porch, and landscaped grounds. Strong rental history with opportunity to continue interior refresh program and capture market rent on renewals/turns.

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: 6 units
• Basement: Michigan Basement, Yes, Yes
• Lot Size: 7122 sq ft lot
• Annual Utilities: 5587.3
• Construction Materials: Wood Siding, Other
• Cross Street: Waukazoo & Woodland
• Gross Income: 97800
• Heat Source: Natural Gas
• Heat Type: Forced Air
• Heating: Forced Air
• Insurance Expense: 5312
• Lot Size Area: 0.16
• Lot Size Square Feet: 7120
• Lot Size Units: Square Feet
• Main Type: Multi Family
• Manager Expense: 7041.03
• Number Of Buildings: 1
• Number Of Diff Unit Floor Plans: 6
• Operating Expense: 44575.65
• Owner Pays: Electricity, Gas, Sewer, Trash Collection, Water
• Parcel Number: 52-19-05-100-090
• Possession: Close Of Escrow, Subject To Tenant Rights
• Road Frontage: 50
• Road Surface Type: Paved
• Roof: Composition
• SEV: 146300
• Sewer: Public Sewer
• Street Type: Paved
• Tax Annual Amount: 15500
• Tax Legal Description: VILLAGE OF PETOSKEY CITY LOT 6 BLK 6. 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: Cable Connected, Natural Gas Connected, Electricity Connected, Electricity Available, Natural Gas Available
• Water Source: Public Water