138 E Sheridan Street
Petoskey, MI 49770

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Description

Well-located 5-unit close to downtown and services. Four units renovated (new electric, drywall, flooring); two new water-heater pumps; parking lot sealed/striped; roof ~5 years old. In-place rent ~$8,100/mo with a mix of renovated and durable finishes. City utilities. Large lot with on-site parking and green space. Attractive cash flow today with upside on future turns and light exterior 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
• # of Parking Spaces: 8
• Lot Size: 3.43 acres
• Annual Utilities: 7320.96
• Construction Materials: Vinyl Siding
• Cross Street: Emmet & Sheridan
• Driveway: Shared Paved
• Gross Income: 97200
• Heat Source: Natural Gas
• Heat Type: Forced Air
• Heating: Forced Air
• Insurance Expense: 5312
• Laundry Features: Common Area, Laundry Closet
• Lot Size Area: 3.43
• Lot Size Square Feet: 149411
• Lot Size Units: Square Feet
• Main Type: Multi Family
• Manager Expense: 5859.36
• Number Of Buildings: 1
• Number Of Diff Unit Floor Plans: 5
• Operating Expense: 44968.92
• Owner Pays: Electricity, Gas, Sewer, Trash Collection, Water
• Parcel Number: 52-19-06-477-001
• Road Frontage: 153
• Road Surface Type: Paved
• Roof: Composition
• SEV: 150000
• Sewer: Public Sewer
• Street Type: Paved
• Tax Annual Amount: 12200
• Tax Legal Description: MARTIN KIRWAN'S ADD. LOT 3 BLK 2, ALSO E 44 FT OF LOT 5 BLK 2 ALSO W 15 FT OF LOT 10 BLK 2. SECTION 6, 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