44
See all 44 photos
$899,900
Est. payment /mo
17 Beds
10 Baths
7,066 SqFt
New
926 E Front Street Monroe, MI 48161
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Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 7,066 sqft
Price per Sqft $127
Subdivision Mi
MLS Listing ID 50180653
Style 2 Story
Bedrooms 17
Full Baths 10
Year Built 1883
Annual Tax Amount $12,554
Lot Size 0.610 Acres
Acres 0.61
Lot Dimensions 128x209
Property Sub-Type Multi-Family
Property Description
Rare investment opportunity! This fully occupied 10-unit apartment property spans four distinct buildings on a single lot, ideally located at the corner of E Front St and Kentucky Ave. Just steps from a park and tennis courts. Built in 1883 and thoughtfully updated, the property offers a mix of 1, 2, and 3-bedroom units, all with 1 bathroom, plus a shared coin-operated laundry. Recent renovations include new roofing, luxury vinyl plank flooring, updated water heaters, key-code entry locks, and interior upgrades throughout most units. Tenants are on one-year leases, with a strong rental history and consistent on-time payments. Current gross income is approx. $116,000/year (including laundry) with a pro forma potential of $121,000/year. Estimated annual expenses are approx. $26,000, with a current net operating income of about $90,000 and a cap rate near 10% at the asking price. Don't miss this chance to own a stabilized, income-producing multifamily property with upside potential in the heart of Monroe!
Location
State MI
County Monroe
Area Monroe (58026)
Interior
Heating Forced Air
Fireplace No
Building
Story 2 Story
Foundation Basement
Water Public Water
Schools
School District Monroe Public Schools
Others
Ownership LLC
SqFt Source Public Records
Energy Description Natural Gas
Financing Cash,Conventional
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Listed by eXp Realty LLC in Monroe