926 E Front Street new Save Request In-Person Tour Request Virtual Tour
Monroe,MI 48161
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 7,066 sqft
Price per Sqft $127
MLS Listing ID 57050180653
Full Baths 10
Year Built 1883
Annual Tax Amount $12,554
Lot Size 0.610 Acres
Acres 0.61
Lot Dimensions 128x209
Source Southeastern Border Association of REALTORS®
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
Interior
Heating Forced Air,Separate Meters
Fireplace no
Heat Source Natural Gas
Exterior
Garage no
Building
Foundation Basement
Sewer Public Sewer (Sewer-Sanitary)
Water Public (Municipal)
Level or Stories 2 Story
Schools
School District Monroe
Others
Pets Allowed Yes
Tax ID 554901491000
Ownership Corporate/Relocation,Short Sale - No
Acceptable Financing Cash,Conventional
Listing Terms Cash,Conventional
Financing Cash,Conventional
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