$546,000
$599,900
9.0%For more information regarding the value of a property, please contact us for a free consultation.
4 Baths
0.42 Acres Lot
SOLD DATE : 12/05/2024
Key Details
Sold Price $546,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Municipality Northfield Twp
Subdivision Northfield Twp
MLS Listing ID 20240070578
Sold Date 12/05/24
HOA Y/N true
Originating Board Realcomp
Year Built 1927
Annual Tax Amount $4,690
Lot Size 0.420 Acres
Acres 0.42
Lot Dimensions 182X101
Property Description
Welcome to 9317 Main Street, located in the heart of downtown Whitmore Lake. This fully renovated multifamily property presents an outstanding investment opportunity. The property consists of four one-bedroom, one-bathroom units, three of which are already operating as highly profitable Airbnb rentals. The fourth unit is leased long-term but is set to transition to a short-term rental after the lease expires in May, bringing the projected annual gross income to over $101,000. This investment offers a strong current cap rate of 9.6%, which will increase to 12.1% once all units are fully utilized as short-term rentals. The property’s prime location provides guests with easy deeded across the road to Whitmore Lake, an all-sports lake spanning 667 acres. The lake is a major draw for Airbnb guests, ensuring near 100% occupancy on summer weekends with an average nightly rental rate of $117. The property has undergone extensive renovations the past few years, including new roofs, windows, doors, electrical systems, and plumbing, along with updated heating and cooling systems. All four units have been fully remodeled with modern interiors, including new drywall, flooring, kitchens, and bathrooms, ensuring a turnkey investment for the new owner. The units are fully furnished, with the option to purchase the furnishings with the sale. With 12 parking spaces, tenants have ample convenience, and the property is within walking distance of local shops, restaurants, and a marina where boat rentals are available. Currently self-managed via Airbnb, the property allows flexibility for investors to continue with this model. Zoned for multifamily residential use with potential for commercial applications, this property offers both a stable income stream and future growth opportunities.
Location
State MI
County Washtenaw
Area Ann Arbor/Washtenaw - A
Zoning Commercial,Multi-Family,M
Direction Take 23 to Whitmore Lake Exit. Take Main Street to East Shore property is on the right.
Rooms
Basement Slab
Interior
Heating Forced Air
Cooling Central Air, Wall Unit(s)
Exterior
Amenities Available Pets Allowed
Waterfront Description Lake
View Y/N No
Handicap Access No Step Entrance
Building
Water Well
Structure Type Log
Schools
School District Whitmore Lake
Others
Tax ID B00205328023
Acceptable Financing Cash, Conventional, FHA
Listing Terms Cash, Conventional, FHA
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