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,… Read More 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! Read Less
Provided through IDX through Realcomp II Ltd. Courtesy of Real Estate One in Monroe, (734) 244-5605
Listing Snapshot
Days Online
278
Last Updated
Property Type
Commercial
Square Ft.
7,066
Lot Size
0.61 Acres
Year Built
1883
MLS Number
57050180679
30 Days Snapshot Of 48161
$166k
-36%
(avg) sold price
13
-27%
homes sold
104
+18%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
Built in 1883, 7,066 total square feet, Unit count: 0
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