926 E Front Street Active Save Request In-Person Tour Request Virtual Tour
Monroe,MI 48161
Key Details
Property Type Commercial
Sub Type Commercial/Industrial
Listing Status Active
Purchase Type For Sale
Square Footage 7,066 sqft
Price per Sqft $127
Subdivision Mi
MLS Listing ID 50180679
Year Built 1883
Lot Size 0.610 Acres
Acres 0.61
Lot Dimensions 128x209
Property Sub-Type Commercial/Industrial
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)
Building
Water Public Water
Others
Ownership LLC
Financing Cash,Conventional