Whitmore Lake, MI 48189 8014,9317 MAIN Street
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Whitmore Lake, MI 48189 8014,9317 MAIN Street
Whitmore Lake, MI 48189 8014,9317 MAIN Street
Whitmore Lake, MI 48189 8014,9317 MAIN Street
Whitmore Lake, MI 48189 8014,9317 MAIN Street

$546,000

Est. payment /mo

$599,900

9.0%
Est.Price: ?

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9317 MAIN Street Whitmore Lake, MI 48189 8014

4 Baths

1,710 SqFt

SOLD DATE : 12/05/2024

Key Details

Sold Price $546,000

Property Type Multi-Family

Sub Type Multi-Family

Listing Status Sold

Purchase Type For Sale

Square Footage 1,710 sqft

Price per Sqft $319

Subdivision Mi

MLS Listing ID 60340874

Sold Date 12/05/24

Style 1 Story

Full Baths 4

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 Northfield Twp (81010)

Interior

Heating Electric Heat, Forced Air

Cooling Ceiling Fan(s), Central A/C, Wall/Window A/C

Fireplace No

Building

Story 1 Story

Foundation Slab

Water Private Well

Schools

School District Whitmore Lake Pub School District

Others

Ownership Private

Energy Description Electric,Natural Gas

Acceptable Financing Cash

Listing Terms Cash

Financing Cash,Conventional,FHA

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ILink Real Estate Co

ILink Real Estate Co

+1(419) 277-7127

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MI RealSource (Lenawee County/Saginaw Board/Southeastern Border/Greater Shiawassee)
Listed by Real Broker LLC
Bought with LPS

ILink Real Estate Co

License ID: 2014002630

+1(419) 277-7127

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