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Address not disclosed Big Rapids, MI 49307
9,147 Sqft Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type MultiFamily
Listing Status Active
Purchase Type For Sale
MLS Listing ID 65026020346
Year Built 1900
Lot Size 9,147 Sqft
Acres 0.21
Property Sub-Type MultiFamily
Property Description
Fully occupied 6-unit multifamily investment opportunity in Big Rapids near Ferris State University. Unit mix includes five 2 bed/1 bath apartments and one 4 bed/1 bath unit totaling approximately 5,500 sq ft. Tenants pay gas and electric. Each unit has a separate water meter, creating immediate opportunity to bill back water and increase NOI. Coin-op laundry generates approximately $300/month in additional income. Three of six furnaces are newer (under 2 years old), reducing near-term capital expenses. Area 2-bedroom rents are trending closer to $1,050/month, leaving upside through unit turns and light cosmetic updates, particularly Unit 5. Onsite parking for approximately 8 vehicles. Strong rental demand driven by Ferris State and the surrounding employment base makes this a stable cash flow and value-add opportunity.
Location
State MI
County Mecosta
Area Area54252Bigrapids
Interior
Heating Forced Air, Natural Gas
Fireplace No
Laundry InBasement, UpperLevel
Exterior
Parking Features Paved
Utilities Available CableConnected, ElectricityConnected, NaturalGasConnected, PhoneAvailable, PhoneConnected, SewerConnected
View Y/N No
Roof Type Composition
Building
Lot Description Level
Foundation MichiganBasement
Sewer Public Sewer, Sewer At Street
Water Public
New Construction No
Schools
School District Big Rapids
Others
Acceptable Financing Cash
Listing Terms Cash
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Listed by Alexia Hoffman of EXP Realty LLC