Big Rapids, MI 49307
- $469,900
- List Price
- $469,900
- Price Change
- ▼ $20,100 1781226308
- Days on Market
- 85
- MLS#
- 26020346
- Status
- ACTIVE
- 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.
Additional Information
- Owner Pays
- Trash Collection, Water
- Taxes
- $5,688
- Acres
- 0.21
- Basement
- Michigan Basement
- Heating
- Forced Air
- Roofing
- Composition
- School District
- Big Rapids
- Sewer
- Public Sewer
- Tenant Pays
- Electricity, Gas, Sewer, Trash Collection, Water
- Total Parking Spaces
- 8
- Utilities
- Cable Connected, Natural Gas Connected, Phone Connected, Electricity Connected, Cable Available, Electricity Available, Natural Gas Available, Phone Available
- Water
- Public Water
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Listing courtesy of Listing Agent: Alexia Hoffman from Listing Office: EXP Realty LLC.
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