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Julius Harris

julius.harris@exprealty.com +1(248) 910-9991

$ 210,000

Est. payment | -/mo

8 Beds

4 Baths

3,731 SqFt

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$ 210,000

Est. payment | -/mo

Save

8 Beds

4 Baths

3,731 SqFt

Key Details

Property Type Multi-Family

Sub Type MultiFamily

Listing Status Active

Purchase Type For Sale

Square Footage 3,731 sqft

Price per Sqft $56

Subdivision Meachems Add

MLS Listing ID 61050208473

Bedrooms 8

Full Baths 4

Year Built 1940

Lot Size 0.290 Acres

Acres 0.29

Property Sub-Type MultiFamily

Property Description

Attention investors - this is the cash-flowing, value-add opportunity you've been waiting for. This fully occupied 4-unit apartment complex sits on two parcels (43 & 45 E Fountain) totaling approximately 4,300 sq ft and includes a bonus extra lot plus a 4-car garage with its own electric service. Owned by the same family for 16 years, this property has a proven rental history and long-term tenants - including one resident of 30+ years. The unit mix includes three 2-bedroom/1-bath units and one 1-bedroom/1-bath unit, all currently leased month-to-month - giving your next buyer immediate flexibility to adjust rents, restructure leases, or reposition the asset. Current gross rents are $3,750/month ($45,000/year) and are already below market, with rents moving to $900"“$1,150 per unit - meaning day-one upside is already built in. Each unit is separately heated with its own furnace. Tenants pay gas and electric; owner covers water only - keeping expenses lean. Annual property taxes are just $2,900. Estimated annual expenses including taxes, water, vacancy allowance (5%), and maintenance come in around $9,950, producing an estimated Net Operating Income (NOI) of $35,050 per year. At the $210,000 asking price, that's a cap rate of approximately 16.7% - exceptional for this market. a cash-on-cash return of nearly 50%. The property features a Michigan basement on one side and a walkable basement on the other, providing excellent utility access and storage. Each of the four units has its own furnace. The 4-car garage with separate electric service adds rental income potential or owner utility. One tax bill covers both parcels - keeping management simple.

Location

State MI

County Calhoun

Area Area96061Battlecreek

Interior

Heating Forced Air, Natural Gas, Separate Meters

Fireplace No

Exterior

Parking Features FourCarGarage, Detached

Garage Spaces 4.0

View Y/N No

Building

Foundation Basement

Sewer Public Sewer

Water Public

New Construction No

Schools

School District Battle Creek

Others

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

Special Listing Condition ShortSaleNo, Standard

Listed by Troy Schearer of JPAR - Great Lakes Bay Region

Nearby Locations

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(248) 910-9991

julius.harris@exprealty.com

39555 Orchard Hill Place, Suite 600, Novi, Michigan, 48375

45 Fountain W ST Battle Creek, MI 49037

Julius Harris

Key Details

Location

Interior

Exterior

Building

Schools

Others

Nearby Locations

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45 Fountain W ST