$599,900
9317 MAIN Street Whitmore Lake, MI 48189 8014
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$599,900
Est. payment /mo
4 BA
1,710 SqFt
Pending
9317 MAIN Street Whitmore Lake, MI 48189 8014
UPDATED:
11/19/2024 06:10 PM
Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Pending
Purchase Type For Sale
Square Footage 1,710 sqft
Price per Sqft $350
Subdivision Mi
MLS Listing ID 60340874
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
Exterior
Waterfront Yes
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
Financing Cash,Conventional,FHA
Provided through IDX via MiRealSource. Courtesy of MiRealSource Shareholder. Copyright MiRealSource.
Listed by Real Broker LLC
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