Homes for sale - 9317 MAIN Street, Northfield Twp, MI 48189

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$599,900

Est. payment - /mo

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4 BD

4 BA

1,710 SqFt

Price Dropped by $25K

9317 MAIN Street Northfield Twp, MI 48189

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Matt Demorest

matt@realtorandlender.com +1(734) 882-8194

UPDATED:

10/29/2024 07:43 PM

Key Details

Property Type Multi-Family

Sub Type Ranch,Log Home

Listing Status Active

Purchase Type For Sale

Square Footage 1,710 sqft

Price per Sqft $350

MLS Listing ID 20240070578

Style Ranch,Log Home

Bedrooms 4

Full Baths 4

Originating Board Realcomp II Ltd

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

Zoning Commercial,Multi-Family,Multiple

Direction Take 23 to Whitmore Lake Exit. Take Main Street to East Shore property is on the right.

Interior

Hot Water Electric, Natural Gas

Heating Forced Air

Cooling Ceiling Fan(s), Central Air, Wall Unit(s)

Fireplace no

Heat Source Electric, Natural Gas

Exterior

Exterior Feature Fenced

Garage Spaces 12.0

Waterfront yes

Waterfront Description Across the Road Water Frontage,Lake Front,Shared Water Frontage,Water Front

Water Access Desc All Sports Lake,

Roof Type Asphalt

Accessibility Accessible Entrance

Porch Porch

Road Frontage Paved

Garage no

Building

Foundation Slab

Sewer Sewer at Street

Water Well (Existing)

Architectural Style Ranch, Log Home

Level or Stories 1 Story

Structure Type Log

Schools

School District Whitmore Lake

Others

Pets Allowed Yes

Tax ID B00205328023

Ownership Short Sale - No,Private Owned

Acceptable Financing Cash, Conventional, FHA

Rebuilt Year 2020

Listing Terms Cash, Conventional, FHA

Financing Cash,Conventional,FHA

Listed by Ryan Fagin of Real Broker LLC

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Matt Demorest

Broker | License ID: 6502432801

+1(734) 882-8194

Matt Demorest

9317 MAIN Street Northfield Twp, MI 48189

Matt Demorest

Key Details

Location

Interior

Exterior

Building

Schools

Others

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9317 MAIN Street