44
See all 44 photos
$799,000
Est. payment /mo
10 Baths
0.61 Acres Lot
Active Under Contract
926 E Front Street Monroe, MI 48161
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Key Details
Property Type Multi-Family
Listing Status Active Under Contract
Purchase Type For Sale
Municipality Monroe City
Subdivision Monroe City
MLS Listing ID 50180653
Year Built 1883
Lot Size 0.610 Acres
Acres 0.61
Lot Dimensions 128x209
Source MiRealSource
Property Description
Rare investment opportunity! This fully occupied 10-unit apartment property spans four distinct buildings on a single lot, ideally located at the corner of E Front St and Kentucky Ave. Just steps from a park and tennis courts. Built in 1883 and thoughtfully updated, the property offers a mix of 1, 2, and 3-bedroom units, all with 1 bathroom, plus a shared coin-operated laundry. Recent renovations include new roofing, luxury vinyl plank flooring, updated water heaters, key-code entry locks, and interior upgrades throughout most units. Tenants are on one-year leases, with a strong rental history and consistent on-time payments. Current gross income is approx. $116,000/year (including laundry) with a pro forma potential of $121,000/year. Estimated annual expenses are approx. $26,000, with a current net operating income of about $90,000 and a cap rate near 10% at the asking price. Don't miss this chance to own a stabilized, income-producing multifamily property with upside potential in the heart of Monroe!
Location
State MI
County Monroe
Interior
Heating Forced Air
Exterior
View Y/N No
Others
Tax ID 55-49-01491-000
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Virtual Tour https://tim-zeipekis-photography.aryeo.com/sites/kjqapze/unbranded
Listed by Real Estate One Monroe
NEARBY SCHOOL & BUSINESS
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