413 Madison Street Save Request In-Person Tour Request Virtual Tour
Chelsea,MI 48118
Key Details
Property Type Multi-Family
Sub Type 2 to 4 Units
Listing Status Active Under Contract
Purchase Type For Sale
MLS Listing ID 25017653
Year Built 1920
Annual Tax Amount $7,205
Tax Year 2024
Lot Size 0.397 Acres
Property Sub-Type 2 to 4 Units
Property Description
OFFER DEADLINE @ 6 PM MONDAY, MAY 5TH. RARE opportunity to own one of Downtown Chelsea's multi-family homes! This 1920 Dutch Colonial 4-plex just steps away from shops, restaurants, and amenities yields about $66,000 a year in gross income, an impressive 82% growth in revenue over the past 6 years with potential to grow even more as the rental rates are below market rate. The property hosts 4 units. Unit 1 (main floor front): 2 bed, 1 bath; Unit 2 (main floor back): 1 bed, 1 bath; Unit 3 (upper): 1 bed, 1 bath; Unit 4 (basement): 1 bed, 1 bath. Leases expire May 1, 2026. There are 8 parking spots, a 2-car garage, and a spacious green backyard. Tenants share driveway, laundry, and on-site storage in basement. Roof was replaced in 2024. Less than 20 minutes to Ann Arbor and 30 to Jackson. turnkey passive income on this charming FULLY OCCUPIED property! These don't come around often, so schedule your showing today. turnkey passive income on this charming FULLY OCCUPIED property! These don't come around often, so schedule your showing today.
Location
State MI
County Washtenaw
Area Ann Arbor/Washtenaw - A
Interior
Heating Forced Air
Cooling None
Fireplaces Number 1
Laundry Common Area,In Basement
Exterior
Parking Features Concrete,Driveway,Paved
Utilities Available Natural Gas Connected,Electricity Connected,Storm Sewer
View Y/N No
Roof Type Composition
Building
Lot Description Sidewalk
Structure Type Aluminum Siding
New Construction No
Schools
School District Chelsea
Others
Acceptable Financing Cash,Conventional
Listing Terms Cash,Conventional