44
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$839,900
Est. payment /mo
7,066 SqFt
Active
926 E Front Street Monroe, MI 48161
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Key Details
Property Type Commercial
Sub Type Industrial
Listing Status Active
Purchase Type For Sale
Square Footage 7,066 sqft
Price per Sqft $118
Municipality Monroe City
Subdivision Monroe City
MLS Listing ID 50180679
Year Built 1883
Lot Size 0.610 Acres
Acres 0.61
Property Sub-Type Industrial
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
Area Monroe County - 60
Exterior
View Y/N No
Building
Sewer Public
Listed by eXp Realty LLC in Monroe
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