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Latonia Knox

lknox@axenrealty.com +1(678) 674-7929

$210,000

Est. payment - /mo

8 Beds

4 Baths

3,731 SqFt

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Key Details

Property Type Multi-Family

Sub Type MultiFamily

Listing Status Active

Purchase Type For Sale

Square Footage 3,731 sqft

Price per Sqft $56

Subdivision Meachems Add

MLS Listing ID 61050208473

Bedrooms 8

Full Baths 4

Year Built 1940

Lot Size 0.290 Acres

Acres 0.29

Property Sub-Type MultiFamily

Property Description

Attention investors - this is the cash-flowing, value-add opportunity you've been waiting for. This fully occupied 4-unit apartment complex sits on two parcels (43 & 45 E Fountain) totaling approximately 4,300 sq ft and includes a bonus extra lot plus a 4-car garage with its own electric service. Owned by the same family for 16 years, this property has a proven rental history and long-term tenants - including one resident of 30+ years. The unit mix includes three 2-bedroom/1-bath units and one 1-bedroom/1-bath unit, all currently leased month-to-month - giving your next buyer immediate flexibility to adjust rents, restructure leases, or reposition the asset. Current gross rents are $3,750/month ($45,000/year) and are already below market, with rents moving to $900"“$1,150 per unit - meaning day-one upside is already built in. Each unit is separately heated with its own furnace. Tenants pay gas and electric; owner covers water only - keeping expenses lean. Annual property taxes are just $2,900. Estimated annual expenses including taxes, water, vacancy allowance (5%), and maintenance come in around $9,950, producing an estimated Net Operating Income (NOI) of $35,050 per year. At the $210,000 asking price, that's a cap rate of approximately 16.7% - exceptional for this market. a cash-on-cash return of nearly 50%. The property features a Michigan basement on one side and a walkable basement on the other, providing excellent utility access and storage. Each of the four units has its own furnace. The 4-car garage with separate electric service adds rental income potential or owner utility. One tax bill covers both parcels - keeping management simple.

Location

State MI

County Calhoun

Area Area96061Battlecreek

Interior

Heating Forced Air, Natural Gas, Separate Meters

Fireplace No

Exterior

Parking Features FourCarGarage, Detached

Garage Spaces 4.0

View Y/N No

Building

Foundation Basement

Sewer Public Sewer

Water Public

New Construction No

Schools

School District Battle Creek

Others

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

Special Listing Condition ShortSaleNo, Standard

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Listed by Troy Schearer of JPAR - Great Lakes Bay Region

Nearby Locations

Latonia Knox

Broker Associate | License ID: Ga: 365526 Mi: 6506048686

+1(678) 674-7929 | lknox@axenrealty.com

45 Fountain W ST Battle Creek, MI 49037

Latonia Knox

Key Details

Location

Interior

Exterior

Building

Schools

Others

Nearby Locations

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