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Ishpeming,MI 49849
Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 3,142 sqft
Price per Sqft $107
Subdivision Mi
MLS Listing ID 50150145
Style More than 2 Stories
Bedrooms 7
Full Baths 5
Year Built 1886
Annual Tax Amount $6,974
Lot Size 6,098 Sqft
Acres 0.14
Lot Dimensions 72x82
Property Description
Here is an extraordinary opportunity to invest in a 5-plex apartment! Centrally located in an excellent spot in a good neighborhood, this historic multiplex sits atop a hill, a few blocks from downtown Ishpeming. This is an established rental with a proven track record for high occupancy rates. Currently, all units are rented out. Leases are month to month and the tenants are communicative and cooperative. See associated documents for Cubi Casa measurements for each apartment and the basement. This historic home is solid with a well-maintained utility system and good bones. The roof is BRAND NEW, installed in 2023 ($70,000 value)! Shared laundry facilities are located in the basement. There are also storage cages for each unit on the opposite end of the laundry facility. Across the street is the Ishpeming Carnegie Library and the historic Mather Inn! Just a short walk from downtown (literally two blocks away), with access to Jim's Jubilee Foods, various restaurants, bars, shops, and churches. Lake Bancroft & the Ishpeming playgrounds are just another few blocks away. Rents are as follows: Unit 1: $700 rent/mo., tenant pays electric, Unit 2: $700 rent/mo., tenant pays electric, Unit 3: $750 rent/mo., tenants pay electric, Unit 4: $700 rent/mo., tenants pay electric, Unit 5: $600 rent/mo. Seller pays all utilities, EXCEPT for electricity in apartments #1-4. Seller pays ALL utilities for apartment #5. To gauge expenses, utilities are, on average, $700/mo. and add more for the winter months. All bathrooms are full except for apartment 5, which has a shower instead of a bathtub. Fireplaces in apartments 2, 3, 4 and 5 are not in working condition. Apartment 5 includes a space heater. RENTS TO INCREASE DEC. 1, 2024: APT. 1: $750, APT. 2: $775, APT. 3: $825, APT. 4: $775, APT. 5: $650.
Location
State MI
County Marquette
Area Ishpeming (52013)
Zoning Residential
Rooms
Basement Full,Stone
Interior
Interior Features 9 ft + Ceilings,Walk-In Closet
Heating Hot Water
Cooling None
Fireplaces Type LivRoom Fireplace
Fireplace Yes
Appliance Dryer,Range/Oven,Refrigerator,Washer
Exterior
Exterior Feature Vinyl Siding
Amenities Available Laundry Facility,Sidewalks,Pets-Allowed
Building
Lot Description Platted,Sidewalks
Story More than 2 Stories
Foundation Basement
Water Public Water
Structure Type Vinyl Siding
Schools
School District Ishpeming Public School District
Others
Ownership Private
SqFt Source Measured
Energy Description Natural Gas
Financing Cash,Conventional,Conventional Blend