Elk Rapids MI Multi Family for Sale
$380,000
10456 S US-31 Elk Rapids, MI 49629
- Type:
- Multi-Family
- Sq.Ft.:
- 700
- Status:
- Active
- Beds:
- n/a
- Lot size:
- 1.26 Acres
- Year built:
- 1959
- Baths:
- MLS#:
- 80051304
- Subdivision:
- Elk Rapids
ADDITIONAL INFORMATION
Unlock the potential of this 4-plex multifamily investment home in beautiful Elk Rapids! Once a booming motel, this building has now been turned into a multi-unit apartment complex providing an excellent opportunity for both seasoned investors and first-time buyers looking to enter the multifamily market. Currently fully occupied with long-term tenants, this property has a proven track record of generating reliable rental income. Ideal for investors looking for immediate cash flow. Conveniently located in walking distance to the Elk Rapids day park, biking distance to downtown Elk Rapids with various shops and restaurants, and a quick drive into Acme. Its prime location ensures high demand for rentals. This multifamily home is not just a property; it�s an investment in your future! Whether you're looking to expand your real estate portfolio or start your journey in multifamily investments, this opportunity is not to be missed.
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Elk Rapids Real Estate
The median home value in Elk Rapids, MI is $431,000. This is higher than the county median home value of $281,600. The national median home value is $338,100. The average price of homes sold in Elk Rapids, MI is $431,000. Approximately 43.94% of Elk Rapids homes are owned, compared to 16.16% rented, while 39.9% are vacant. Elk Rapids real estate listings include condos, townhomes, and single family homes for sale. Commercial properties are also available. If you see a property you’re interested in, contact a Elk Rapids real estate agent to arrange a tour today!
Elk Rapids, Michigan has a population of 1,438. Elk Rapids is less family-centric than the surrounding county with 11.77% of the households containing married families with children. The county average for households married with children is 21.8%.
The median household income in Elk Rapids, Michigan is $57,452. The median household income for the surrounding county is $60,378 compared to the national median of $69,021. The median age of people living in Elk Rapids is 58.4 years.
Elk Rapids Weather
The average high temperature in July is 79.9 degrees, with an average low temperature in January of 15.9 degrees. The average rainfall is approximately 31.7 inches per year, with 110.9 inches of snow per year.