Sterling Heights MI Multi Family for Sale
- Type:
- Multi-Family
- Sq.Ft.:
- 2,145
- Status:
- Active
- Beds:
- n/a
- Lot size:
- 0.69 Acres
- Year built:
- 1960
- Baths:
- 4.00
- MLS#:
- 60346973
ADDITIONAL INFORMATION
SUPERIOR income property with TONS of improvement value still remaining to maximize this investment as a multi-unit residence - or keep it open and enjoy a spaciously large; vastly updated single family residence! Situated on 3/4 of an acre, surrounded by protected woodland, completely fenced in with a boat gate, this beautiful property feels like the country�yet is in the PERFECT LOCATION. Situated next to Hall Rd, 19 mile, in the center of the major community river walk renovation, all major shopping and ease of transportation, this location is highly desirable and extremely large! Generate $63,000 yearly income, with a $677,900 approximate complete improvement value, for approximately $25,000 (being provided by the seller!). This unfinished 3,353 SF colonial/split ranch includes 2 kitchens and a kitchenette, 3 laundry rooms, 3.5 baths, 7 bedrooms + Studio, 3 separate entrance/exit points. Updated electrical, plumbing, new furnace, 30-year roof, new flooring, high end casement windows, new countertops and cabinets (with granite on hand for any investor to finish the kitchenette with downstairs! Add an egress window for $5k to maximize with your concessions and increase your income opportunity into three units by finishing the studio)! All bedrooms in unit #1 were previously individually rented at $800/mo (x3) each, generating $2,400/mo. income. The anticipated income of having all three units occupied is $63,000 per year (minimally). The anticipated improvement value is $677,900 upon completion. Seller is willing to complete additional scope of repairs in written offer (and is consistently working on the home to improve value). Realtor is the seller and primary occupant. Furniture in home negotiable for purchaser to make furnished units. Supplies and materials to finish home included. Riding lawnmower included. With these kinds of return on investment (+ $223,406 with $25,000 invested), this property won't last long! Come see it today. Must be accompanied by Realtor.
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Sterling Heights Real Estate
The median home value in Sterling Heights, MI is $306,500. This is higher than the county median home value of $222,600. The national median home value is $338,100. The average price of homes sold in Sterling Heights, MI is $306,500. Approximately 73.01% of Sterling Heights homes are owned, compared to 23.82% rented, while 3.17% are vacant. Sterling Heights 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 Sterling Heights real estate agent to arrange a tour today!
Sterling Heights, Michigan has a population of 134,062. Sterling Heights is more family-centric than the surrounding county with 29.96% of the households containing married families with children. The county average for households married with children is 28.44%.
The median household income in Sterling Heights, Michigan is $70,211. The median household income for the surrounding county is $67,828 compared to the national median of $69,021. The median age of people living in Sterling Heights is 41.3 years.
Sterling Heights Weather
The average high temperature in July is 82.8 degrees, with an average low temperature in January of 18.5 degrees. The average rainfall is approximately 33 inches per year, with 31.7 inches of snow per year.