Whitmore Lake MI Multi Family for Sale
$625,000
9317 MAIN Whitmore Lake, MI 48189
- Type:
- Multi-Family
- Sq.Ft.:
- 1,710
- Status:
- Active
- Beds:
- n/a
- Lot size:
- 0.42 Acres
- Year built:
- 1927
- Baths:
- 4.00
- MLS#:
- 60340874
ADDITIONAL INFORMATION
Welcome to 9317 Main Street, located in the heart of downtown Whitmore Lake. This fully renovated multifamily property presents an outstanding investment opportunity. The property consists of four one-bedroom, one-bathroom units, three of which are already operating as highly profitable Airbnb rentals. The fourth unit is leased long-term but is set to transition to a short-term rental after the lease expires in May, bringing the projected annual gross income to over $101,000. This investment offers a strong current cap rate of 9.6%, which will increase to 12.1% once all units are fully utilized as short-term rentals. The property�s prime location provides guests with easy deeded across the road to Whitmore Lake, an all-sports lake spanning 667 acres. The lake is a major draw for Airbnb guests, ensuring near 100% occupancy on summer weekends with an average nightly rental rate of $117. The property has undergone extensive renovations the past few years, including new roofs, windows, doors, electrical systems, and plumbing, along with updated heating and cooling systems. All four units have been fully remodeled with modern interiors, including new drywall, flooring, kitchens, and bathrooms, ensuring a turnkey investment for the new owner. The units are fully furnished, with the option to purchase the furnishings with the sale. With 12 parking spaces, tenants have ample convenience, and the property is within walking distance of local shops, restaurants, and a marina where boat rentals are available. Currently self-managed via Airbnb, the property allows flexibility for investors to continue with this model. Zoned for multifamily residential use with potential for commercial applications, this property offers both a stable income stream and future growth opportunities.
$409,000
9429 MAIN Whitmore Lake, MI 48189
- Type:
- Multi-Family
- Sq.Ft.:
- 2,948
- Status:
- Active
- Beds:
- n/a
- Lot size:
- 0.54 Acres
- Year built:
- 1850
- Baths:
- 4.00
- MLS#:
- 60339726
ADDITIONAL INFORMATION
Great opportunity to own a Multi-Family property located in downtown Whitmore Lake! Built in 1850, this 2 story home was converted into a 5 unit income property with 2 - One Bedroom Units, 1 - Two Bedroom Units and a large studio/efficiency unit. Across the street, property has 10' deeded access to lake (separate tax ID#). For extra income there is a traditional 484 SF 2 car detached garage and a newer 1344 SF 4 car detached garage with 9' doors. Each unit has its own heat/gas and electric meter. Property is zoned WLD-D (Whitmore Lake Downtown Development). Property is vacant and needs to be completed. It is a conforming 5 unit multifamily. However with the zoning, the municipality would allow someone to have retail on the first floor and apartments upstairs.
Provided through IDX via MiRealSource. Courtesy of MiRealSource Shareholder. Copyright MiRealSource. The information published and disseminated by MiRealSource is communicated verbatim, without change by MiRealSource, as filed with MiRealSource by its members. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. Copyright 2024 MiRealSource. All rights reserved. The information provided hereby constitutes proprietary information of MiRealSource, Inc. and its shareholders, affiliates and licensees and may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording, scanning or any information storage and retrieval system, without written permission from MiRealSource, Inc. Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. The information published and disseminated by the Originating MLS is communicated verbatim, without change by the Originating MLS, as filed with it by its members. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. Copyright 2024 MiRealSource. All rights reserved. The information provided hereby constitutes proprietary information of MiRealSource, Inc. and its shareholders, affiliates and licensees and may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording, scanning or any information storage and retrieval system, without written permission from MiRealSource, Inc.
Whitmore Lake Real Estate
The median home value in Whitmore Lake, MI is $430,000. This is higher than the county median home value of $293,500. The national median home value is $219,700. The average price of homes sold in Whitmore Lake, MI is $430,000. Approximately 62.02% of Whitmore Lake homes are owned, compared to 29.92% rented, while 8.07% are vacant. Whitmore Lake 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 Whitmore Lake real estate agent to arrange a tour today!
Whitmore Lake, Michigan has a population of 6,876. Whitmore Lake is less family-centric than the surrounding county with 26.33% of the households containing married families with children. The county average for households married with children is 33.1%.
The median household income in Whitmore Lake, Michigan is $51,301. The median household income for the surrounding county is $65,618 compared to the national median of $57,652. The median age of people living in Whitmore Lake is 35.9 years.
Whitmore Lake Weather
The average high temperature in July is 81.1 degrees, with an average low temperature in January of 14.8 degrees. The average rainfall is approximately 34 inches per year, with 57.3 inches of snow per year.