10456 S Us-31
Elk Rapids, MI 49629
MLS #1836495

Multi-Family
  • 2,100sq ft
$219,900
Est. P&I payment: $839.87/mo
10456 S Us-31, Elk Rapids, MI 49629
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Description for 10456 S Us-31, Elk Rapids, MI 49629
This quality built structure, formally operated as The Timbers Motel in the 1960's, has been converted to the current four (4), one bedroom units which yields a super investment opportunity at a 8.9% cap rate. Realized zoning allows five (5) additional units to be erected on this 1.26 acre parcel and combined with the current-market rent (established below market), allows the new owner to increase rental income. This Multi-Family apartment building has been operating at full capacity with occupied leases for over 13 years. This great location is outside the village of Elk Rapids, close to all area commerce for the commuter, and walking distance to the sandy public beach at Elk Rapids Day Park. Schedule a showing today and seize this fabulous investment opportunity.
MLS #1836495
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My Notes for MLS #1836495

General Features

  • Property Type: 4 - Plex
  • SqFt: 2,100
  • Number of Acres: 1.26
  • Total Number of Units: 4
  • Lot Dimensions: 300x119x150x178x225
  • Approx Year Built: 1959
  • (A) Number of Similar Units: 1
  • (B) Number of Similar Units: 1
  • (C) Number of Similar Units: 1
  • Style: 2 Story

Exterior Features

  • Roof: Asphalt
  • Exterior Finish: Wood
  • Exterior Features: None

Interior Features

  • (A) Living Room: Yes
  • (B) Living Room: Yes
  • (C) Living Room: Yes
  • (D) Living Room: No
  • (A) Kitchen: Yes
  • (B) Kitchen: Yes
  • (C) Kitchen: Yes
  • (D) Kitchen: Yes
  • (A) Dining Room: No
  • (B) Dining Room: No
  • (C) Dining Room: No
  • (D) Dining Room: No
  • (A) Bedroom: 1
  • (A) SqFt: 700
  • (B) Bedroom: 1
  • (B) SqFt: 425
  • (C) Bedroom: 1
  • (C) SqFt: 500
  • (D) Bedroom: 1
  • (D) SqFt: 425
  • (A) Bath: 1
  • (B) Bath: 1
  • (C) Bath: 1
  • (D) Bath: 1
  • Interior Features: Drywall
  • Fireplace and Stoves: None

Utilities Features

  • Heating/Cooling Sources: Natural Ga
  • Heating/Cooling Type: Forced Air
  • Water: None
  • Sewer: Private Se
  • Appliances/Equipment: Refrigerat
  • TV Service/Internet Available: Cable TV,​W

Financial Features

  • Sale/Rent: For Sale
  • Price Per SQFT: 104.71
  • Type of Ownership: Private Owner
  • Variable Rate: No
  • Total Taxes: 3,528
  • Included in Lease: Exterior M
  • Lease Terms: Year Lease
  • Terms: Convention

Community Features

  • Development Name: .
  • Development Amenities: None

School Features

  • School District: Elk Rapids Schools

Misc Features

  • Deeded Waterfront: No
  • ECO Features: No
  • (A) Occupied: Yes
  • (B) Occupied: Yes
  • (C) Occupied: Yes
  • (D) Occupied: Yes
  • Construction: Timber Fra
  • Foundation: Slab
  • Zoning/Use/Restrictions: Multi-Fami
  • Possession: Subject to
  • Additional Buildings: Garden/Sto
  • Mineral Rights: Unknown

Location

 
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Directions to 10456 S Us-31, Elk Rapids, MI 49629
US 31, south of the village of Elk Rapids.
Listing information for 10456 S Us-31, Elk Rapids, MI 49629 was graciously provided by our friends at the listing brokerage, EXIT Northern Shores Realty-ER 710 US Hwy. 31, Elk Rapids, MI 49629

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P&I Payment $839.87
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Please Note: All information in this site is deemed reliable but not guaranteed. The property information provided on EXIT Realty Greater Cadillac's websites is for personal, non-commercial use only and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Property information is gathered from third-party resources including the seller and public records. EXIT Realty Greater Cadillac, Onjax, LLC, its affiliates, owners, subsidiaries and subscribers disclaim any and all representations or warranties as to the accuracy or reliability of the information provided. You should verify all claims through personal inspection and/or contact with the appropriate real estate professionals.
The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. Copyright © Northern Great Lakes REALTORS® MLS. All Rights Reserved.
Last Updated 10/18/2017 at 7:15pm
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