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4074 Wyatt Road - Exceptional location! 8 Affordable housing rentals and a easy property to own! You could not build them for this price! Current rents are below current market, there is room to grow revenue. Room to build 4 more units for a total of 12. Even with current rents, cap rate is at 10%. Adding 4 more units would increase the cap rate including build out to 12%. Zero vacancy rate, as fast as they leave, a new tenant comes in. These units have been exceptionally well maintained. In 2013 and 2015 major updates were made. Owners personally attend the gardens. Nicer than your typical multi family property. Tenants can walk to the new Y from this location. Very close to West Jr and Sr. High. Could also convert the entire complex to condos, excellent return on investment.

Listing information

  • MLS® ID: 1818139
  • Year Built: 1977
  • Parking Type Description: Surface / Paved 0 cars
  • Total Square Footage: 6,680 ($101.03 per sq. foot)
  • Estimated Annual Taxes: $5,200
  • Property ID: 103953982
  • Status: Active
  • New Construction: No
  • Lot Area: 1.40
  • County: Grand Traverse
  • Style: 8 - Plex
  • Stories: 0
  • Foreclosure: No
  • Lot Size: 200 x 317
  • School District: Traverse City Area Public Schools

Features

(A) Din Rm Yes
(A) Kit Yes
(A) Liv Rm Yes
(B) Din Rm Yes
(B) Kit Yes
(B) Liv Rm Yes
ADDITIONAL BUILDINGS Garden/Storage Shed
APPLIANCES/EQUIPMENT Blinds, Dishwasher, Dryer, Natural Gas Water Heater, Oven/Range, Refrigerator, Washer, Water Softener (Owned)
CONSTRUCTION Frame
Deeded Waterfront No
DEVELOPMENT AMENITIES Common Area
DOCUMENTS ON FILE Deed Restrictions
ECO Features No
ENERGY EFFICIENT Other
Exterior Features Deck, Landscaped
EXTERIOR FINISH Vinyl Siding
FIREPLACE AND STOVES None
FOUNDATION Partial
HEATING/COOLING SOURCES Natural Gas
HEATING/COOLING TYPE Hot Water
INCLUDED IN LEASE Exterior Maintenance, Fire Insurance, Heating/Cooling, Liability Insurance, Sewer, Snow Removal, Trash Removal, Water
Interior Features Great Room
Mineral Rights Unknown
Other (A) # Similar Units - 4, (A) Apx SQFT - 3300, (A) Bath - 4, (A) Bdrm - 8, (B) # Similar Units - 4, (B) Apx SQFT - 3300, (B) Bath - 4, (B) Bdrm - 8, Development Name - Hearthside Acres, Total # Units - 8, Year Remodeled - 2014, Year Updated - 2016
Possession Negotiable
PRIMARY GARAGE Paved Driveway
Property Type 8 - Plex
RENEWABLE Not Applicable
ROAD Public Maintained
Roof Asphalt
STYLE 2 Story, Apartment
TV SERVICE/INTERNET AVAIL Cable TV, WiFi
UNIVS DESIGN/BARRIER FREE None
Utilities / Sewer Shared Septic
Water Community Well
Water Features None
ZONING/USE/RESTRICTIONS Building-Use Restrictions, Commercial, Multi-Family, Rental History
Listed by Cindy Anderson of Coldwell Banker Schmidt REALTORS 231-929-2300