Whitmore Lake, MI 48189,9317 MAIN Street
Whitmore Lake, MI 48189,9317 MAIN Street
Whitmore Lake, MI 48189,9317 MAIN Street
Whitmore Lake, MI 48189,9317 MAIN Street
Whitmore Lake, MI 48189,9317 MAIN Street
Whitmore Lake, MI 48189,9317 MAIN Street
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$546,000

$599,900

9.0%
Est.Price: ?

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Est. payment /mo

4 Baths

0.42 Acres Lot


SOLD DATE : 12/05/2024

Key Details

Sold Price $546,000

Property Type Multi-Family

Listing Status Sold

Purchase Type For Sale

Municipality Northfield Twp

Subdivision Northfield Twp

MLS Listing ID 20240070578

Sold Date 12/05/24

HOA Y/N true

Originating Board Realcomp

Year Built 1927

Annual Tax Amount $4,690

Lot Size 0.420 Acres

Acres 0.42

Lot Dimensions 182X101

Property Description

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.

Location

State MI

County Washtenaw

Area Ann Arbor/Washtenaw - A

Zoning Commercial,Multi-Family,M

Direction Take 23 to Whitmore Lake Exit. Take Main Street to East Shore property is on the right.

Rooms

Basement Slab

Interior

Heating Forced Air

Cooling Central Air, Wall Unit(s)

Exterior

Amenities Available Pets Allowed

Waterfront Description Lake

View Y/N No

Handicap Access No Step Entrance

Building

Water Well

Structure Type Log

Schools

School District Whitmore Lake

Others

Tax ID B00205328023

Acceptable Financing Cash, Conventional, FHA

Listing Terms Cash, Conventional, FHA

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