Historic Multifamily Building in
For Sale
$650,000
121 S COURT St, Howell, MI 48843
Remodeled historic multifamily building in downtown Howell, prime investment opportunity.
Property Size5,472 SF
Lot Size0.11 Acres
Days on Market210
Property Features for 121 S COURT St
General Information
Standard status
Active
Size
5,472 SF
Lot size
0.11 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$5,922
Building Details
Building Size
5,472 SF
Year Built
1920
Units
7
Listing Agency:
NextHome, Inc
Listed By:
Aaren D Currie · License #6502115284,PersonLicenseNumber
(517) 546-9060
Source:
Elliman
Added: Mar 11
Changed: Sep 20
Last Checked: Oct 5 at 7:36PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of NextHome, Inc
Investment Insights
Based on property information with market context.
Located in downtown Howell, this multifamily apartment building offers a prime location within walking distance of local shops and dining. The property has been remodeled, preserving its historic charm while incorporating modern amenities. The building is currently fully occupied by tenants. The multifamily apartment building backs up to the single largest new development in the city of Howell, presenting an investment opportunity.
Key Highlights
- Prime downtown Howell location: walk to shops and restaurants.
- Meticulously remodeled, blending historic charm with modern amenities.
- Fantastic investment opportunity in a multifamily building.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$45,830
Cap Rate
7.05%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$916,600
$916.6K
Cap Rate 7%
$654,714
$654.7K
Cap Rate 9%
$509,222
$509.2K
Market Conditions
NOI Build-Up for 5,472 SF
Gross rent
$88.6K $16.20/SF
− Vacancy
−$5.3K −$0.97/SF
EGI
$83.3K $15.23/SF
− OpEx
−$37.5K −$6.85/SF
NOI
$45.8K $8.38/SF
Area
Livingston County, MI
Vacancy
6.00%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$916,600
Cap Rate 7%
$654,714
Cap Rate 9%
$509,222
Alternative Uses
Best Use
Apartment 5plus
$654.7K
$572.9K – $763.8K
NOI $45,830 @ 7.0% cap · market cap 7.05%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$871.6K
$762.7K – $1.02M
NOI $61,012 @ 7.0% cap · market cap 9.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
827
Businesses Nearby
Explore this area
Business Placement
Demographics for 48843, MI
47,704
Population
19,001
Households
2.5
Avg Household Size
41
Median Age
37%
College-Educated
95%
High-School Grad
89.6 sq mi
ZIP Area
532
Density / Sq Mi
$91,620
Median Household Income
$48,613
Median Earnings
$1,221
Median Rent
$323,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Remodeled historic multifamily building in downtown Howell, prime investment opportunity.
Where is this apartment building located?
The property is located at 121 S COURT St Howell, MI.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Prime downtown Howell location: walk to shops and restaurants.; Meticulously remodeled, blending historic charm with modern amenities.; Fantastic investment opportunity in a multifamily building.
