Remodeled 8-Unit Apartment
For Sale
$899,000
421 N State Street, Alma, MI 48801
COMMERCIAL - Alma, MI
Property Size10,320 SF
Lot Size0.23 Acres
Price / SF$87.11
Days on Market716
Property Features for 421 N State Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Multi-Family, Commercial
Parking features
Assigned
Exterior features
Brick
Lot features
Corner Lot
Directions
S. on Woodworth from Superior.
Subdivision
Gratiot
Standard status
Active
Size
10,320 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Description
See Associated Docs for Full Legal Description.
Legal Description
See Associated Docs for Full Legal Description.
Amenities
off-street parking
on-site laundry
Building Details
Building materials
Frame
Roof type
Asphalt
Listing Agency:
CENTURY 21 LEE-MAC REALTY
(989) 463-6085
Listed By:
Bob Fall · License #6506049037
(989) 737-3927
Added: Sep 5, 2024
Changed: Aug 4
Last Checked: Aug 21 at 2:06AM
MLS# 1926845
Copyright © 2026 Northern Great Lakes Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 8-unit apartment building has been fully remodeled, with the project completed in 2015. The tenant mix is six 2-bedroom units and two 1-bedroom units. According to the listing, the property has modern finishes and updated systems throughout.
The building is located at 421 N State Street in Alma, Michigan, in Gratiot County. The offering is presented as turnkey, with the units currently fully leased.
For investors or operators seeking a low-management residential income asset, the current fully leased status and the in-place rental apartment mix are key considerations. The listing also notes off-street parking and on-site laundry for tenant convenience. The owner-reported performance includes over $67,000 in annual revenue and a history of no vacancy since reopening after the remodel.
The building is located at 421 N State Street in Alma, Michigan, in Gratiot County. The offering is presented as turnkey, with the units currently fully leased.
For investors or operators seeking a low-management residential income asset, the current fully leased status and the in-place rental apartment mix are key considerations. The listing also notes off-street parking and on-site laundry for tenant convenience. The owner-reported performance includes over $67,000 in annual revenue and a history of no vacancy since reopening after the remodel.
Key Highlights
- Fully leased 8‑unit apartment building generating over $67,000 in annual revenue
- Unit mix includes six 2‑bedroom units and two 1‑bedroom units
- Remodeled in 2015 and reported to have had no vacancy since reopening
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
502
Businesses Nearby
Explore this area
Business Placement
Demographics for 48801, MI
13,006
Population
5,408
Households
2.4
Avg Household Size
34
Median Age
28%
College-Educated
95%
High-School Grad
70.8 sq mi
ZIP Area
184
Density / Sq Mi
$57,449
Median Household Income
$30,146
Median Earnings
$795
Median Rent
$120,300
Median Home Value
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 - Fully leased, remodeled eight-unit multifamily property with a mix of one- and two-bedroom apartments.
Where is this apartment building located?
The property is located at 421 N State Street Alma, MI.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Fully leased 8‑unit apartment building generating over $67,000 in annual revenue; Unit mix includes six 2‑bedroom units and two 1‑bedroom units; Remodeled in 2015 and reported to have had no vacancy since reopening
