115 Pine River St Ithaca, MI 48847
- Retail properties
- 4,818 SF
Current Use by Public Records
- It's All About You Salon / Hair Salon / Nail Salon
Property Details for 115 Pine River St
- Year built
- 1950
- Property size
- 4,818 SF
- Property type
- Retail properties
- Property subtype
- Office Properties & Spaces
Description
This exceptional mixed-use property in Ithaca, Michigan presents a compelling investment opportunity. Located at 115 S Pine River St, this 4,818 square foot building, constructed in 1950 and renovated in 2015, boasts a blend of commercial and residential spaces. The main level features a fully operational salon with existing equipment and a business license included in the sale, along with a vacant commercial unit ready for immediate lease. Upstairs, two well-maintained two-bedroom apartments provide additional income streams. The property includes six parking spaces and benefits from a C-1 zoning designation, offering potential for future expansion or conversion of retail to residential units. The building is a two-story structure with a new roof (2022), updated furnace, and water heaters, eliminating deferred maintenance concerns. Currently operating at 75% occupancy with three tenants, the property generates a substantial net operating income (NOI) of $32,800, resulting in an attractive 10.97% cap rate. The asking price is $299,000, translating to $62.06 per square foot. This is a turnkey investment ideal for an owner-user seeking a blend of income generation and personal workspace. The property's strong cash flow, coupled with its potential for growth, makes it an attractive addition to any portfolio.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Ithaca
- County
- Gratiot
- State
- Michigan
- Longitude
- -84.6076
- Latitude
- 43.2911
