6822 Us-31 Charlevoix, MI 49720
- Apartment buildings
- 2,490 SF
- 1.33 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 6822 Us-31
- Year built
- 1947
- Lot size
- 1.33 lot acres
- Property size
- 2,490 SF
- Property type
- Apartment buildings
Description
This exceptional investment opportunity presents a 7-unit multifamily property in Charlevoix, Michigan, listed at $569,000. The property boasts a strong 9.62% cap rate and a substantial net operating income (NOI) of $54,722. Situated on a 1.33-acre lot with 200 feet of US-31 frontage, this commercially zoned property offers significant upside potential. The 2,490 square foot building, constructed in 1947, comprises two one-story structures. The seven units, primarily one-bedroom, one-bathroom apartments, have seen recent renovations in most cases. The property's prime location near the Charlevoix Airport and convenient shopping enhances its appeal. The expansive lot presents various possibilities for expansion, including adding on-site laundry facilities, carports, or additional units. The existing rental business could also be enhanced by converting units into vacation rentals. A unique feature is an existing campsite with full hookups, consistently rented throughout the summer months. The property's APN is 15-004-034-024-00. The price per unit is $81,285.71, and the price per square foot is $228.51. This property is a value-add investment with considerable potential for increased profitability. Explore the permitted uses under Charlevoix Township Zoning for further development opportunities.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Charlevoix
- County
- Charlevoix
- State
- Michigan
- Longitude
- -85.2739
- Latitude
- 45.3007
