114 Devonshire Dr Prudenville, MI 48651-9739
- Commercial real estate
- 1.09 lot acres
Current Use by Public Records
- None / Hotel / Resort Hotel
Property Details for 114 Devonshire Dr
- Lot size
- 1.09 lot acres
- Property type
- Commercial real estate
- APN
- 003-321-364-1000
- APU
- 33213641000
Description
Exceptional investment opportunity in Prudenville, Michigan, presents a 35-unit multifamily portfolio boasting a strong 10.30% capitalization rate and a substantial net operating income (NOI) of $205,045. This portfolio comprises an apartment building and a single-family rental portfolio, encompassing three parcels of land (APN: 003-016-007-0080, 003-321-364-1000, 003-321-707-0000) located near Houghton Lake at 114 Devonshire Dr, 48651. Currently, 34 of the 35 units are leased, generating over $21,000 in monthly rental income. The property benefits from established management, ensuring consistent cash flow. This turnkey investment is further enhanced by the availability of a fully amortized land contract with a flexible down payment of 20-25%, making it an attractive option for investors seeking immediate returns and long-term growth. The property's location near Houghton Lake offers tenants access to recreational amenities. This portfolio represents a rare opportunity to acquire a well-managed, high-performing multifamily asset with significant upside potential. Serious inquiries only.
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
- Prudenville
- County
- Roscommon
- State
- Michigan
- Longitude
- -84.6925
- Latitude
- 44.2998
