130 Main St Evart, MI 49631-9434

Property Details for 130 Main St

Lot size

0.13 lot acres

Property type

Commercial real estate

APN

51 750 410 00

APU

5175041000

Description

This unique mixed-use property in Evart, Michigan, presents a compelling investment opportunity. Located at 130 N Main Street, this 5,148 square foot building boasts a rich history, having served as a bank and post office since its construction in 1905. The building features five units: four one-bedroom, one-bathroom apartments (three currently rented) and a ground-floor commercial space. Original features such as the bank vault and postage window remain, adding to the building's charm and character. While the property requires some renovations, particularly to one apartment, it offers significant potential for increased income. The building sits on a 0.13-acre lot and is zoned commercial. Currently operating at 60% occupancy, the property generates a net operating income (NOI) of $12,000, resulting in a 3.04% cap rate. The asking price is $395,000, translating to $76.73 per square foot. The city of Evart is actively supporting downtown revitalization efforts, including grant opportunities for business improvements, presenting an added incentive for potential buyers. This property is ideal for an owner-user seeking a blend of commercial and residential income streams.