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$1,100,000
Est. payment /mo
8,276 Sqft Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type MultiFamily
Listing Status Active
Purchase Type For Sale
MLS Listing ID 55026030627
Year Built 1930
Lot Size 8,276 Sqft
Acres 0.19
Property Sub-Type MultiFamily
Property Description
Income-producing 12-unit multifamily portfolio featuring an 8-unit building at 504-506 First St. and a 4-unit building at 510 First St. Offered as one package, this value-add investment provides immediate cash flow with upside potential through continued stabilization and rent optimization. Current gross income is approximately $101,000 annually with a current NOI of $63,000 and a 5.75% cap rate. Seller projections indicate potential stabilization to over $105,000 NOI and a cap rate approaching 9.6%. Located in a strong rental market with high renter occupancy, limited inventory, and consistent housing demand. Excellent opportunity for investors seeking workforce housing, multifamily assets, portfolio expansion, or a 1031 exchange acquisition in Jackson, Michigan.
Location
State MI
County Jackson
Area Area12132Jackson
Rooms
Basement Full
Interior
Heating Baseboard, Other Heating Fuel, Radiant
Fireplace No
Laundry GasDryerHookup, InBasement, WasherHookup
Exterior
Parking Features Asphalt
Utilities Available ElectricityConnected, NaturalGasConnected, SewerConnected
View Y/N No
Building
Sewer Public Sewer, Sewer At Street
Water Public
New Construction No
Schools
School District Jackson
Others
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
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Listed by Jennifer Chmielewski of ERA Reardon Realty, L.L.C.
NEARBY SCHOOLS & PROPERTIES
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