9317 MAIN Street Active Save Request In-Person Tour Request Virtual Tour
Northfield Twp,MI 48189
Key Details
Property Type Multi-Family
Sub Type Ranch,Log Home
Listing Status Active
Purchase Type For Sale
Square Footage 1,710 sqft
Price per Sqft $365
MLS Listing ID 20240070578
Style Ranch,Log Home
Bedrooms 4
Full Baths 4
Originating Board Realcomp II Ltd
Year Built 1927
Annual Tax Amount $4,690
Lot Size 0.420 Acres
Acres 0.42
Lot Dimensions 182X101
Property Description
Welcome to 9317 Main Street, located in the heart of downtown Whitmore Lake. This fully renovated multifamily property presents an outstanding investment opportunity. The property consists of four one-bedroom, one-bathroom units, three of which are already operating as highly profitable Airbnb rentals. The fourth unit is leased long-term but is set to transition to a short-term rental after the lease expires in May, bringing the projected annual gross income to over $101,000. This investment offers a strong current cap rate of 9.6%, which will increase to 12.1% once all units are fully utilized as short-term rentals. The property’s prime location provides guests with easy deeded across the road to Whitmore Lake, an all-sports lake spanning 667 acres. The lake is a major draw for Airbnb guests, ensuring near 100% occupancy on summer weekends with an average nightly rental rate of $117. The property has undergone extensive renovations the past few years, including new roofs, windows, doors, electrical systems, and plumbing, along with updated heating and cooling systems. All four units have been fully remodeled with modern interiors, including new drywall, flooring, kitchens, and bathrooms, ensuring a turnkey investment for the new owner. The units are fully furnished, with the option to purchase the furnishings with the sale. With 12 parking spaces, tenants have ample convenience, and the property is within walking distance of local shops, restaurants, and a marina where boat rentals are available. Currently self-managed via Airbnb, the property allows flexibility for investors to continue with this model. Zoned for multifamily residential use with potential for commercial applications, this property offers both a stable income stream and future growth opportunities.
Location
State MI
County Washtenaw
Area Northfield Twp
Zoning Commercial,Multi-Family,Multiple
Direction Take 23 to Whitmore Lake Exit. Take Main Street to East Shore property is on the right.
Interior
Hot Water Electric,Natural Gas
Heating Forced Air
Cooling Ceiling Fan(s),Central Air,Wall Unit(s)
Fireplace no
Heat Source Electric,Natural Gas
Exterior
Exterior Feature Fenced
Garage Spaces 12.0
Pool No
Waterfront yes
Waterfront Description Across the Road Water Frontage,Lake Front,Shared Water Frontage,Water Front
Water Access Desc All Sports Lake,
Roof Type Asphalt
Accessibility Accessible Entrance
Porch Porch
Road Frontage Paved
Garage no
Building
Foundation Slab
Sewer Sewer at Street
Water Well (Existing)
Architectural Style Ranch,Log Home
Level or Stories 1 Story
Structure Type Log
Schools
School District Whitmore Lake
Others
Pets Allowed Yes
Tax ID B00205328023
Ownership Short Sale - No,Private Owned
Acceptable Financing Cash,Conventional,FHA
Rebuilt Year 2020
Listing Terms Cash,Conventional,FHA
Financing Cash,Conventional,FHA