211 Main St Addison, MI 49220

This stabilized, Class C multifamily investment property located at 211 E Main St, Addison, MI 49220, presents a compelling opportunity. The three-story building boasts 11 units, including ten two-bedroom apartments and one one-bedroom apartment, offering a mix of remodeled and older units. Currently operating at 100% occupancy, the property generates a strong net operating income (NOI) of $64,600, yielding an 8.61% cap rate. Pro-forma NOI is projected at $71,200, resulting in a 9.49% pro-forma cap rate, indicating significant upside potential. Monthly rents range from $650 to $850, depending on unit size and condition. The property includes 15 parking spaces, a valuable amenity for residents. Its prime location across from Addison High School ensures consistent demand. The asking price is $750,000, translating to $68,182 per unit. This turnkey investment offers a solid foundation for immediate cash flow and future growth. The building's condition is excellent, and there's potential to further increase NOI through strategic management and improvements. This is an exceptional opportunity for investors seeking a stable, high-performing asset in a desirable location.