$999,900
Positioned in East Jordan, this turn-key 4-unit townhouse complex, built in 2023, offers strong in-place cash flow, low near-term CapEx, verified operating history, and long-term development upside. Fully leased and generating $8,800/month ($105,600/year) in gross rent, the property offers an approximate 6.72% cap rate at the current $999,900 asking price. Tenants in Units 2, 3, and 4 are responsible for most primary utilities, helping keep owner expenses low. Each unit features high-end finishes, natural gas forced-air heat, central air conditioning, dedicated carports, private rear decks, full 2023 appliance packages, and independent utility metering. Layouts include three 3-bedroom/2.5-bath townhomes with private ensuite bedrooms and one 2-bedroom/2.5-bath dual-ensuite unit. Built just three years ago, the property offers investors the added benefit of newer major systems, appliances, roofing, mechanicals, and exterior components—helping reduce the likelihood of significant near-term capital expenditures compared with older multifamily inventory. Units 3 and 4 feature reliable long-term tenants of three years, while Units 2 and 4 convey fully furnished. Additional upside comes from a 2-hour fire-rated separation wall between units designed to facilitate potential future condominium conversion, creating an attractive long-term exit strategy through individual townhome sales. Site plan available upon request. Low-maintenance exterior with municipal water and sewer. Seller is a licensed Realtor in the State of Michigan.
480728
MLS
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ACTIVE
Status
710 Water Street, East Jordan
