624 Michigan 524 State St & 138 E Sheridan $2,500,000

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    624 Michigan 524 State St & 138 E Sheridan Petoskey, MI 49770

    Sold
    SOLD 4/19/2024

    $2,500,000

    Market Estimate
    • 8,496 sq. ft.
    • Commercial
    • MLS# 472781
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    Views: 17

    Property Details

    Introducing a unique investment opportunity in the heart of Petoskey, Michigan! This multi-unit property features three homes, conveniently located at 624 Michigan Avenue, 524 State Street, and 138 E. Sheridan Street. Each of these well-maintained homes offers its own distinct charm and character, providing a variety of living options for potential residents. Currently, all units are occupied, making it an excellent opportunity for investors or those looking to start or expand their rental property portfolio. Situated in a desirable neighborhood, these homes are within close proximity to Petoskey's downtown area, offering easy access to shops, restaurants, and entertainment venues. Residents will also enjoy the convenience of nearby parks, schools, and other local amenities. The layout of each home is thoughtfully designed to maximize space and functionality. From cozy living areas to well-appointed kitchens and comfortable bedrooms, these units provide a comfortable and inviting atmosphere for tenants. The month-to-month lease agreements offer flexibility for future plans or the potential to renegotiate leases with longer terms. Investing in this multi-unit property offers not only the potential for a steady rental income stream but also the opportunity to take advantage of the strong demand for housing in the Petoskey area. Whether you're an experienced investor or a first-time buyer looking to enter the real estate market, this property presents a promising investment possibility. Please note that the sale of all three units is required as they are being offered as a package deal. Don't miss out on this exceptional chance to own a multi-unit property in Petoskey, Michigan. Contact us today to schedule a showing and explore the potential of this fantastic investment opportunity.

    • General Features
      • Association No
      • County Emmet
      • Features Refrigerator, Washer, Natural Gas, Off-Street Parking, Dryer, Range
      • Heat1 Natural Gas, Electric, Forced Air
      • Total Sq Ft 8496
      • Township Petoskey City
      • Type1 Business Opportunity
      • Utilities Underground Utilities
      • Water City
      • Water Front Water Access Neither
      • Water Heater Natural Gas
    • Building Features
      • Basement Michigan
      • Construction Wood Frame
      • Num Of Units 16
      • Roof Asphalt Shingle
      • Stories Two
    • Room Features
      • Bedrooms 21
      • Full Bathrooms 16
      • Num Of Restrooms 0
    • Schools
      • School District Petoskey
    • Additional Features
      • Current Business Type Other / See Remarks
      • Sewer City

    Neighborhood

    49770 (Petoskey) Demographics

    44 Median Age
    139 Population Density (per sq. mile)
    52% College Educated
    $62,264 Estimated Median Income
    4,813 Estimated Total Home Owners
    2,375 Estimated Total Renters
    67% / 33% Estimated Owner / Renter Divide
    2 Estimated Average Household Size
    17,205 Total Population
    Community data courtesy of LiveBy, Inc.

    Market Last 30 Days In This Postal Code

    $545,850 Median Sales Price
    16 Homes Sold
    38 New On Market

    Average Days on Site

      Properties for Sale

        Calculations provided by Reliance Network

        Property History

        Date Event Price Percent Change
        -- New in Database Source: Multiple Listing Service New Value: $0 -100%
        4/19/2024 3:00:00 AM Sold Source: Multiple Listing Service New Value: $2,500,000

        The data relating to real estate on this web site comes in part from the Internet Data Exchange Program of the Northern Michigan MLS (NM-MLSX). Real estate listings held by brokerage firms other than RE/MAX of Michigan are marked with the NM-MLSX logo and the detailed information about said listing includes the listing office.

        All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither the listing broker(s) nor RE/MAX of Michigan shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless. Northern Michigan MLS, Inc © All rights reserved.

        NM-MLSX (IDX) information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing



        Note: All room dimensions, including square footage data, are approximate and must be verified by the buyer. The information contained herein is furnished by the owner to the best of his/her knowledge but is subject to verification by the purchaser, and agent assumes no responsibility for the correctness thereof. The sale offering is made subject to errors, omissions, change of price, prior sale, or withdrawal without notice. In accordance with the Law, this property is offered without respect to race, color, creed, national origin, sex, familial status or disability. This is not intended to solicit property currently listed.