$459,900
Otsego, MI 49078
MLS# 25022992
Status: Pending
4 baths | 6670 sqft
1 / 23
Property Description
Looking for a Great Investment Opportunity with a 9% Cap Rate or Return on Investment, Passing Environmental & Open Book Rent Roll for tenants & Expenses? The Building has new flat roof on both buildings, New commercial doors, new updated commercial space that rents 5 separate offices in one commercial space and another commercial business next door along with 3 apartments filled with long term tenants. Apartment 1 = $950/month Year Lease Apartment 2 = $1,000/month Year Lease Apartment 3 = $1,250/month 6 month Lease Office 1 = $550/month Year Lease Office 2 = $515/month Year Office 3 = $300 Office 4 = $300 Office 5 = Vacant Commercial Building 2 = $750/m 3 year lease Monthly Income $5,615 Owners pay for Water & Trash Only. No Yard Maintenance. No Snow Removal. Public Parking
Details
Maps
Documents
Location Property Info
County: Allegan
Street #: 134
Street Direction: W
Street Name: Allegan
Suffix: Street
State: MI
Zip Code: 49078
Area: Greater Kalamazoo - K
OfficeContract Info
Status: Pending
Current Price: $459,900
List Price: $459,900
Listing Date: 2025-05-20
General Property Info
New Construction: No
Lot Measurement: Acres
Lot Acres: 0.1
Lot Square Footage: 4356
Lot Dimensions: 59X73
Year Built: 1914
Road Frontage: 59
Mineral Rights: Unknown
Year Remodeled: 2022
Total # Units: 9
# Fin Bldg Lvls: 2
# of Diff Unit Floor Plans: 5
Total # Bldgs: 2
Total SqFt: 6670
Total Net SqFt: 4670
Property Use Type: Business
Full Baths: 6
Total Baths: 4
Waterfront: No
School District: Otsego
Tax Info
Tax ID #: 54-100-010-00
Taxable Value: 129500
SEV: 12950
For Tax Year: 2024
Annual Property Tax: 9036.91
Tax Year: 2024
Spec Assessment & Type: None
Non-Conforming Use: No
Zoning: 201 COMMERCIAL-
Remarks Misc
Directions: Take Plainwell Exit off 131 to Otsego. Building is on the Right.
Status Change Info
Under Contract Date: 2025-06-11
Income and Expenses
Annual Maint ($): 500
Annual Prop Ins ($): 1300
Annual Utilities ($): 459
Gross Op Income ($): 6410
Total Actual Rent: 5015
Operating Expense: 1209
Business Opportunity
Business Description: Commercial
Business Name: Stowe Building LLC
Unit 1
Unit Description: Commercial Offices
Identical Units: 5
SqFt: 2100
Occupied: Yes
Rent $/Month: 1530
# HVAC: 1
# Baths: 1
Unit 2
Unit Description: Onstaff
SqFt: 546
Occupied: Yes
Rent $/Month: 750
# HVAC: 1
# Baths: 1
Unit 3
Unit Description: Apartment 1 Upstairs
SqFt: 900
Occupied: Yes
Rent $/Month: 950
# HVAC: 1
# Baths: 1
Unit 4
Unit Description: Apartment 2 Upstairs
SqFt: 900
Occupied: Yes
Rent $/Month: 1000
# HVAC: 1
# Baths: 1
Unit 5
Unit Description: Apartment A Lower
SqFt: 748
Occupied: Yes
Rent $/Month: 1250
# HVAC: 1
# Baths: 1
Property Features
Property Use: Business; Investment; Vacant/Owner-User
SqFt Information: Carbon Monoxide Detector(s); Smoke Detector(s)
Uses: Professional Service; Professional/Office; Other
Ownership: LLC
Business Includes: Furniture; Non-Applicable; Real Estate
Construction Type: Block; Other
Exterior Material: Block; Brick; Metal Siding
Roofing: Rubber
Foundation: Block
Below Grade: Basement; Partial
Tenant Pays All: Electric; Gas
Sewer: Public Sewer
Water: Public Water
Utilities Attached: Electricity Connected; Natural Gas Connected
Util Avail at St: Broadband
Heat Source: Natural Gas
Heat Type: Forced Air
Air Conditioning: Central Air
Driveway: Paved; Shared Paved
Street Type: Public
Purchase Terms Avail: Cash; Conventional
Docs Req Conf Agrmnt: Environmental Reports; Rent Roll
Sale Conditions: None
Unit 2: Tenant Pays Electric; Tenant Pays Gas
Unit 3: Tenant Pays Electric; Tenant Pays Gas
Unit 4: Tenant Pays Electric; Tenant Pays Gas
Unit 5: Tenant Pays Electric; Tenant Pays Gas
Possession: Close Of Escrow
Book of Business 
Listing Office: Bellabay Realty (Middleville)
Listing Agent: Jenna Corson
Last Updated: June - 11 - 2025
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