$875,000
Petoskey, MI 49770
MLS# 26003305
1 / 13
Property Description
Well-located 5-unit close to downtown and services. Four units renovated (new electric, drywall, flooring); two new water-heater pumps; parking lot sealed/striped; roof ~5 years old. In-place rent ~$8,100/mo with a mix of renovated and durable finishes. City utilities. Large lot with on-site parking and green space. Attractive cash flow today with upside on future turns and light exterior enhancements.
Details
Maps
Location Property Info
County: Emmet
Street #: 138
Street Direction: E
Street Name: Sheridan
Suffix: Street
State: MI
Zip Code: 49770
Zip (4): 2962
OfficeContract Info
Status: Active
Current Price: $875,000
List Price: $875,000
Listing Date: 2026-01-28
General Property Info
Lot Measurement: Acres
Lot Square Footage: 149411
Lot Acres: 3.43
Lot Dimensions: 153x82.5
Year Built: 1900
New Construction: No
Road Frontage: 153
Total # Units: 5
# of Diff Unit Floor Plans: 5
Total # Bldgs: 1
Total Parking Spaces: 8
Waterfront: No
School District: Petoskey
Tax Info
Tax ID #: 52-19-06-477-001
Taxable Value: 101220
SEV: 150000
For Tax Year: 2024
Seller's Annual Property Tax: 12200
Tax Year: 2024
Access Feat
Accessibility Features: No
Income and Expenses
Annual Insurance: 5312
Annual Mgmt. Fees: 5859.36
Annual Utilities: 7320.96
Gross Op. Inc.: 97200
Net Operating Income: 52231.08
Operating Expense: 44968.92
Unit 1
Unit #: 1
Unit Description: 2 bed lower
Bedrooms: 2
Bathrooms: 1
Full Baths: 1
Unit 2
Unit #: 2
Unit Description: 2 bed lower w/ loft
Bedrooms: 2
Bathrooms: 1
Full Baths: 1
Unit 3
Unit #: 3
Unit Description: studio
Bedrooms: 1
Bathrooms: 1
Full Baths: 1
Unit 4
Unit #: 4
Unit Description: 2 bed lower
Bedrooms: 2
Bathrooms: 1
Full Baths: 1
Unit 5
Unit #: 5
Unit Description: 2 bed upper
Bedrooms: 2
Bathrooms: 1
Full Baths: 1
Property Features
Laundry Features: Common Area; Laundry Closet
Exterior Material: Vinyl Siding
Roofing: Composition
Substructure: Michigan Basement
Sewer: Public Sewer
Water: Public Water
Utilities Attached: Electricity Connected; Natural Gas Connected
Util Avail at Street: Electricity Available; High Speed Internet; Natural Gas Available; Public Sewer; Public Water
Owner Pays: Electricity; Gas; Sewer; Trash Collection; Water
Tenant Pays: None
Heat Source: Natural Gas
Heat Type: Forced Air
Air Conditioning: None
Driveway: Shared Paved
Street Type: Paved
Terms Available: Cash; Conventional; FHA
Sale Conditions: None
Listing Office: Van Treese Management LLC
Listing Agent: Christopher Skrobeck
Last Updated: January - 28 - 2026
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