$850,000
Petoskey, MI 49770
MLS# 26003300
1 / 7
Property Description
Classic, well-maintained 6-unit multifamily in a walkable Petoskey neighborhood near downtown, schools, and employment. Mix of renovated units with durable finishes; exterior paint, porch rebuild, foundation work, breezeway update, and other recent upgrades. In-place rent ~$8,150/mo with stable tenancy. City utilities. Clean common areas, covered front porch, and landscaped grounds. Strong rental history with opportunity to continue interior refresh program and capture market rent on renewals/turns.
Details
Maps
Location & Property Info
Cross Streets: Waukazoo & Woodland
Property Sub-Type: 5+ Units
Municipality: Petoskey City
Office/Contract Info
Auction or For Sale: For Sale
General Property Info
New Construction: No
Lot Dimensions: 50x145
Road Frontage: 50
Waterfront: No
Basement: Yes
Total # Units: 6
# of Diff Unit Floor Plans: 6
Total # Bldgs: 1
Total Parking Spaces: 0
School District: Petoskey
Lot Measurement: Acres
Lot Square Footage: 7120
Lot Acres: 0.16
Year Built: 1900
Tax Info
Taxable Value: 140700
SEV: 146300
For Tax Year: 2024
Seller's Annual Property Tax: 15500
Tax Year: 2024
Homestead %: 0
Spec Assessment & Ty: 0
Tax ID #: 52-19-05-100-090
Remarks & Misc
Public Remarks: Classic, well-maintained 6-unit multifamily in a walkable Petoskey neighborhood near downtown, schools, and employment. Mix of renovated units with durable finishes; exterior paint, porch rebuild, foundation work, breezeway update, and other recent upgrades. In-place rent ~$8,150/mo with stable tenancy. City utilities. Clean common areas, covered front porch, and landscaped grounds. Strong rental history with opportunity to continue interior refresh program and capture market rent on renewals/turns.
Legal: VILLAGE OF PETOSKEY CITY LOT 6 BLK 6. SECTION 5, T34N, R5W.
Income and Expenses
Annual Insurance: 5312
Annual Mgmt. Fees: 7041.03
Annual Utilities: 5587.3
Gross Op. Inc.: 97800
Net Operating Income: 55024.35
Operating Expense: 44575.65
Street Type
Paved: 1
Util Avail at Street
Electricity Available: 1
High Speed Internet: 1
Natural Gas Available: 1
Public Sewer: 1
Public Water: 1
Utilities Attached
Cable Connected: 1
Electricity Connected: 1
Natural Gas Connected: 1
Sewer
Public Sewer: 1
Water
Public Water: 1
Terms Available
Cash: 1
Conventional: 1
FHA: 1
Laundry Features
None: 1
Exterior Material
Wood Siding: 1
Other: 1
Roofing
Composition: 1
Heat Source
Natural Gas: 1
Sale Conditions
None: 1
Heat Type
Forced Air: 1
Air Conditioning
None: 1
Access Feat
Accessibility Features: No
Tenant Pays
None: 1
Driveway
None: 1
Substructure
Michigan Basement: 1
Owner Pays
Electricity: 1
Gas: 1
Sewer: 1
Trash Collection: 1
Water: 1
Unit 1
Unit #: 1
Unit Description: Studio
Bedrooms: 1
Bathrooms: 1
Full Baths: 1
Unit 2
Unit #: 2
Unit Description: Studio
Bedrooms: 1
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: 1 bedroom w/ office
Bedrooms: 1
Bathrooms: 1
Full Baths: 1
Unit 5
Unit #: 5
Unit Description: 1 bedroom w/ sunroom
Bedrooms: 1
Bathrooms: 1
Full Baths: 1
Unit 6
Unit #: 6
Unit Description: 1 bedroom updated
Bedrooms: 1
Bathrooms: 1
Full Baths: 1
Possession
Close Of Escrow: 1
Subject To Tenant Rights: 1
Location Property Info
County: Emmet
Street #: 524
Street Name: State
Suffix: Street
State: MI
Zip Code: 49770
Zip (4): 2769
OfficeContract Info
Status: Active
Current Price: $850,000
List Price: $850,000
Listing Date: 2026-01-28
Property Features
Laundry Features: None
Exterior Material: Wood Siding; Other
Roofing: Composition
Substructure: Michigan Basement
Sewer: Public Sewer
Water: Public Water
Utilities Attached: Cable Connected; 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: None
Street Type: Paved
Terms Available: Cash; Conventional; FHA
Possession: Close Of Escrow; Subject To Tenant Rights
Sale Conditions: None
Listing Office: Van Treese Management LLC
Listing Agent: Christopher Skrobeck
Last Updated: March - 24 - 2026
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