$850,000
Petoskey, MI 49770
MLS# 26003263
1 / 19
Property Description
Victorian-style 5-unit in the heart of Petoskey with excellent walkability. Extensive recent work: new roof/fascia, two-coat exterior paint, remodeled breezeways, upgraded electrical/plumbing in select units, full unit renovations with updated kitchens/baths, and a new laundry room build-out. In-place rent ~$7,500/mo with proven demand. City utilities. Appealing curb presence with bay windows and tasteful landscaping. Solid in-place operations with value in continued unit optimization and amenity enhancements.
Details
Maps
Location & Property Info
Cross Streets: Harvey & 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: 5
# of Diff Unit Floor Plans: 5
Total # Bldgs: 1
Total Parking Spaces: 0
School District: Petoskey
Lot Measurement: Acres
Lot Square Footage: 7439
Lot Acres: 0.17
Year Built: 1900
Tax Info
Taxable Value: 142905
SEV: 162600
For Tax Year: 2024
Seller's Annual Property Tax: 10400
Tax Year: 2024
Homestead %: 0
Spec Assessment & Ty: none
Tax ID #: 52-19-05-179-001
Remarks & Misc
Public Remarks: Victorian-style 5-unit in the heart of Petoskey with excellent walkability. Extensive recent work: new roof/fascia, two-coat exterior paint, remodeled breezeways, upgraded electrical/plumbing in select units, full unit renovations with updated kitchens/baths, and a new laundry room build-out. In-place rent ~$7,500/mo with proven demand. City utilities. Appealing curb presence with bay windows and tasteful landscaping. Solid in-place operations with value in continued unit optimization and amenity enhancements.
Legal: CHARLES CARMICHAEL'S ADD. LOT 4 BLK 3 ALSO .5 FT OF W SIDE OF W SIDE OF N 87' OF LOT 3 BLK 3. SECTION 5, T34N, R5W.
Lot Description
Sidewalk: 1
Income and Expenses
Annual Insurance: 5312
Annual Mgmt. Fees: 6484.89
Annual Utilities: 6197.47
Gross Op. Inc.: 90000
Net Operating Income: 47819.93
Operating Expense: 39932.48
Street Type
Paved: 1
Public: 1
Util Avail at Street
Electricity Available: 1
High Speed Internet: 1
Natural Gas Available: 1
Public Sewer: 1
Public Water: 1
Utilities Attached
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
Common Area: 1
Laundry Closet: 1
Lower Level: 1
Exterior Material
Wood Siding: 1
Roofing
Composition: 1
Heat Source
Electric: 1
Natural Gas: 1
Sale Conditions
None: 1
Heat Type
Forced Air: 1
Mini-Split: 1
Wall Furnace: 1
Air Conditioning
Mini-Split: 1
None: 1
Access Feat
Accessibility Features: No
Tenant Pays
None: 1
Driveway
None: 1
Substructure
Michigan Basement: 1
Extras
Laundry Facility: 1
Owner Pays
Electricity: 1
Gas: 1
Sewer: 1
Trash Collection: 1
Water: 1
Unit 1
Unit Description: One bedroom unit
Bedrooms: 1
Bathrooms: 1
Full Baths: 1
Unit 2
Unit Description: 2 bedroom unit
Bedrooms: 2
Bathrooms: 1
Full Baths: 1
Unit 3
Unit #: 3
Unit Description: one bedroom effic
Bedrooms: 1
Bathrooms: 1
Full Baths: 1
Unit 4
Unit #: 4
Unit Description: 1 bedroom
Bedrooms: 1
Bathrooms: 1
Full Baths: 1
Unit 5
Unit #: 5
Unit Description: one bedroom unit
Bedrooms: 1
Bathrooms: 1
Full Baths: 1
Possession
Close Of Escrow: 1
Subject To Tenant Rights: 1
Location Property Info
County: Emmet
Street #: 624
Street Name: Michigan
Suffix: Street
State: MI
Zip Code: 49770
Zip (4): 4610
OfficeContract Info
Status: Active
Current Price: $850,000
List Price: $850,000
Listing Date: 2026-01-27
Property Features
Laundry Features: Common Area; Laundry Closet; Lower Level
Exterior Material: Wood Siding
Roofing: Composition
Substructure: Michigan Basement
Lot Description: Sidewalk
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
Extras: Laundry Facility
Owner Pays: Electricity; Gas; Sewer; Trash Collection; Water
Tenant Pays: None
Heat Source: Electric; Natural Gas
Heat Type: Forced Air; Mini-Split; Wall Furnace
Air Conditioning: Mini-Split; None
Driveway: None
Street Type: Paved; Public
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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