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46465 WILLIS Road Belleville, MI 48111 9297
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Key Details
Sold Price $930,000
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 9,523 sqft
Price per Sqft $97
Subdivision Mi
MLS Listing ID 60317258
Sold Date 10/22/24
Style 1 Story
Full Baths 12
Year Built 1946
Annual Tax Amount $9,395
Lot Size 1.380 Acres
Acres 1.38
Lot Dimensions 95x635x636x96
Property Description
This charming, fully occupied Sumpter Township 12-unit property is comprised of two duplexes, one triplex, one quad and a stand alone single family all on one parcel. There is also a land space with a garage on the back of the parcel perfect for renting to trailers, boats and other storage seekers. The properties have been well maintained over the years with historically terrific occupancy. Appraised previously at a 6.75% cap rate. Utility meters are separated by unit, and with an already outstanding NOI, there is significant value-add opportunity, too, in both raising rents and renting the land and garage storage spaces. Moreover, this can be done with low capital on the front end as the seller is in the process of passing all city inspections, which will be completed by closing. Huge bonus there as with the property being as turnkey as can be expected for a MF property, post-close, your only job is to maximize the NOI and valuation of the property with efficient operations. Owner statement, rent roll, and walk through videos of recently occupied unit available upon request.
Location
State MI
County Wayne
Area Sumpter Twp (82151)
Interior
Heating Forced Air
Fireplace No
Exterior
Exterior Feature Vinyl Siding
Waterfront No
Building
Story 1 Story
Foundation Slab
Water Public Water
Structure Type Vinyl Siding
Schools
School District Van Buren Isd
Others
Ownership Private
Assessment Amount $16
Energy Description Natural Gas
Acceptable Financing Other
Listing Terms Other
Financing Cash,Conventional
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Bought with LPS