403 N Main St, Ishpeming, MI 49849

Here is an extraordinary opportunity to invest in a 5-plex apartment! Centrally located in an excellent spot in a good neighborhood, this historic multiplex sits atop a hill, a few blocks from downtown Ishpeming. This is an established rental with a proven track record for high occupancy rates. Currently, all units are rented out. Leases are month to month and the tenants are communicative and cooperative. See associated documents for Cubi Casa measurements for each apartment and the basement. This historic home is solid with a well-maintained utility system and good bones. The roof is BRAND NEW, installed in 2023 ($70,000 value)! Shared laundry facilities are located in the basement. There are also storage cages for each unit on the opposite end of the laundry facility. Across the street is the Ishpeming Carnegie Library and the historic Mather Inn! Just a short walk from downtown (literally two blocks away), with access to Jim's Jubilee Foods, various restaurants, bars, shops, and churches. Lake Bancroft & the Ishpeming playgrounds are just another few blocks away. Rents are as follows: Unit 1: $700 rent/mo. , tenant pays electric, Unit 2: $700 rent/mo. , tenant pays electric, Unit 3: $750 rent/mo. , tenants pay electric, Unit 4: $700 rent/mo. , tenants pay electric, Unit 5: $600 rent/mo. Seller pays all utilities, EXCEPT for electricity in apartments #1-4. Seller pays ALL utilities for apartment #5. To gauge expenses, utilities are, on average, $700/mo. and add more for the winter months. All bathrooms are full except for apartment 5, which has a shower instead of a bathtub. Fireplaces in apartments 2, 3, 4 and 5 are not in working condition. Apartment 5 includes a space heater. RENTS TO INCREASE DEC. 1, 2024: APT. 1: $750, APT. 2: $775, APT. 3: $825, APT. 4: $775, APT. 5: $650.

If you have been considering getting into property management, this building would be a great start! This "one-of-a-kind" building has a great rental history, and this easy to maintain five-plex won't let you down. Several tenants have been "long-term" with the building at 100% occupancy nearly all the time. Three of the units are one bedroom/one bath, and two units are two bedroom/one bath, with the stove/oven and refrigerators included in each unit. There is parking available for all units. The basement has storage cages for each unit, as well as shared laundry facilities. The utilities, with the exception of the electricity, are included in the rent, with unit #5 having all utilities included. Location, location, location! Situated within walking distance to historic downtown Ishpeming, and the library is just across the street. Don't miss this investment opportunity and the chance to become a landlord!