9317 Main Street
Northfield Twp, MI, 48189 $ 625,000
Bedrooms4 Baths4.0 Sq 1,710 Monthly Estimate*
$ 3,743
for $625,000 with 4 bedrooms and 4 full baths. This 1,710 square foot home was built in 1927 on a lot size of 0.42.
Welcome to 9317 Main Street, located in the heart of downtown Whitmore Lake. This fully renovated multifamily property presents an outstanding investment opportunity. The property consists of four one-bedroom, one-bathroom units, three of which are already operating as highly profitable Airbnb rentals. The fourth unit is leased long-term but is set to transition to a short-term rental after the lease expires in May, bringing the projected annual gross income to over $101,000. This investment offers a strong current cap rate of 9.6%, which will increase to 12.1% once all units are fully utilized as short-term rentals. The property’s prime location provides guests with easy deeded across the road to Whitmore Lake, an all-sports lake spanning 667 acres. The lake is a major draw for Airbnb guests, ensuring near 100% occupancy on summer weekends with an average nightly rental rate of $117. The property has undergone extensive renovations the past few years, including new roofs, windows, doors, electrical systems, and plumbing, along with updated heating and cooling systems. All four units have been fully remodeled with modern interiors, including new drywall, flooring, kitchens, and bathrooms, ensuring a turnkey investment for the new owner. The units are fully furnished, with the option to purchase the furnishings with the sale. With 12 parking spaces, tenants have ample convenience, and the property is within walking distance of local shops, restaurants, and a marina where boat rentals are available. Currently self-managed via Airbnb, the property allows flexibility for investors to continue with this model. Zoned for multifamily residential use with potential for commercial applications, this property offers both a stable income stream and future growth opportunities.
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FeaturesInteriorHeating Fuel Electric Natural Gas
Basement Y/N 0
Total Units 4
Fireplace 0
Total Baths 4.00
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GeneralSewer Sewer at Street
Heating Forced Air
Cooling Ceiling Fan(s) Central Air Wall Unit(s)
Waterfront Description Across the Road Water Frontage Lake Front Shared Water Frontage Water Front
Rent Includes Heat Electric Trash Collection (Garbage Pickup)
Possession At Close
Pets Allowed Yes
Exterior Features Fenced
Zoning Commercial Multi-Family Multiple
Pool Y/N 0
Full Baths 4
Half Baths 0
Year Built 1927
Property Type Multifamily
Accessibility Features Accessible Entrance
Transaction Type Sale
Status Active
Short Sale No
Parking Total 12
Construction Materials Log
Cumulative Days on Market 1
MLS Area Northfield Twp
Directions Take 23 to Whitmore Lake Exit. Take Main Street to East Shore property is on the right.
City Northfield Twp
Terms Offered Cash Conventional FHA
School District Whitmore Lake
Land Contract 0
Down Payment Resource 1
Ownership Status Short Sale - No Private Owned
Homestead 0
Assessment 0.00
Total Sq Ft 1710
DOM 1
Taxes 4690.0000
Legal Description REWRITE PER QCD L3444 P642 NO 5-112A-1 COM AT W 1/4 COR SEC 5 TH S 2-0 E 616.26 FT IN W LN OF SEC TH N 86-30 E 636.90 FT TH N 80-30 E 7.76 FT TH S 9-55 E 96.19 FT TH N 80-30 E 213.76 FT TH S 1-12 W 5
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ExteriorWaterfront 1
Waterfront Name Whitmore Lake
Lot Size Area 0.42
Water Source Well (Existing)
WaterFront Features All Sports Lake
Foundation Slab
Lot Size Dimensions 182X101
Porch Porch
Roof Material Asphalt
Architecture Level 1 Story
Architecture Style Ranch Log Home
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Internal OnlyOriginating MLS Realcomp II Ltd
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* Excluded FeaturesAffordability Calculator
- Monthly Principal & Interest
- $3,743
- Monthly Property Taxes
- $391
- Monthly Home Insurance
- --
Default based on a 30-year fixed rate of 5.99% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
Learn more about how to save NearbyMulti-family listings in Northfield Twp, MI
Average List Price $0
Percent of Sale Price 100%
Trends Information provided by ATTOM Data Solutions.
848536 Elementary School
848832 Middle School
Unknown High School High School
Pricing HistoryDate | Price | Price Change | Description |
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9/19/2024 | $625,000 | | Listed Price |