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2870 US 31 Hwy N

7 Unit Block of Flats £309,068 (£44,153/Unit) 8.54% Net Initial Yield Levering, MI 49755

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Investment Highlights

High Visibility; remodeled, close to Mackinaw City, Casinos and I-75 access

Executive Summary

Income Property or Rental Business Opportunity~ The Arbor Apartments on US 31 North in Levering is a 7 unit apartment building with on site coin-op laundry and is zoned B-1/FF-2. 100% Occupied with leased tenants, 8.5% Cap Rate. Emmet County B-1 Zoning offers opportunities from Motel, Cabins, Bed & Breakfast to Retail, Office or Adult Foster Care Home. There may be room for a buyer to explore expanding the number of units. This apartment complex has a solid rental history and excellent visibility on the Northern corridor of US 31~ Just a few minutes from Pellston Airport, Mackinaw City, trails and lakes. Excellent High Visibility location to build your investment ideas and dreams into reality.

2870 and 2880 US31 GIS Overlay Emmet County

Arbor Apartments_GIS OVERLAY EMMET COUNTY

Arbor Apartments_MLS

Arbor Apartments_Brochure

Financial Summary (Actual - 2021) Click Here to Access	Annual	Annual Per SF
Gross Rental Income	$99,999	$9.99
Other Income	-	-
Vacancy Loss	-	-
Effective Gross Income	$99,999	$9.99
Taxes	$99,999	$9.99
Operating Expenses	$99,999	$9.99
Total Expenses	$99,999	$9.99
Net Operating Income	$99,999	$9.99

Financial Summary (Actual - 2021) Click Here to Access

Gross Rental Income
Annual	$99,999
Annual Per SF	$9.99

Other Income
Annual	-
Annual Per SF	-

Vacancy Loss
Annual	-
Annual Per SF	-

Effective Gross Income
Annual	$99,999
Annual Per SF	$9.99

Taxes
Annual	$99,999
Annual Per SF	$9.99

Operating Expenses
Annual	$99,999
Annual Per SF	$9.99

Total Expenses
Annual	$99,999
Annual Per SF	$9.99

Net Operating Income
Annual	$99,999
Annual Per SF	$9.99

Property Facts

Price	£309,068	Building Class	C
Price Per Unit	£44,153	Lot Size	1.60 AC
Sale Type	Investment	Building Size	2,800 SF
Net Initial Yield	8.54%	Average Occupancy	100%
No. Units	7	Number of Floors	1
Property Type	Residential	Year Built/Renovated	1950/2005
Property Subtype	Apartment Multifamily Dormitory	Parking Ratio	3.57/1,000 SF
Apartment Style	Garden

Price	£309,068
Price Per Unit	£44,153
Sale Type	Investment
Net Initial Yield	8.54%
No. Units	7
Property Type	Residential
Property Subtype	Apartment Multifamily Dormitory
Apartment Style	Garden
Building Class	C
Lot Size	1.60 AC
Building Size	2,800 SF
Average Occupancy	100%
Number of Floors	1
Year Built/Renovated	1950/2005
Parking Ratio	3.57/1,000 SF

Unit Amenities

Microwave

Refrigerator

Site Amenities

Laundry Facilities

1 of 1

zoning

Zoning Code	B-1 (B-1 Commercial Emmet County B-1 Zoning offers opportunities from Motel, Cabins, Bed & Breakfast to Retail, Office or Adult Foster Care Home + More)
B-1 (B-1 Commercial Emmet County B-1 Zoning offers opportunities from Motel, Cabins, Bed & Breakfast to Retail, Office or Adult Foster Care Home + More)