About 624 Michigan Street 524 State Street & 138 E Sheridan
Portfolio sale of three multifamily assets within the City of Petoskey - 524 State (6 units), 624 Michigan (5), and 138 E Sheridan (5) - 16 units total. Walkable, high-demand neighborhoods close to downtown, employment, and waterfront. Current income approx $23,750/mo (~$285k/yr) with T12 NOI ~ $185,806 (Aug '24-Jul '25). Extensive capital improvements completed: More than $500,000 pre-sale across the portfolio plus more than $100,000 by current owner (LJM) in 2024-25, including AC systems, windows, foundation and interior upgrades. Offered as a portfolio only; properties will not be sold individually. Financials, rent roll, and improvement summaries available; showings by appointment with proof of funds. Do not disturb tenants.
Features of 624 Michigan Street 524 State Street & 138 E Sheridan
| MLS® # | 477583 |
|---|---|
| Price | $2,500,000 |
| Square Footage | 8,496 |
| Type | MULTI-FAMILY |
| Sub-Type | Multifamily |
| Status | Active |
Community Information
| Address | 624 Michigan Street 524 State Street & 138 E Sheridan |
|---|---|
| City | Petoskey |
| County | Emmet |
| State | MI |
| Zip Code | 49770 |
Amenities
| Is Waterfront | No |
|---|---|
| Has Pool | No |
Interior
| Fireplace | No |
|---|---|
| Has Basement | No |
School Information
| District | Petoskey |
|---|
Additional Information
| Zoning | R-2 |
|---|---|
| Foreclosure | No |
| Short Sale | No |
Listing Details
| Office | Van Treese Management LLC |
|---|---|
| Contact Info | christopher@vantreesemanagement.com |