504-506*** 1st Street
Property Description
Income-producing 12-unit multifamily portfolio featuring an 8-unit building at 504-506 First St. and a 4-unit building at 510 First St. Offered as one package, this value-add investment provides immediate cash flow with upside potential through continued stabilization and rent optimization. Current gross income is approximately $101,000 annually with a current NOI of $63,000 and a 5.75% cap rate. Seller projections indicate potential stabilization to over $105,000 NOI and a cap rate approaching 9.6%. Located in a strong rental market with high renter occupancy, limited inventory, and consistent housing demand. Excellent opportunity for investors seeking workforce housing, multifamily assets, portfolio expansion, or a 1031 exchange acquisition in Jackson, Michigan.
Broker Details
ERA REARDON REALTY, L.L.C. 517-782-2996
MLS ID: jx412520 State License Number: 6501412520
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $999,999 |
| No. of Units: | 8 |
| Year Built: | 1930 |
| Opportunity Zone: | No |
| Price per unit: | $125,000 |
| Property Website | Click Here |
| Number of Bedrooms: | 12 |
| Number of Bathrooms: | 0 |
ID: 3yd-GRARMI-26030627
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