$326,000
Ithaca, MI 48847
MLS# 24007436
4818 sqft
1 / 35
Property Description
If you're looking for a Work/Live opportunity with additional income to pay your mortgage, this is your investment. With an operating full service salon with 2 chairs, 2 nail tech stations and pedicure station in back, you'll have a cash flowing investment with room to expand. Sale includes the business license (DBA) for the salon along with all the equipment to continue the momentum at this location. To finish out the main level, next to the salon, is a vacant commercial unit ready to be rented. The second story includes 2-Two bedroom apartments in excellent condition with updated kitchens and onsite laundry. The owner has taken care of all the deferred maintenance questions with new roof in 2022 and updated furnace and water heaters. This is an investment that you'd be proud to own
Details
Maps
Location & Property Info
County: Gratiot
Street #: 115
Street Direction: S
Street Name: Pine River
Suffix: Street
State: MI
Zip Code: 48847
Cross Streets: Pine River and Center St
Property Sub-Type: Retail/Commercial
Area: Central Michigan - C
Municipality: Ithaca
Principal Road: Yes
Ownership Type: Private Owned
Office/Contract Info
Status: Active
Current Price: $326,000
List Price: $326,000
Auction or For Sale: For Sale
List Price/SqFt: 67.66
Prop Avail for Lease?: Yes
Sub Agency: 3
Sub Agency Type: %
Buyer Agency: 3
Buyer Agency Type: %
Trans Coord Type: %
Listing Date: 2024-02-14
Current Bldg Use: Street Retail/ Upper Apartments
General Property Info
New Construction: No
Lot Measurement: Acres
Lot Acres: 0.07
Lot Square Footage: 3120
Lot Dimensions: 39 x 80
Year Built: 1950
Road Frontage: 35
Year Remodeled: 2015
Total # Units: 4
# Fin Bldg Lvls: 2
# of Diff Unit Floor Plans: 4
Total # Bldgs: 1
Total SqFt: 4818
Property Use Type: Investment
Full Baths: 4
Waterfront: No
School District: Ithaca
Tax Info
Tax ID #: 52-010-147-00
Taxable Value: 40827
SEV: 85700
For Tax Year: 2024
Annual Property Tax: 2181
Tax Year: 2023
Zoning: C-1
Remarks & Misc
Legal: ORIGINAL PLAT COM AT NW COR OF LOT 7, TH S 38 FT 4 IN, E 80 FT, N 38 FT 4 IN, W 80 FT TO BEG, ALSO ORIGINAL PLAT S 36 F
Directions: Downtown Ithaca on S Pine River St
Additional Details
Total Parking Spaces: 3
Income and Expenses
Annual Maint ($): 1800
Annual Prop Ins ($): 2319
Annual Utilities ($): 3924
Gross Op Income ($): 46500
Net Operating Income: 32800.17
Total Actual Rent: 46500
Operating Expense: 13699.83
Unit 1
Unit Description: Salon
SqFt: 1400
Occupied: Yes
Rent $/Month: 1200
# HVAC: 1
# Baths: 1
Unit 2
Unit Description: Commercial Vacant
SqFt: 1000
Occupied: No
Rent $/Month: 800
# HVAC: 1
# Baths: 1
Unit 3
Unit Description: 13 A Residential
SqFt: 800
Occupied: Yes
Rent $/Month: 675
# HVAC: 1
# Baths: 1
Unit 4
Unit Description: 13 B Residential
SqFt: 1200
Occupied: Yes
Rent $/Month: 1200
# HVAC: 1
# Baths: 1
Property Features
Property Use: Business; Investment
Uses: Retail
Ownership: Other
Business Includes: Equipment; Furniture; Inventory; Licenses; Real Estate
Construction Type: Block; Frame/Wood
Exterior Material: Block; Brick
Roofing: Rubber
Foundation: Slab
Below Grade: None
Tenant Pays All: Electric
Sewer: Public
Water: Public
Utilities Attached: Cable; Electric; Natural Gas
Util Avail at St: Natural Gas; Public Sewer; Public Water
Heat Source: Electric; Natural Gas
Heat Type: Baseboard; Forced Air
Air Conditioning: Wall Unit(s)
Driveway: Asphalt; Concrete
Street Type: Paved; Public
Purchase Terms Avail: Cash; Conventional
Sale Conditions: None
Unit 1: Tenant Pays Electric
Unit 2: Tenant Pays Electric
Unit 3: Tenant Pays Electric
Unit 4: Tenant Pays Electric
Listing Office: Keller Williams GR North
Listing Agent: Roger Ackerman
Last Updated: April - 23 - 2024
The listing broker’s offer of compensation is made only to MichRIC member MLSs and a number of other MLSs throughout Michigan under a reciprocity agreement. For a current list visit mlshelp.com.
The data relating to real estate on this web site comes in part from the Internet Data Exchange program of the MLS of MICHRIC , and site contains live data. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.