Lapeer, MI 48446,47 POPE Street

$410,000

Est. payment /mo

$419,000

2.1%
Est.Price: ?

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47 POPE Street Lapeer, MI 48446

6 Beds

6 Baths

3,425 SqFt

SOLD DATE : 04/14/2023

Key Details

Sold Price $410,000

Property Type Multi-Family

Sub Type Farmhouse

Listing Status Sold

Purchase Type For Sale

Square Footage 3,425 sqft

Price per Sqft $119

Subdivision City Of Lapeer R Original Plat

MLS Listing ID 20221041030

Sold Date 04/14/23

Style Farmhouse

Bedrooms 6

Full Baths 6

Originating Board Realcomp II Ltd

Year Built 1860

Annual Tax Amount $5,196

Lot Size 0.300 Acres

Acres 0.3

Lot Dimensions 60.00 x 120.00

Property Description

Investor Special! This 6-bed and 6-bath apartment building is near downtown Lapeer. With all 6 units have been renovated in the last two years. Included in the photos are some of the interior photos, the units all look relatively similar. 

All units have separate Gas and Electric, with their own furnaces as well. Tenants pay their own utilities except for unit 6.
• Current monthly rent $4,575 ($54,900 annually). Rent increases start in October.
• Gas and Electric are separated with tenants paying their own. Except unit 6 owner pays.
• Owner pays water and trash
• Fully occupied
• All units renovated in the last 2 years

Renovations:
Include swapping out older furnaces, hot water tanks, flooring, paint, new light fixtures, painting the cabinets and new countertops and updating appliances as needed. 

Upside Potential of this deal:
Lapeer is a growing city, with very little to no inventory for rentals. Looking at comparable rents in the area rents could increase $100-$200/month per unit.

Financials: The 2021 P&L has higher expenses due to the renovations of the units. 

Future Capx:
Furnaces have been swapped out as they have failed. Leaving 1 that is older.

The roof might have +/-10 years of life left.
Property Information:
Living Area SF: 3,500 + 
Bedrooms: 6
Bathrooms: 6.0
Basement Sqft: Unfinished basement/Crawl space
Year Built: 1860
Architecture Level: 2 stories (6 units)
Heating: Forced Air
Heat Fuel: Natural Gas

Location

State MI

County Lapeer

Area Lapeer

Zoning Multi-Family

Direction Head N on Main St (24), turn E on W Genesee St., turn N on Pine St., turn E on Pope St.

Rooms

Basement Unfinished

Interior

Heating Forced Air

Cooling Window Unit(s)

Fireplace no

Heat Source Natural Gas

Exterior

Garage Spaces 10.0

Road Frontage Paved

Garage no

Building

Foundation Crawl, Basement

Sewer Public Sewer (Sewer-Sanitary)

Water Public (Municipal)

Architectural Style Farmhouse

Level or Stories 2 Story

Structure Type Vinyl

Schools

School District Lapeer

Others

Pets Allowed No

Tax ID L203880004000

Ownership Short Sale - No,Private Owned

Acceptable Financing Cash, Conventional

Rebuilt Year 2021

Listing Terms Cash, Conventional

Financing Cash,Conventional

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Realcomp MLS
Listed by Brendan Rosenbergh of 3DX Real Estate-Brighton
Bought with Wilhelm & Associates

Craig Ward

Agent | License ID: 382487

+1(248) 217-1905

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