115 Pine River StIthaca, MI 48847

For Sale
$299,000

4-unit building, high cap rate, strong NOI.

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional mixed-use property in Ithaca, Michigan presents a compelling investment opportunity. Located at 115 S Pine River St, this 4,818 square foot building, constructed in 1950 and renovated in 2015, boasts a blend of commercial and residential spaces. The main level features a fully operational salon with existing equipment and a business license included in the sale, along with a vacant commercial unit ready for immediate lease. Upstairs, two well-maintained two-bedroom apartments provide additional income streams. The property includes six parking spaces and benefits from a C-1 zoning designation, offering potential for future expansion or conversion of retail to residential units. The building is a two-story structure with a new roof (2022), updated furnace, and water heaters, eliminating deferred maintenance concerns. Currently operating at 75% occupancy with three tenants, the property generates a substantial net operating income (NOI) of $32,800, resulting in an attractive 10.97% cap rate. The asking price is $299,000, translating to $62.06 per square foot. This is a turnkey investment ideal for an owner-user seeking a blend of income generation and personal workspace. The property's strong cash flow, coupled with its potential for growth, makes it an attractive addition to any portfolio.

Highlights

  • $299,000 asking price for a mixed-use property in Ithaca, MI.
  • 4-unit, 4,818 sq ft building with a 10.97% cap rate and $32,800 NOI.
  • Includes a 75% occupied, multi-tenant building with three tenants, featuring a salon and two apartments.
  • Built in 1950, renovated in 2015, with six parking spaces and a C-1 zoning designation.
  • Features two 2-bedroom apartments, a salon, and a vacant commercial unit.

Property Details for 115 Pine River St

Property type
Other retail properties, Individual retail properties
Square Feet
4,818 SF
Class
B
Year Built/Renovated
1950/2015
Buildings
1
Stories
2
Units
4

Location Insight

City
Ithaca
County
Gratiot
State
Michigan
Latitude
43.291065727162
Longitude
-84.60758035271
115 Pine River St, Ithaca, Michigan

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115 Pine River St
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