142 Center StIthaca, MI 48847

For Sale
$249,900

Prime Ithaca location, high traffic, income producing.

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional three-story commercial building at 142 E Center St, Ithaca, MI 48847, presents a compelling investment opportunity. The 5,198 square foot property, built in 1900, sits on a 0.13-acre lot and is zoned for commercial use (APN: 5201013600). The ground floor houses a thriving restaurant with 118 seats, two bathrooms, and all equipment included, currently generating approximately $400 per month in rent. The tenant is responsible for all utilities. Also on the ground floor is a two-room office space with one bathroom, renting for approximately $400 per month. The owner pays utilities, with reimbursement from the tenant. The second floor comprises a one-bedroom, one-bathroom residential unit (approximately $600/month rent, utilities paid by owner with tenant reimbursement) and a tie-dye studio with one bathroom (approximately $400/month rent, tenant pays utilities). A photo studio occupies the entire third floor, generating approximately $200 per month in rent. All tenants are on month-to-month leases, offering flexibility and potential for increased rental income. The combined monthly rental income from all four tenants is $2,000. Estimated annual property taxes are $3,500. This high-traffic location sees approximately 7,000 cars daily, making it an ideal investment for both entrepreneurs and investors seeking a versatile property with significant income potential. The asking price is $249,900 ($48 per square foot).

Highlights

  • $249,900 asking price for this 5,198 square foot retail property.
  • Three-story, 1900-built building on a 0.13-acre lot in Ithaca, MI.
  • Currently generating approximately $2,000 in monthly rental income from four tenants.
  • Ground floor includes a 118-seat restaurant with all equipment included, and a two-room office.
  • Upper floors house a residential unit, a tie-dye studio, and a photo studio; all tenants are on month-to-month leases.

Property Details for 142 Center St

Property type
Other retail properties, Restaurants
Square Feet
5,198 SF
Year Built
1900
Stories
3
Lot Size (sq. ft)
5,663 SF

Location Insight

City
Ithaca
County
Gratiot
State
Michigan
Latitude
43.2914275
Longitude
-84.6064539
142 Center St, Ithaca, Michigan

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142 Center St
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