5645 E Grand River Avenue, Howell, MI 48843 (MLS# 26057768)

5645 E Grand River Avenue, Howell, MI 48843

New Listing

$889,900

Virtual Tour

https://www.propertypanorama.com/instaview/wmlar/26057768

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Property Type: Multi Family Lot Size (sq. ft.): 43,560 Status: Active

Current Price: $889,900 List Date: 10/30/2026 Last Modified: 10/30/2026

Overview

Description

NEW ROOF + TANKLESS WATER HEATER: Turnkey 10-unit multifamily investment property — fully occupied, cash-flowing, and priced to move at an 11.68% cap rate. This stabilized apartment building in Howell, MI delivers $136,392 in gross scheduled rental income ($11,366/month) and $103,897 in net operating income (NOI), making it an exceptional value-add alternative for the 1031 exchange buyer or passive income investor seeking a low-maintenance, income-producing asset. Unit mix: 3 studio units + 7 one-bedroom/one-bath units — a diversified, in-demand mix that appeals to a broad tenant base and supports strong occupancy. 100% occupied with a stable, diversified rent roll: a mix of Section 8 / state-paid housing assistance tenants and conventional month-to-month tenants, providing reliable, partially government-backed cash flow with built-in rent stability.

Supplements: Efficiently managed, turnkey operation — a new roof and new tankless water heater mean major capex is already handled, minimizing deferred maintenance and near-term capital expenditures for the next owner. Coin-operated laundry adds approximately $30/month in supplemental ancillary income, with room to expand this revenue stream. Month-to-month ... (Read more)

Listing Details MLS# 26057768

Location Property Info

County: Livingston
Street #: 5645
Street Direction: E
Street Name: Grand River
Suffix: Avenue
State: MI
Zip Code: 48843
Zip (4): 9196

General Property Info

Lot Measurement: Acres
Lot Square Footage: 43560
Lot Acres: Yes
Lot Dimensions: 104x40
Year Built: 1950
New Construction: No
Financial Available: Yes
Cert of Compliance: Yes
Road Frontage: 140
Total # Units: 10
# of Diff Unit Floor Plans: 2
Total # Bldgs: Yes
Total Parking Spaces: 15
Waterfront: No
Body of Water: Lake Chemung
Statewide Lakes & Rivers: Lake Chemung
School District: Howell
Association YN: No

Tax Info

Tax ID #: 11-10-301-046
Taxable Value: 173881
SEV: 230600
For Tax Year: 2025
Seller's Annual Property Tax: 7061
Tax Year: 2025
Spec Assessment & Ty: None

Waterfront Options

Water Access Y/N: Yes

Access Feat

Accessibility Features: No

More Information

Terms Available

Land Contract Down Payment: 250000
Land Contract Interest Rate: 7
Land Contract Terms (# Months): 48

Income and Expenses

Gross Op. Inc.: 135600
Net Operating Income: 100600
Operating Expense: 35100

Unit 1

Unit Description: Yes
Bathrooms: Yes
Full Baths: Yes

Unit 2

Unit Description: 2
Bathrooms: Yes
Full Baths: Yes

Unit 3

Unit Description: 3
Bathrooms: Yes
Full Baths: Yes

Unit 4

Unit Description: 4
Bathrooms: Yes
Full Baths: Yes

Unit 5

Unit Description: 5 - Studio
Bathrooms: Yes
Full Baths: Yes

Unit 6

Unit Description: 6
Bathrooms: Yes
Full Baths: Yes

Unit 7

Unit Description: 7
Bathrooms: Yes
Full Baths: Yes

Unit 8

Unit Description: 8
Bathrooms: Yes
Full Baths: Yes

Unit 9

Unit Description: 9 - studio
Bathrooms: Yes
Full Baths: Yes

Unit 10

Unit Description: 10 - studio
Bathrooms: Yes
Full Baths: Yes

Property Features

Laundry Features: Common Area; In Basement; Laundry Room Water Type: Lake Exterior Material: Vinyl Siding; Wood Siding Roofing: Composition; Rubber Substructure: Full; Michigan Basement Lot Description: Corner Lot Sewer: Public Sewer Water: Public Water Utilities Attached: Cable Connected; Electricity Connected; Natural Gas Connected; Phone Connected Util Avail at Street: High Speed Internet Extras: Carports; Tenant Storage Owner Pays: Electricity; Gas; Trash Collection; Water Tenant Pays: None Heat Source: Natural Gas Heat Type: Forced Air Air Conditioning: Central Air Driveway: Gravel; Paved Street Type: Paved; Public Terms Available: Cash; Conventional; Tax Def Exchange Possession: Close Of Escrow Sale Conditions: None

Listing Office: United Realty Services

Listing Agent: Ryann Brier

Last Updated: October - 30 - 2026

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.