913 Dewey Avenue, Ann Arbor, MI 48104 (MLS# 24017842)

913 Dewey Avenue, Ann Arbor, MI 48104

$1,200,000

Property Type: Multi Family Lot Size (sq. ft.): 5,663 Status: Sold

Current Price: $1,200,000 List Date: 4/16/2024 Last Modified: 5/16/2024

Overview

Description

HIGHEST & BEST due by 4/24/24 at 12:00 noon EST. Rare Opportunity to own this 6-unit apartment building nestled along a quiet, tree lined street with great proximity to U of M's south campus and the Sports Complexes. This property presents a lucrative opportunity for investors seeking long-term returns. The property has two 1-bedroom units and four 2-bedroom units. Each unit features a dishwasher, range/oven, refrigerator, and air conditioning. Heat and water are included, tenants pay electric. There is 1 parking spot per unit, a covered area for bicycles, and an on-site washer and dryer. Rental income 1/23 to 12/23 was $95,465. All units are fully rented for Fall of 2024 with annual rental income of $114,600.

Listing Details MLS# 24017842

Location Property Info

County: Washtenaw
Street #: 913
Street Name: Dewey
Suffix: Avenue
State: MI
Zip Code: 48104
Zip (4): 3854

General Property Info

Lot Measurement: Acres
Lot Square Footage: 5663
Lot Acres: 0.13
Lot Dimensions: 50 x 112
Year Built: 1965
New Construction: No
Financial Available: Yes
Cert of Compliance: Yes
Cert. of Compliance Exp Date: 2026-06-02
Road Frontage: 50
Total # Units: 6
# of Diff Unit Floor Plans: 6
Total # Bldgs: Yes
Total Approx. SqFt All Bldgs: 3360
Total Parking Spaces: 8
Waterfront: No
School District: Ann Arbor
Elementary School: Burns Park Elementary School
Middle School: Tappan Middle School
High School: Pioneer High School

Tax Info

Tax ID #: 09-09-33-215-012
Taxable Value: 174497
SEV: 591800
For Tax Year: 2023
Seller's Annual Property Tax: 11748
Tax Year: 2023
Spec Assessment & Ty: NONE
Zoning: R4C

Remarks Misc

Directions: Packard to Dewy

Status Change Info

Under Contract Date: 2024-04-19
Sold Date: 2024-04-30
Sold Price/SqFt: 357.14

More Information

Access Feat

Accessibility Features: No

Income and Expenses

Annual Insurance: 3314
Annual Mgmt. Fees: 7152
Annual Utilities: 7204
Gross Op. Inc.: 95465
Net Operating Income: 66047
Operating Expense: 29418

Unit 1

Unit Description: Unit #1
Bathrooms: Yes
Full Baths: Yes

Unit 2

Unit #: 2
Unit Description: Unit #2
Bathrooms: Yes
Full Baths: Yes

Unit 3

Unit #: 3
Unit Description: Unit #3
Bathrooms: 2
Full Baths: 2

Unit 4

Unit #: 4
Unit Description: Unit #4
Bathrooms: Yes
Full Baths: Yes

Unit 5

Unit #: 5
Unit Description: Unit #5
Bathrooms: Yes
Full Baths: Yes

Unit 6

Unit #: 6
Unit Description: Unit #6
Bathrooms: Yes
Full Baths: Yes

Property Features

Laundry Features: Laundry Room Exterior Material: Brick Roofing: Rubber Substructure: Slab Lot Description: Level; Sidewalk Sewer: Public Sewer Water: Public Water Utilities Attached: Cable Connected; Electricity Connected; Natural Gas Connected; Phone Connected Util Avail at Street: Cable Available; Electricity Available; High Speed Internet; Natural Gas Available; Phone Available; Public Sewer; Public Water; Storm Sewer Extras: Laundry Facility; Sep Electric Meter Owner Pays: Electricity; Gas; Sewer; Trash Collection; Water Tenant Pays: Electric Heat Source: Natural Gas Heat Type: Baseboard; Hot Water Air Conditioning: Window Unit(s) Driveway: Asphalt Street Type: Paved; Public Mineral Rights: No Terms Available: Cash; Conventional Possession: Subject To Tenant Rights Sale Conditions: None Unit 1: A/C Unit; Dishwasher; Garb Disp; Range Oven; Refrigerator Unit 2: A/C Unit; Dishwasher; Garb Disp; Range/Oven; Refrigerator Unit 3: Range/Oven; A/C Unit; Garb Disp; Refrigerator Unit 4: A/C Unit; Dishwasher; Garb Disp; Range/Oven; Refrigerator Unit 5: A/C Unit; Dishwasher; Range/Oven; Refrigerator Unit 6: A/C Unit; Dishwasher; Garb Disp; Range/Oven; Refrigerator

Listing Office: The Charles Reinhart Company

Listing Agent: Richard Jarzembowski

Last Updated: May - 16 - 2024

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