413 Madison Street Contingent Save Request In-Person Tour Request Virtual Tour
Chelsea,MI 48118
Key Details
Property Type Multi-Family
Listing Status Contingent
Purchase Type For Sale
MLS Listing ID 81025017653
Bedrooms 4
Year Built 1920
Annual Tax Amount $7,205
Lot Size 0.400 Acres
Property Description
OFFER DEADLINE @ 6 PM MONDAY, MAY 5TH. RARE opportunity to own one of Downtown Chelsea's multi-family homes! This 1920 Dutch Colonial 4-plex just steps away from shops, restaurants, and amenities yields about $66,000 a year in gross income, an impressive 82% growth in revenue over the past 6 years with potential to grow even more as the rental rates are below market rate. The property hosts 4 units. Unit 1 (main floor front): 2 bed, 1 bath; Unit 2 (main floor back): 1 bed, 1 bath; Unit 3 (upper): 1 bed, 1 bath; Unit 4 (basement): 1 bed, 1 bath. Leases expire May 1, 2026. There are 8 parking spots, a 2-car garage, and a spacious green backyard. Tenants share driveway, laundry, and on-site storage in basement. Roof was replaced in 2024. Less than 20 minutes to Ann Arbor and 30 to Jackson.turnkey passive income on this charming FULLY OCCUPIED property! These don't come around often, so schedule your showing today.
Location
State MI
County Washtenaw
Area Chelsea
Zoning Other
Interior
Heating Forced Air
Laundry 1
Exterior
Garage Spaces 8.0
Roof Type Composition
Building
Sewer Public Sewer (Sewer-Sanitary),Storm Drain
Water Public (Municipal)
Structure Type Aluminum
Schools
School District Chelsea
Others
Acceptable Financing Cash,Conventional
Listing Terms Cash,Conventional