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3807-17 LIPPINCOTT Flint, MI 48507 2069
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Key Details
Sold Price $899,900
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 18,000 sqft
Price per Sqft $49
Subdivision Mi
MLS Listing ID 40144673
Sold Date 04/06/21
Style 1 Story
Full Baths 36
Year Built 1972
Annual Tax Amount $10,434
Lot Size 0.980 Acres
Acres 0.98
Lot Dimensions 429x101
Property Description
THIS FANTASTIC OPPORTUNITY WILL NOT LAST, FOLKS!! A TRUE 14 CAP RATE WITH POTENTIAL PROJECTED 19.7 WITH RENTAL INCREASE THIS YEAR!!! THIS SUPER GARDEN/LOW RISE APARTMENT COMPLEX HAS 35 RANCH STYLE UNITS WITH PRIVATE ENTRY. TENANTS PAY ALL UTILITIES EXC WATER. 33 UNITS HAVE SEPARATE BD/550 SQ FT AND 2 LARGE EFFICIENCIES.FURTHER, THERE ARE 2 UTILITY BLDGS AND SEPARATE METERS/2 STORAGE FACILITIES IN EACH OF THE BLDGS AND A SEPARATE SPACIOUS LEASING OFFICE WITH BATH.2 BLDGS/CONDO STYLE W/ POTENTIAL IMMEDIATE INCOME WITH A CONDO CONVERSION AS WELL! BURTON CITY BORDER PROPERTY HERE! BEAUTIFUL AND DESIRABLE!! OCCUPANCY AT 95% CURRENTY AND AVG 100% WITH MANY LONG TERM TENANTS!FUSSY LANDLORD HAS A VERY LONG WAITING LIST! SELLER FORCED AND MUST TRANSFER TO MA, OTHERWISE WOULD NEVER CONSIDER THE SALE OF HIS MONEY MAKING COMPLEX SO HURRY WE LOOK FORWARD AND STAND READY!!! PLEASE BE DISCREET-TENANTS ARE NOT AWARE OF SALE!AGENT WILL INCLUDE SOME SUMMER PICS SO YOU CAN SEE ROOF -NEWER PARKING-ETC
Location
State MI
County Genesee
Area Flint (25023)
Zoning Multi-Family
Rooms
Basement Poured
Interior
Interior Features Cable/Internet Avail., DSL Available
Heating Baseboard, Electric Heat
Cooling Ceiling Fan(s)
Exterior
Exterior Feature Brick
Amenities Available Laundry Facility, Private Entry
Waterfront No
Building
Story 1 Story
Foundation Slab
Water Public Water
Structure Type Brick
Schools
School District Flint City School District
Others
Ownership Private
Energy Description Electric
Acceptable Financing Cash
Listing Terms Cash
Financing Cash,Conventional,FHA,FHA 203K
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Provided through IDX via MiRealSource. Courtesy of MiRealSource Shareholder. Copyright MiRealSource.
Bought with LPS