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1200 & 1202 Ludington Street Escanaba, MI 49829
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Key Details
Sold Price $467,000
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 21,000 sqft
Price per Sqft $22
Subdivision Mi
MLS Listing ID 50134455
Sold Date 04/30/24
Style More than 2 Stories
Bedrooms 9
Full Baths 6
Half Baths 3
Year Built 1912
Annual Tax Amount $5,838
Tax Year 2022
Lot Size 6,969 Sqft
Acres 0.16
Lot Dimensions 50x140
Property Description
Exceptional investment opportunity in downtown Escanaba! This versatile mixed-use building offers the perfect blend of commercial and residential spaces, totaling 21,000 sq ft. Comprising six residential units and two commercial units, this property has a great location and solid income potential. Currently, one commercial unit is leased to Edward Jones, ensuring stable returns, while the other unit presents an exciting opportunity for a new business or tenant. All residential units are occupied with a strong rental history. Between the residential and commercial units the building currently provides a steady monthly income of $4,485. Additionally, with over 10,000 sq ft of unfinished space on the upper levels, there's ample room for expansion or customization to suit various commercial or residential needs. There is potential grant money from the MEDC for renovations. Whether you're an investor seeking a lucrative venture or an entrepreneur looking to establish your own storefront or office, this property offers the ideal combination of stability and opportunity. Don't miss out on the chance to own a piece of Escanaba's downtown district with this historical building. Owner pays heat and water on each residential unit. Each residential unit pays their own electric. Owner pays for only water on Edward Jones. Parking is off street parking in the city lot behind the building. The Edward Jones space is only available during their business hours (Mon - Thurs 8:00AM to 5:00PM, Fri 8:30AM to 4:00PM, Sat & Sun Closed).
Location
State MI
County Delta
Area Escanaba (21010)
Zoning Multi-Family,Commercial
Rooms
Basement Full, Partially Finished, Brick
Interior
Interior Features 9 ft + Ceilings, Cable/Internet Avail., DSL Available, Hardwood Floors
Heating Forced Air, Hot Water, Zoned Heating
Cooling None
Fireplace No
Appliance Range/Oven, Refrigerator
Exterior
Exterior Feature Brick
Amenities Available Laundry Facility, Private Entry, Dogs Allowed, Cats Allowed
Building
Lot Description Sidewalks
Story More than 2 Stories
Foundation Basement
Water Public Water
Structure Type Brick
Schools
School District Escanaba Area Public Schools
Others
Ownership LLC
SqFt Source Measured
Energy Description Natural Gas
Acceptable Financing Land Contract
Listing Terms Land Contract
Financing Cash,Conventional,Conventional Blend
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