20
See all 20 photos
$210,000
Est. payment /mo
8 Beds
4 Baths
3,731 SqFt
New
45 Fountain W Street Battle Creek, MI 49037
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Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 3,731 sqft
Price per Sqft $56
Subdivision Mi
MLS Listing ID 50208473
Style 2 Story
Bedrooms 8
Full Baths 4
Year Built 1940
Annual Tax Amount $3,480
Lot Size 0.290 Acres
Acres 0.29
Lot Dimensions 12676
Property Sub-Type Multi-Family
Property Description
Attention investors — this is the cash-flowing, value-add opportunity you've been waiting for. This fully occupied 4-unit apartment complex sits on two parcels (43 & 45 E Fountain) totaling approximately 4,300 sq ft and includes a bonus extra lot plus a 4-car garage with its own electric service. Owned by the same family for 16 years, this property has a proven rental history and long-term tenants — including one resident of 30+ years. The unit mix includes three 2-bedroom/1-bath units and one 1-bedroom/1-bath unit, all currently leased month-to-month — giving your next buyer immediate flexibility to adjust rents, restructure leases, or reposition the asset. Current gross rents are $3,750/month ($45,000/year) and are already below market, with rents moving to $900–$1,150 per unit — meaning day-one upside is already built in. Each unit is separately heated with its own furnace. Tenants pay gas and electric; owner covers water only — keeping expenses lean. Annual property taxes are just $2,900. Estimated annual expenses including taxes, water, vacancy allowance (5%), and maintenance come in around $9,950, producing an estimated Net Operating Income (NOI) of $35,050 per year. At the $210,000 asking price, that's a cap rate of approximately 16.7% — exceptional for this market. a cash-on-cash return of nearly 50%. The property features a Michigan basement on one side and a walkable basement on the other, providing excellent utility access and storage. Each of the four units has its own furnace. The 4-car garage with separate electric service adds rental income potential or owner utility. One tax bill covers both parcels — keeping management simple.
Location
State MI
County Calhoun
Area Battle Creek (13003)
Interior
Heating Forced Air
Fireplace No
Exterior
Parking Features Detached Garage
Garage Spaces 4.0
Building
Story 2 Story
Foundation Basement
Water Public Water
Schools
School District Battle Creek Public Schools
Others
Ownership Private
SqFt Source Public Records
Energy Description Natural Gas
Financing Cash,Conventional
Provided through IDX via MiRealSource. Courtesy of MiRealSource Shareholder. Copyright MiRealSource.
Listed by JPAR - Great Lakes Bay Region