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Alma, MI Multifamily Homes & Duplexes for Sale

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  • 421 Prospect Ave, Alma, MI 48801
    421 Prospect Ave, Alma, MI 48801
    421 Prospect Ave, Alma, MI 48801
    /41

    $189,900

    421 Prospect Ave, Alma, MI 48801

    With life changes comes great opportunities. This amazing 3 unit that's generating almost 3,000 a month is on the market. With two units rented out month to month and the third soon to be. Amazing opportunity close to alma college, a block off of downtown, close to shopping, restaurants, and night life. With a two year old roof, remodeled bathroom, new paint, flooring, and many updates this is an

    Shane Vansyckle Properties With Bobbi LLC

    421 Prospect Ave, Alma, MI 48801
  • 256 Ely St, Alma, MI 48801
    256 Ely St, Alma, MI 48801
    256 Ely St, Alma, MI 48801
    /36

    $119,000

    • 5 Beds
    • 3 Baths
    • 2,080 Sq Ft

    256 Ely St, Alma, MI 48801

    Great Investment Opportunity in Alma! This 2-story triplex offers a total of approximately 2,080 square feet and is conveniently located near the river, local parks, and downtown Alma—just steps away from shopping, dining, and entertainment. Unit #1 features 2 bedrooms, 1 bath, and around 750 sq. ft. of living space, currently rented for $675 per month. Unit #2 is another 2-bedroom, 1-bath layout

    Micah Kemler 43 NORTH REALTY

    256 Ely St, Alma, MI 48801
  • 426 N State St, Alma, MI 48801
    426 N State St, Alma, MI 48801
    426 N State St, Alma, MI 48801
    /45

    $169,000

    • 3 Beds
    • 5 Baths
    • 2,800 Sq Ft

    426 N State St, Alma, MI 48801

    Prime 5-Unit Multi-Family Property Near Downtown Alma!! Looking for a great investment opportunity? This fully rented 5-unit multi-family property is located right in the heart downtown Alma, offering convenience for tenants and steady income for owners. The building features durable vinyl siding and a low-maintenance metal roof, ensuring long-term durability. Each of the five apartments is a

    Micah Kemler 43 NORTH REALTY

    426 N State St, Alma, MI 48801
  • 5705 N State Rd, Alma, MI 48801
    5705 N State Rd, Alma, MI 48801
    5705 N State Rd, Alma, MI 48801
    /39

    $499,000

    • 6 Beds
    • 4 Baths
    • 2,579 Sq Ft

    5705 N State Rd, Alma, MI 48801

    This 3.45-acre mixed-use property offers a unique investment opportunity with both steady residential and commercial rental income. It features four fully-rented apartment units, with a fifth unit nearing completion, as well as a newer 400-foot, 5-inch well. The property also includes a commercial building with store frontage, office space, and a special-purpose 80x40 barn, built in 2011.

    Cody Nevins AMERICA'S CHOICE REALTY LLC

    5705 N State Rd, Alma, MI 48801
Michigan Gratiot County Alma

Multi-Family Homes & Duplexes for Sale in Alma, MI

Why Live in Alma

Alma, located in the center of Michigan’s lower peninsula, is a small city with a population of around 9,000 people. Known for its historical significance in truck manufacturing during World War I, Alma today is a quiet community surrounded by farmland. The city offers a strong sense of community, with residents frequently encountering familiar faces at local gyms, churches, and workplaces. Major employers include Alma College, MyMichigan Medical Center, and the retirement facility Masonic Homes, contributing to a stable local economy. Alma’s housing market features many homes from the late 1800s and early 1900s, showcasing Victorian and Craftsman architecture, along with ranch and split-level homes from the mid-20th century. The median home price is notably affordable at $160,000.

Alma College, a private liberal arts institution, enriches the community with its Highland Arts program and frequent music and theater performances. The Alma Riverwalk and the Fred Meijer Heartland Trail offer scenic routes for walking, biking, and cross-country skiing. Alma’s downtown district, listed on the National Register of Historic Places, features vintage storefronts, family-friendly venues, and diverse dining options, including breweries and family-owned restaurants. The city celebrates its Scottish heritage with the annual Highland Festival, a major event featuring music, dancing, and athletic competitions.

Alma is safer than the national average, with crime rates below state averages and significantly lower than those in larger cities like Grand Rapids. The city is 40 miles from Saginaw and MBS International Airport, 50 miles from Lansing, and 80 miles from Grand Rapids. Future plans for a passenger rail line could further enhance connectivity.

Learn more about living in Alma

Home Trends in Alma, MI

On average, homes in Alma, MI sell after 46 days on the market compared to the national average of 53 days. The median sale price for homes in Alma, MI over the last 12 months is $165,000, up 3% from the median home sale price over the previous 12 months.

Housing Trends

Median Sale Price
$165,000
Median Single Family Sale Price
$165,000
Average Price Per Sq Ft
$119
Number of Homes for Sale
26
Last 12 months Home Sales
115
Months of Supply
2.70
Median List Price
$167,900
Median Change From 1st List Price
3%
Median Home Sale Price YoY Change
3%
How to Buy a Home How to Finance a Home How to Sell a Home

In Alma, there are currently 4 multi-family homes for sale, providing an appealing investment opportunity for buyers. With multi-family homes priced between $119,000 to $499,000, there's a range to accomodate every budget. As of November, 2025 the median home price in Alma is $167,900, while the average sale price is $189,181, offering insights into the local housing market. On average, multi-family homes spend 46 days listed before being sold. Multi-family homes include a variety of property types, from duplexes, triplexes, and fourplexes, to apartment complexes, all within a single building divided to accommodate multiple families living separately. These multi-family properties for sale offer investors the chance to generate rental income. Whether you're considering a duplex for a beginner investment or an apartment complex for a more substantial venture, there are investment properties available to meet your requirements. Explore the range of multi-family homes for sale in Alma, MI.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

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