NOT LISTED FOR SALE

1298 E Highland Rd Highland, MI 48356

5 Beds
8 Baths
4,675 Sq Ft
3.68 Acres

Last Sold August 31, 2023

Last sale price $525,000 $112 Per Sq Ft

196 Days on Market

Highlights

  • Private Waterfront
  • 3.68 Acre Lot
  • Forced Air Heating System
  • Home fronts a pond
  • Craftsman Architecture
  • Dogs and Cats Allowed

About This Home

As of August 2023

Amazing opportunity to purchase an income producing water front asset! 8 Apartment units are spread between 2 separate buildings. There are (5) 1 bed/1 bath units, plus (3) studio units that have all been recently upgraded with new paint, flooring, carpet, cabinets, appliances, and more. New roof in 2020, new well, and other recent major upgrades. Each unit has a full bathroom and private entrance. On site parking lot and individual electric meters allow for ease of management, plus recently upgraded and inspected private well and septic systems result in low utility costs. Value add opportunities exist with creating AirBnb STRs (highlighting the water front), on site laundry systems (room to install in maintenance areas), increasing to market rents (details in attached document, OM), and switching utilities into tenant's names. Currently, units are leased with several leases expiring in late 2023. Income projections are shown at full occupancy with market stabilized rents. Contact LA directly for offering memorandum showing detailed financials, property projections, and more. Buyer's agent to verify all information.

Last Agent to Sell the Property

Kevin Johnston

Casablanca Real Estate Company, LLC License #6501375117 Listed on: 02/15/2023

Last Buyer's Agent

Jim Shaffer

Good Company License #6502380733

Good Company

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

Year Built

  • Built in 1974 | Remodeled in 2023

Lot Details

  • 3.68 Acre Lot
  • Home fronts a pond
  • Private Waterfront
  • 200 Feet of Waterfront
  • Lake Front

Home Design

  • Triplex
  • Craftsman Architecture
  • Contemporary Architecture
  • Farmhouse Style Home
  • Brick Exterior Construction
  • Poured Concrete
  • Asphalt Roof
  • Vinyl Construction Material

Interior Spaces

  • 8 Full Bathrooms
  • 4,675 Sq Ft Home
  • 2-Story Property
  • Carbon Monoxide Detectors

Finished Basement

  • Basement Fills Entire Space Under The House
  • Sump Pump

Parking

  • 10 Parking Spaces
  • Paved Parking

Outdoor Features

  • Exterior Lighting
  • Breezeway

Utilities

  • Window Unit Cooling System
  • Forced Air Heating System
  • Heating System Uses Natural Gas
  • Separate Meters
  • Separate Water Meter
  • Natural Gas Water Heater
  • High Speed Internet
  • Cable TV Available

Listing and Financial Details

  • Assessor Parcel Number 1123304002

Community Details

Overview

  • 8 Units

Pet Policy

  • Dogs and Cats Allowed

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$5,269

Year Built

Built in 1974 | Remodeled in 2023

Lot Details

0

Listing Details

  • Property Type: Multifamily
  • Architecture Style: Contemporary, Farmhouse, Quadruplex, Triplex, Upper/Lower Apartment, Craftsman
  • Architecture Level: 2 Story
  • Year Built: 1974
  • State Equalized Value: 105200.0000
  • Year Renovated: 2023
  • Foundation Features: Sump Pump
  • Pets Allowed: Cats OK, Dogs OK, Yes
  • Special Features: NewHome
  • Property Sub Type: MultiFamily
  • Stories: 2

Interior Features

  • Interior Amenities: Smoke Alarm, Cable Available, Carbon Monoxide Alarm(s), Circuit Breakers, High Spd Internet Avail
  • Total Bathrooms: 8.00
  • Full Bathrooms: 8
  • Basement: Yes
  • Basement Type: Finished, Walk-Out Access, Common
  • Sq Ft Combined: 8675
  • Sq Ft Lower Floor: 4000
  • Total Sq Ft: 4675
  • Sq Ft Total Bsmt: 4300

Exterior Features

  • Roof Material: Asphalt
  • Waterfront Name: No Name
  • Waterfront: Yes
  • Foundation Details: Basement
  • Construction Materials: Brick, Block, Vinyl, Wood
  • Exterior Features: Lighting
  • Foundation Materials: Poured
  • Frontage Feet: 217
  • Porch Type: Breezeway
  • Road Frontage Type: Paved
  • Water Frontage Feet: 200.00
  • Waterfront Description: Direct Water Frontage, Lake Front, No Motor Lake, Pond, Private Water Frontage, Water Front

Garage/Parking

  • MF Parking: Paved
  • Total Parking Spaces: 10

Utilities

  • Heating Fuel: Natural Gas
  • Cooling: Separate Meter, Window Unit(s)
  • Heating: Forced Air, Separate Meters
  • Sewer: Septic Tank (Existing)
  • Water Heater Fuel: Natural Gas, Separate Meters
  • Water Source: Well (Existing)

Fee Information

  • Operating Expense: 31964.00

Schools

  • School District: Huron Valley

Lot Info

  • Lot Size Area: 3.68
  • Lot Dimensions: Irregular
  • Parcel Number: 1123304002
  • Zone Conform: Yes
  • Zoning: Multi-Family, Multiple

Rental Info

  • Rent Includes: Heat, Cable TV, Electric, Snow Removal, Trash Collection
  • Legal Rental Certified: Yes
  • Monthly Rental Income: 9500

Tax Info

  • Tax Amount Summer: 4262.0000
  • Tax Amount Winter: 1007.0000
  • Total Tax: 5269.0000
  • Taxable Value: 105200.0000

Multi Family

  • Waterfront Features: DIRFRT
  • Gross Scheduled Income: 114000.00
  • Number Of Units Total: 8
  • Unit Count: 2
  • Number of Efficiency Units: 3
  • Number of One Bedroom Units: 5
  • Number Of Units Leased: 5

MLS Schools

  • School District: Huron Valley

Range of Values:

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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
08/31/2023 08/31/23 Sold $525,000 -4.5% $112 / Sq Ft
07/11/2023 07/11/23 Price Changed $550,000 -7.6% $118 / Sq Ft
06/02/2023 06/02/23 Price Changed $595,000 -4.8% $127 / Sq Ft
05/17/2023 05/17/23 Price Changed $625,000 -3.8% $134 / Sq Ft
04/28/2023 04/28/23 Price Changed $650,000 -3.7% $139 / Sq Ft
02/15/2023 02/15/23 For Sale $675,000 -- $144 / Sq Ft
Source: Realcomp

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Kevin Johnston

    Seller's Agent in 2023

    Kevin Johnston

    Casablanca Real Estate Company, LLC

    (248) 880-8931

    2 in this area

    33 Total Sales

    Kevin Johnston
    Section Image
  • Jim Shaffer

    Buyer's Agent in 2023

    Jim Shaffer

    Good Company

    (248) 834-3030

    5 in this area

    3,720 Total Sales

    Jim Shaffer
    Section Image
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Map

Source: Realcomp

MLS Number: 20230010629

Realcomp
Michigan Oakland County Highland Township

1298 E Highland Rd, Highland Township, MI

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IDX information is provided exclusively for consumers' personal, noncommercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified.
Listing Information presented by local MLS brokerage: Ten-X, local REALTOR®- Arlene Richardson - (888)-952-6393

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