524 State St Petoskey, MI 49770
Estimated payment $5,671/month
Highlights
- Forced Air Heating System
- Wood Siding
- 2-minute walk to St Francis Xavier Playground
- High Speed Internet
About This Home
Classic, well-maintained 6-unit multifamily in a walkable Petoskey neighborhood near downtown, schools, and employment. Mix of renovated units with durable finishes; exterior paint, porch rebuild, foundation work, breezeway update, and other recent upgrades. In-place rent ~$8,150/mo with stable tenancy. City utilities. Clean common areas, covered front porch, and landscaped grounds. Strong rental history with opportunity to continue interior refresh program and capture market rent on renewals/turns.
Listing Agent
Van Treese Management LLC License #6502431765 Listed on: 01/28/2026
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $15,500
Year Built
- Built in 1900
Lot Details
- 7,120 Sq Ft Lot
- Lot Dimensions are 50x145
Home Design
- Composition Roof
- Wood Siding
Basement
- Michigan Basement
Utilities
- No Cooling
- Forced Air Heating System
- Heating System Uses Natural Gas
- High Speed Internet
- Cable TV Available
Community Details
Overview
- 6 Units
Building Details
- Insurance Expense $5,312
- Manager Expense $7,041
- Utility Expense $5,587
- Operating Expense $44,576
- Gross Income $97,800
- Net Operating Income $55,024
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2025 | $7,411 | $167,100 | $167,100 | $0 |
| 2024 | $71 | $146,300 | $146,300 | $0 |
| 2023 | $3,475 | $134,000 | $134,000 | $0 |
| 2022 | $3,475 | $126,000 | $126,000 | $0 |
| 2021 | $3,376 | $112,900 | $112,900 | $0 |
| 2020 | $3,385 | $112,700 | $112,700 | $0 |
| 2019 | -- | $110,200 | $110,200 | $0 |
| 2018 | -- | $96,500 | $96,500 | $0 |
| 2017 | -- | $92,500 | $92,500 | $0 |
| 2016 | -- | $92,000 | $92,000 | $0 |
| 2015 | -- | $79,500 | $0 | $0 |
| 2014 | -- | $79,500 | $0 | $0 |
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft | Prior Sale |
|---|---|---|---|---|---|
| 01/28/2026 01/28/26 | For Sale | $850,000 | +240.0% | -- | |
| 01/03/2022 01/03/22 | Sold | $250,000 | -19.1% | $99 / Sq Ft | View Prior Sale |
| 09/20/2021 09/20/21 | Price Changed | $309,000 | -6.1% | $122 / Sq Ft | |
| 06/25/2021 06/25/21 | For Sale | $329,000 | -- | $130 / Sq Ft |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Warranty Deed | -- | -- | |
| Warranty Deed | $500,000 | -- |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Closed | -- | No Value Available | |
| Previous Owner | $400,000 | Cash | |
| Closed | -- | No Value Available |
Source: MichRIC
MLS Number: 26003300
APN: 52-19-05-100-090
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Information is deemed reliable but not guaranteed.
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Ask me questions while you tour the home.