624 Michigan St Unit 524 State street & 1 Petoskey, MI 49770
Estimated payment $14,222/month
About This Home
Portfolio sale of three multifamily assets within the City of Petoskey - 524 State (6 units), 624 Michigan (5), and 138 E Sheridan (5) - 16 units total. Walkable, high-demand neighborhoods close to downtown, employment, and waterfront. Current income approx $23,750/mo (~$285k/yr) with T12 NOI ~ $185,806 (Aug '24-Jul '25). Extensive capital improvements completed: More than $500,000 pre-sale across the portfolio plus more than $100,000 by current owner (LJM) in 2024-25, including AC systems, windows, foundation and interior upgrades. Offered as a portfolio only; properties will not be sold individually. Financials, rent roll, and improvement summaries available; showings by appointment with proof of funds. Do not disturb tenants.
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $7,527
Home Design
- 8,496 Sq Ft Home
Community Details
- 3 Separate Electric Meters
Listing and Financial Details
- Assessor Parcel Number 52-19-05-179-001
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 | $7,527 | $186,800 | $186,800 | $0 |
| 2024 | $7,527 | $162,600 | $162,600 | $0 |
| 2023 | $2,927 | $136,100 | $136,100 | $0 |
| 2022 | $2,927 | $108,100 | $108,100 | $0 |
| 2021 | $2,843 | $96,200 | $96,200 | $0 |
| 2020 | $2,850 | $85,600 | $85,600 | $0 |
| 2019 | -- | $83,800 | $83,800 | $0 |
| 2018 | -- | $86,200 | $86,200 | $0 |
| 2017 | -- | $49,600 | $49,600 | $0 |
| 2016 | -- | $51,300 | $51,300 | $0 |
| 2015 | -- | $52,000 | $0 | $0 |
| 2014 | -- | $61,700 | $0 | $0 |
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 08/28/2025 08/28/25 | For Sale | $2,500,000 | -- | $294 / Sq Ft |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Warranty Deed | -- | -- | |
| Warranty Deed | -- | -- | |
| Warranty Deed | $500,000 | -- | |
| Quit Claim Deed | -- | -- | |
| Quit Claim Deed | -- | -- |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Open | $625,000 | New Conventional | |
| Closed | -- | No Value Available | |
| Open | $1,875,000 | New Conventional | |
| Previous Owner | $400,000 | Cash | |
| Previous Owner | $400,000 | Cash | |
| Closed | -- | No Value Available |
Source: Northern Michigan MLS
MLS Number: 477583
APN: 52-19-05-179-001
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