Rare investment opportunity! This fully occupied 10-unit apartment property spans four distinct buildings on a single lot, ideally located at the corner of E Front St and Kentucky Ave. Just steps from a park and tennis courts. Built in 1883 and thoughtfully updated, the property offers a mix of 1, 2, and 3-bedroom units, all with 1 bathroom, plus a shared coin-operated laundry. Recent renovations include new roofing, luxury vinyl plank flooring, updated water heaters, key-code entry locks, and interior upgrades throughout most units. Tenants are on one-year leases, with a strong rental history and consistent on-time payments. Current gross income is approx. $116,000/year (including laundry) with a pro forma potential of $121,000/year. Estimated annual expenses are approx. $26,000, with a current net operating income of about $90,000 and a cap rate near 10% at the asking price. Don’t miss this chance to own a stabilized, income-producing multifamily property with upside potential in the heart of Monroe!
Real Estate One MonroeLicense #MCAR-6501450189Listed on: 07/03/2025
Property Details
Home Type
Multi-Family
Est. Annual Taxes
Year Built
Built in 1883
Lot Details
26,572 Sq Ft Lot
Lot Dimensions are 128x209
Interior Spaces
2-Story Property
Basement
Bedrooms and Bathrooms
17 Bedrooms
10 Full Bathrooms
Utilities
Forced Air Heating System
Separate Meters
Community Details
10 Units
Listing and Financial Details
Assessor Parcel Number 55-49-01491-000
Property Details
Home Type
Multi-Family
Est. Annual Taxes
$12,554
Year Built
Built in 1883
Lot Details
0.61 Acres
Listing Details
Originating MLS: Southeastern Border Association of REALTORS
Class: MULTIFAMILY
Type Of Property: Multi-Family
Structure Style: 2 Story
Total Tax Amount: 12554
Year Built: 1883
Mail City: Monroe
Special Features: UnderContract
Property Sub Type: MultiFamily
Stories: 2
Interior Features
Basement: Yes
Bedrooms: 17
Full Bathrooms: 10
Total Bathrooms: 10
Source of Sq Ft: Public Records
Exterior Features
Frontage: 128
Foundation Type: Basement
Utilities
Water: Public Water
Fuel Type: Natural Gas
Heating System: Forced Air
Separate Electric: Yes
Separate Gas: Yes
Separate Heat: Yes
Sewer/Septic System: Public Sanitary
Lot Info
Assessor Parcel Number: 55-49-01491-000
Lot Dimensions: 128x209
Acreage: 0.61
Geo Subdivision: MI
Tax Info
Summer Tax: Year: 2024, Amount: $6,359.00
Winter Tax: Year: 2024, Amount: $6,195.00
Total Tax: Amount: $12,554.00
Multi Family
Total Units: 10
MLS Schools
School District: Monroe Public Schools
Map
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Home Values in the Area
Source: Public Records
Average Home Value in this Area
Source: Public Records
Tax History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
Year
Tax Paid
Tax AssessmentTax 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
$6,661
$262,900
$39,420
$223,480
2024
$6,359
$203,340
$0
$0
2023
$10,230
$199,920
$0
$0
2022
$10,230
$199,920
$0
$0
2021
$9,887
$173,440
$0
$0
2020
$9,368
$174,840
$0
$0
2019
$8,974
$174,840
$0
$0
2018
$8,733
$147,670
$0
$0
2017
$8,553
$147,670
$0
$0
2016
$8,462
$147,670
$0
$0
2015
$8,249
$146,200
$0
$0
2014
$8,249
$146,200
$0
$0
2013
--
$145,000
$0
$0
Source: Public Records
Property History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
Date
Event
Price
List to Sale
Price per Sq Ft
Prior Sale
03/12/202603/12/26
Price Changed
$799,000
-2.5%
$113 / Sq Ft
01/26/202601/26/26
For Sale
$819,900
0.0%
$116 / Sq Ft
01/25/202601/25/26
Off Market
$819,900
--
--
12/04/202512/04/25
Price Changed
$819,900
-2.4%
$116 / Sq Ft
10/24/202510/24/25
Price Changed
$839,900
-2.3%
$119 / Sq Ft
09/15/202509/15/25
Price Changed
$859,900
-2.3%
$122 / Sq Ft
08/15/202508/15/25
Price Changed
$879,900
-2.2%
$125 / Sq Ft
07/03/202507/03/25
Price Changed
$899,900
+7.1%
$127 / Sq Ft
07/03/202507/03/25
For Sale
$840,000
+61.5%
$119 / Sq Ft
12/30/202212/30/22
Sold
$520,000
-16.1%
$74 / Sq Ft
View Prior Sale
12/08/202212/08/22
Pending
--
--
--
07/12/202207/12/22
For Sale
$620,000
--
$88 / Sq Ft
Source: Michigan Multiple Listing Service
Purchase History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
Date
Type
Sale Price
Title Company
Quit Claim Deed
--
--
Warranty Deed
$520,000
--
Deed
$160,000
--
Source: Public Records
Mortgage History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
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