710 Water Street, East Jordan, MI

About 710 Water Street

Positioned in East Jordan, this turn-key 4-unit townhouse complex (built in 2023) offers a high-yield investment with strong in-place cash flow, verified operating history, and long-term development upside. Generates $8,800/month ($105,600/year) in gross scheduled rent across four fully leased units. Offered at $1,100,000, the property delivers an attractive 10.4x Gross Rent Multiplier and a 6.11% in-place Cap Rate ($67,161 actual leased NOI before vacancy). Even with a conservative 5% vacancy/credit loss reserve, the property yields a stabilized $61,881 NOI (5.63% Cap Rate) based on verified annual property taxes of $15,193.70. Owner-paid expenses are minimized as Units 1, 3, and 4 are tenant-responsible for primary utilities (owner covers trash & internet only). Each unit features high-end finishes, natural gas forced-air heat, central air conditioning, dedicated carports, private rear decks, full 2023 appliance packages, and independent utility metering. Layouts include three 3-bedroom/2.5-bath townhomes with private ensuite bedrooms, and one 2-bedroom/2.5-bath dual-ensuite unit. Proven Stability & Inclusions: Units 3 and 4 feature reliable long-term tenants of three years. Turn-key inventory inclusion: Units 1 and 4 convey fully furnished. Development Upside: Engineered with a 2-hour fire-rated separation wall between units to facilitate future condo conversion, offering a clear exit strategy to sell off individual townhomes for maximum capital realization. Site plan available upon request. Low-maintenance exterior connected to municipal water and sewer. Seller is a licensed Realtor in the State of Michigan.

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