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3231 Ray Rd

9,477 SF Specialty Building Offered at $850,000 at a 8.62% Cap Rate in Fenton, MI 48430

Investment Highlights

  • 5 unit Apartment
  • Billboard and farming income
  • 5,000 sq pole barn

Executive Summary

Five (5) unit apartment building on 21.59 acres with room for expansion. This property also has a 5,000 sq pole barn that has a concrete floor, electricity, spray foam insulation ($30,000), a bathroom, and an office. The pole barn is not rented and can provide extra income of approximately $2,500.00 per month. For additional income, there is also a billboard which currently receives $750.00 per month for one side and $4,500.00 per year for the other. In addition to that, this 21.59 acre property has approximately 1,385 feet of frontage on US-23, and approximately 20 acres for farming with income of approximately $900.00 per year. Some updates in the farmhouse include some new flooring, bathroom tile and paint. This is an excellent investment opportunity. All information is estimated and should be verified.

Financial Summary (Pro forma - 2022) Click Here to Access

Annual Annual Per SF
Gross Rental Income $99,999 $9.99
Other Income - -
Vacancy Loss - -
Effective Gross Income $99,999 $9.99
Taxes - -
Operating Expenses - -
Total Expenses $99,999 $9.99
Net Operating Income $99,999 $9.99

Financial Summary (Pro forma - 2022) Click Here to Access

Gross Rental Income
Annual $99,999
Annual Per SF $9.99
Other Income
Annual -
Annual Per SF -
Vacancy Loss
Annual -
Annual Per SF -
Effective Gross Income
Annual $99,999
Annual Per SF $9.99
Taxes
Annual -
Annual Per SF -
Operating Expenses
Annual -
Annual Per SF -
Total Expenses
Annual $99,999
Annual Per SF $9.99
Net Operating Income
Annual $99,999
Annual Per SF $9.99

Property Facts Under Contract

Price $850,000
Price Per SF $90
Sale Type Investment
Cap Rate 8.62%
Property Type Specialty
Property Subtype
Residential Income
  • Multifamily Apartments
Lot Size 21.59 AC
Building Size 9,477 SF
No. Stories 2
Year Built 1900

zoning

Zoning Code AG
AG
  • Listing ID: 24900731

  • Date on Market: 1/24/2022

  • Last Updated:

  • Address: 3231 Ray Rd, Fenton, MI 48430

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