3231 Ray Rd
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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 | Property Subtype | |
Price Per SF | $90 | Lot Size | 21.59 AC |
Sale Type | Investment | Building Size | 9,477 SF |
Cap Rate | 8.62% | No. Stories | 2 |
Property Type | Specialty | Year Built | 1900 |
Price | $850,000 |
Price Per SF | $90 |
Sale Type | Investment |
Cap Rate | 8.62% |
Property Type | Specialty |
Property Subtype | |
Lot Size | 21.59 AC |
Building Size | 9,477 SF |
No. Stories | 2 |
Year Built | 1900 |
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zoning
Zoning Code | AG |
AG |
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3231 Ray Rd
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