441 Munson Place, Traverse City, MI 49686

About this Home

Special place in the city--on quiet Munson Place just off Munson Ave, blocks from both the east and west bay beaches and Northwestern University. Close to downtown. This well maintained 12 unit apartment complex is easy to fill...Units rent within days! All units have 2 sizeable bedrooms and 2 full bathrooms! Provides solid income with room to increase. Each unit has its own forced air furnace and central A/c all new 4 years ago. Most of the units have been updated within the last year. Great opportunity for a live in owner/manager and/or investment income. Change in owners plans make this opportunity available to you---set up time to see it soon!

Location Property Info

County: Grand Traverse County

Street #: 441

Street Name: Munson

Suffix: Place

State: MI

Zip Code: 49686

OfficeContract Info

Status: Sold

Current Price: $1,800,000

List Price: $1,850,000

Listing Date: 2021-08-30

General Property Info

Lot Measurement: Acres

Lot Square Footage: 34412

Lot Acres: 0.79

Lot Dimensions: 210 x 165

Year Built: 1986

New Construction: No

Financial Available: Yes

Financial Comments: Must sign NDA prior to receipt of financials

Cert of Compliance: Yes

Road Frontage: 210

Total # Units: 12

# of Diff Unit Floor Plans: 1

Total # Bldgs: 1

Total Approx. SqFt All Bldgs: 12000

Total Parking Spaces: 24

Waterfront: No

School District: Traverse City

Tax Info

Tax ID #: 285110104210

Taxable Value: 672100

SEV: 672100

For Tax Year: 2021

Seller's Annual Property Tax: 36809

Tax Year: 2021

Spec Assessment & Ty: Zero

Zoning: Commercial

Remarks Misc

Directions: Us-31/M-72 Munson Ave to Munson place---apartments are first drive to the right

Status Change Info

Under Contract Date: 2021-09-17

Sold Date: 2021-12-17

Sold Price: $1,800,000

Sold Price/SqFt: 150

Waterfront Options

Water Access Y/N: No

Access Feat

Accessibility Features: Yes

Income and Expenses

Annual Insurance: 5227

Annual Maintenance: 4800

Annual Utilities: 3240

Gross Op. Inc.: 172680

Net Operating Income: 119604

Operating Expense: 3000

Unit 1

Unit #: 1

Unit Description: 2bdrm, 2bath unit

Identical Units: 12

SqFt: 1000

Occupied: Yes

Monthly Rent: 1200

Bedrooms: 2

Bathrooms: 2

Full Baths: 2

Property Features

Accessibility Feat: 36 Inch Entrance Doo; 36' or + Hallway; Accessible Bath Sink; Accessible Kitchen Sink; Accessible M Flr Hal; Accessible Mn Flr Be; Accessible Mn Flr Fu; Grab Bar Mn Flr Bath; No Step Entrance

Exterior Material: Brick; Vinyl Siding

Roofing: Composition

Substructure: Slab

Lot Description: Level

Sewer: Public Sewer

Water: Public Water

Utilities Attached: Cable Connected; Electricity Connected; Natural Gas Connected; Phone Connected

Util Avail at Street: Cable Available; Electricity Available; High Speed Internet; Natural Gas Available; Phone Available; Public Sewer; Public Water; Storm Sewer

Extras: Tenant Storage

Owner Pays: Sewer; Trash Collection; Water

Tenant Pays: Electric; Gas

Heat Source: Natural Gas

Heat Type: Forced Air

Air Conditioning: Central Air

Driveway: Asphalt; Paved

Street Type: Paved; Private

Mineral Rights: Unknown

Terms Available: Cash; Conventional; Tax Def Exchange; Other

Possession: Close Of Escrow

Sale Conditions: None

Unit 1: A/C Unit; Central Air; Deck/Patio; Dishwasher; Garb Disp; Range Oven; Refrigerator; Sep. Heat System; W/D Hookup

$1,800,000

441 Munson Place

Traverse City, MI 49686

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